| 10 Things to Know About Mortgages
I became a first-time homeowner four years ago, and in the process I learned a lot about mortgages, much of which I found interesting and surprising. Here are 10 things you may not know about mortgages. 1. You can buy a house with 0% down. That's right, you can buy a house with no down payment at all. There may even be a government agency that will help with your closing costs. These options aren't available to everyone, but first-time homeowners and/or homebuyers of limited means should definitely do some research. Check out the Department of Housing and Urban Development website for more information; and here's a list of special programs offered in various states. If you don't fit one of those categories, talk to a lender or mortgage broker about the loans that they offer. An "80-20" loan, for example, allows you to take out a first mortgage for 80% of the purchase price and a home equity loan or line of credit for the remaining 20%.
Fair Isaac to Adjust Credit Scores to Stem Credit Renting Practice
Fair Isaac Corp. said this week tha the next version of its widely used FICO score will no longer consider certain types of credit card accounts, closing a loophole that allowed strangers to coattail on a cardholder's good credit. The new FICO score formula won't include authorized user accounts users on credit cards who are not responsible for paying the balances but are approved to make purchases with the cards. Often, authorized users are family members of a cardholder, such as college students on their parents' cards or spouses who have little or no credit of their own. These types of accounts can improve a credit score if the primary cardholder kept low balances and paid the balance on time over a long period. Minneapolis-based Fair Isaac plans to introduce the new scoring methodology in September to one of the three major credit reporting agencies: Equifax Inc., Experian Information Solutions Inc.
Pirates Embarks on Third Retail Voyage
Walt Disney Pictures has gathered brand and retail partners to steer promotional activity for Pirates of the Caribbean: At World's End, which sailed into theaters on May 25. Disney scaled down the promotional activity surrounding the franchise's third installment (compared with the program for the 2006 release of Pirates of the Caribbean: Dead Man's Chest), believing that the enormous success of the first two films made overhype a concern. (See Related Articles.) Coca-Cola Co. is back on board, tying themed promotions into its My Coke Rewards loyalty program. By entering three Coke Rewards codes, consumers can register for four separate sweeps from May 1 to June 15. Grand prizes include a 2007 Volvo XC90, two VIP trips to meet shipwreck divers from Odyssey Marine Exploration, two Los Angeles trips to attend a VIP Disney Studios tour with producer Jerry Bruckheimer, and five Pirates posters autographed by Bruckheimer.
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