Mortgage Rates, Programs, and Fees: FAQs From Ilyce Glink Mortgage Rates, Programs, and Fees: FAQs From Real Estate Expert Ilyce Glink | Equifax Finance Blog

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Mortgage Rates, Programs, and Fees: FAQs From Ilyce Glink

Written by Ilyce Glink on August 29, 2011 in Real Estate  |   3 comments

Did you join real estate expert Ilyce Glink on the last Live Chat? If you missed out, here’s an excerpt with common questions about qualifying for a mortgage and paying your mortgage. Sign up for the next Live Chat on the Equifax Facebook page. Q:…

Did you join real estate expert Ilyce Glink on the last Live Chat? If you missed out, here’s an excerpt with common questions about qualifying for a mortgage and paying your mortgage. Sign up for the next Live Chat on the Equifax Facebook page.

Q: Is it possible to double mortgage payments without paying a penalty?

IG: Yes – you can prepay your mortgage typically without paying a penalty. Prepayment penalties kick in if you, first, have one attached to your mortgage. And, second if you have one and pay off within the prescribed time, usually 2 to 4 years. Everyone else can prepay to their hearts delight – and I generally recommend it.

Q: When is the best time to refinance my home’s mortgage?

IG: If you have equity and will stay for another 5 years, now is an amazing time to refinance. 30-year rates are about 4.6 percent.

Q: I know ARM mortgages aren’t popular. But it’s the only way I can buy now while I’m still in school. I know I’ll be making more money in a few years when I’m out. What do you think? Is it possible to get an ARM that will only increase a little?

IG: Adjustable Rate Mortgages (ARMs) are extremely affordable, but they’re really risky. They are limited to going up 5 or 6 percent, but if you start at 4 percent, you could be staring at a 10 percent loan down the line. Yuck! I think you should buy a lower-priced home. In a few years, we could have hyper-inflation and then you’ll really be stuck.

Q: My credit sucks and I don’t have much for a down payment, but I have a good job and steady income. Any chance I could get approved for a loan?

IG: If you have bad credit, you won’t get approved for a loan in today’s lending environment. It just depends on how low it is. If you have a lot of cash for a down payment, that would help. But with a low credit score and no down payment, you’re better off waiting a year until your fortunes improve. Don’t worry – home prices will still be REALLY low in a year.

Q: In addition to the mortgage payment, what other costs do I need to consider when owning?

IG: If you’re buying a home, you should think about mortgage, real estate taxes and homeowners insurance. That’s for starters.
Then, there is annual maintenance and improvements to keep the home in good shape. That’s light bulbs, new filters, having the HVAC guy come and keeping the garden in good shape.

Q: I am thinking about selling my home myself. Can I list it on FMLS if I don’t have an agent?

IG: You can list your home on the local multiple listing service if you go through a service like They give you an option to list the property. There are also brokers who will allow you to unbundle their services and pay for whatever you want.

Q: If my buyer has an agent and I don’t, do I have to pay the buyers agent? I just got transferred to another state for work and I’m trying just to break even since the home values have decreased in my neighborhood.

IG: If your buyer has an agent, you might want to cut a deal with the agent to pay a half commission. I’ve done this and it works pretty well. You’ll probably be able to work this into the deal.


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Real Estate Archive