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Rates
February, 24 2005:
30 yr. fixed: 5.69
15 yr. fixed: 5.22
1 yr. adj: 4.16
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Source: Realty Times
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How Your Credit Affects Your Homeowners Insurance
If you've researched or gone through the process of getting a home loan, you know how important it is to have a good credit history. But did you know insurance companies also use your credit habits in determining whether they'll provide you with insurance and how much you'll pay? Insurance companies have traditionally used many factors in determining how much of a risk you are to get into an accident or incur losses resulting in claims.
For example, insurers will look at your driving record and how long you've been driving when you seek auto insurance. Likewise, when you apply for homeowners insurance, they'll look at the age, size, and construction of your home. Through the years insurers have found a person's credit information to be a highly accurate predictor of risk, according to the Insurance Information Institute, a non-profit organization supported by the property and casualty insurance business.
While insurers look at the same factors as lenders, they weigh each factor differently. The biggest difference is that insurance risk scores look for stability, but credit risk scores look for a reliable pattern, Craig Watts, a spokesperson for Fair, Isaac, and Co., whose insurance risk scores are used by about 300 insurers nationwide, told www.insure.com. more>
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| Reverse Mortgages: Aid For
Financially Strapped Seniors
Owning your own home free and clear was once the American dream, but today many seniors are reversing the theme and using their paid-off home as collateral for a loan that pays them monthly.
The reverse mortgage is being billed as a helping hand for some seniors, sitting on a home rich with equity, but who also may be on a fixed income and facing rising health and medical costs, low returns from bank deposits and dismal stock portfolios. more
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| Wondering What Your Home Is Worth?
Let me show you.
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| Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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