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5 Factors That Decide Your Credit Score.

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage.

The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time If they were late, then how late Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it s desirable to have more than one type of credit  installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Closing Documents You Should Keep

On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here s a list of the most important documents you should file away for future reference.

HUD-1 settlement statement. Itemizes all the costs  commissions, loan fees, points, and hazard insurance  associated with the closing. You ll need it for income tax purposes if you paid points.

Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

Deed. Transfers ownership to you.

Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven t incurred any liens.

Riders. Amendments to the sales contract that affect your rights. Example: The sellers won t move out until two weeks after closing but will pay rent to the buyers during that period.

Insurance policies. Provide a record and proof of your coverage.

Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer s Guide (Real Estate Center at Texas A&M, 2000)

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

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