ETC Realty

How to Cut Down Payment On A Home?

Lane — Mon, 06 Feb 2012 20:23:36 +0000

How can I cut my down payment on a home and is it possible to roll the closing costs into the mortgage loan?

Q: We are looking to buy a home. We can only make a minimal down payment. Is it possible to roll the closing costs into the mortgage loan, or am I dreaming again?

A: You’re dreaming, but there is a way you can achieve the same result. With a fair credit score and sufficient income, financing from the Federal Housing Administration, or FHA, will let you borrow up to 96.5 percent of a home’s value. You can finance the upfront mortgage insurance premium, or MIP, by including it in the loan amount, but you can’t finance the closing costs.

Instead, closing costs can be paid in part or in full through seller concessions. Historically, the seller has been allowed to provide up to 6 percent of the purchase price of the home as a seller concession to be applied toward closing costs on an FHA loan.

The Department of Housing and Urban Development, or HUD, which oversees the FHA mortgage guarantee program, is considering steps that would reduce the amount of seller concessions allowed with an FHA loan. The thinking is that the concessions are baked into the home’s purchase price, which makes loans with high seller concessions riskier to insure.

So, if you’re looking to minimize the down payment you bring to closing and you can qualify for an FHA loan, talk to an FHA lender about loan limits, seller concessions and interest rates. Then start shopping for that new home.

Answer by Joanie Jump-start , Source by http://www.bankrate.com/finance/mortgages/cut-down-payment-home.aspx

Why a short sale is far more preferable?

Lane — Fri, 27 Jan 2012 03:39:07 +0000

A short sale is far more preferable than a foreclosure in most cases.

Lenders are increasingly becoming more accepting over short sales as they seek more solutions to help struggling home owners avoid foreclosure, according to a recent article at MSNBC.com.

“Foreclosure sales are pretty devastating,” Faith Schwartz, executive director of Hope Now, a resource for cash-strapped home owners, told MSNBC.com. “We’d much prefer a [loan] modification, but if [home owners] don’t quality, then the next best alternative is deed-in-lieu or short sales.”

Short sales and foreclosures increased in 2010, but in 2011, short sales continued to climb even more (increasing 26,000 nationwide) while foreclosures dropped by 255,000, according to Hope Now data.

Lenders gain more acceptances over short sales.

Banks are realizing that a short sale is far more preferable than a foreclosure in most cases.

For one, banks tend to make more money off of a short sale vs. foreclosure:The average price of a foreclosed home in the second quarter of 2011 was $164,217 compared to $192,129 for a short sale. Also, foreclosures tend to be more costlier to a lender in legal and administrative resources too.

Neighborhoods also tend to benefit more from a short sale than a foreclosure because short sales tend to sell for less of a discount and, unlike a foreclosure, they don’t often sit vacant, which can make them prime targets for vandalism and depressing nearby property values, housing experts say.

Source: “Increase in Short Sales Give Market a Little Breathing Room,” MSNBC.com (Dec. 29. 2011)

Why you need a buyer’s agent?

Lane — Sun, 01 Jan 2012 17:28:35 +0000

Why you need a buyer’s agent during your home buying process in Minnesota?

During tough economic times like this it is becoming increasingly important for home buyers in Minnesota to have a buyer’s agent in their corner. A major challenge that is adding complexity to the Minnesota home buying process is when you have a real estate agent who is representing both the seller and the buyer called dual agency. This often occurs when a prospective buyer finds a home listed on the Internet and contacts the selling agent directly. Since there are laws that require real estate agents to protect their client’s interest, the duty of the selling agent is with the seller, not the buyer. As a result, the sales contract may not favor the buyer. As people go online and educate themselves about buying a house they realize that they need someone to represent them.

What a buyer’s agent can do for you?

When working with ETC Realty buyer’s agent, home buyers know we are committed to hammering out the best agreement possible on their behalf. In fact, as buyer’s agents we have helped to negotiate better deals for our clients. Not only we can help you find and buy a home in the location you want to live, but also can give you the assurance to concentrate on finding a property in Minnesota that best meet your needs. Also, our agents’ knowledge of the local real estate market and legal requirements is a critical success factor.

How to find a good buyer’s agent?

Finding the right buyer’s agent can be a difficult and time- consuming process. This is compounded if you happen to be relocating to an unfamiliar city in Minnesota. You need to do your homework to make sure the buyer’s agent you hire has a good track record for getting the best terms for his or her clients. In the current market having a buyer’s agent on their side has helped many home buyers close transactions that otherwise might not have closed.

To avoid potential conflicts and to help buyers overcome the hurdles of the mortgage process, ETC Realty provides a free real estate service that matches home buyer’s needs. Within a few minutes our buyer agent can help you set up your search portal to find and purchase a home.

How to Shop for a Mortgage

Lane — Sun, 25 Dec 2011 19:47:21 +0000

So here’s how to shop for a mortgage in this new world.

Shop For Loan Agents, Not Rates

Every consumer shops for mortgages and they should. But this is the critical distinction: you should be shopping for the best mortgage advisor. If you have that, you’ll get the best rate.

Here’s what happens when shoppers focused only on rate get quoted by a good loan agent: Loan agent quotes a rate only after they’ve analyzed the client’s entire financial profile and analyzed their home’s value and condition—also known as pre-approving them. The client will either tire of the pre-approval analytics or be unhappy with the rate and go somewhere else. Then 80% of those cases come back to that loan agent because the competing rate quote was revealed to be incorrect when the other lender actually completed the client’s profile, or the home’s value/condition made the loan ineligible.

Mortgages are extremely competitive so rates and fees are generally the same with most (established, credible) lending firms. What’s not the same lender to lender is the loan agent’s ability to: (1) advise properly, (2) analyze borrower and property profiles, and (3) close with no surprises. So shop to find the lender and loan agent you feel most confident can perform on these three things. Then work with that loan agent to pick a rate target you can’t or won’t go above, and give them a standing order to lock when they see it.

These guidelines are for refinancers. For homebuyers, you can’t lock a rate until you’re in contract to buy a home, but once you’re in contract, the same approach applies.

Rate Targeting

Their are two reasons for the pre-approval and rate targeting tactics discussed above:

(1) A rate quote that flies through the air means nothing. If a loan agent doesn’t issue you written terms after obtaining a full profile on you and your home, then you haven’t received a quote you can count on.

(2) Rate lows are here and gone in minutes each trading day as mortgage bonds rise and fall on economic and technical trading signals. So if you don’t first get pre-approved then set a rate target with a standing lock order, it’s nearly impossible to hit the lows AND close with no surprises.

Your loan agent also must be able to brief you daily or weekly on the market outlook, so if you’re not sensing market competence from your agent, then keep shopping. A loan agent must have a strong read on what’s impacting the rate market ups and downs to deliver you the best terms. And for further reference about the loan process, here’s another must-read: Refi Roadmap: A Locked Rate Isn’t A Closed Loan

Source: http://www.mortgagenewsdaily.com/channels/MainFeed.aspx

Become A Landlord with Rental Properties

Lane — Fri, 25 Nov 2011 17:20:53 +0000

Get into the rental property business and become a landlord

A water line serving the very first rental property Jeanne Albert and her husband, Howard, bought 31 years ago broke just three months after they took over the Sherwood Street home on Buffalo’s West Side. The unexpected setback was a lesson well learned.

They now have 55 units on the West Side and in North Buffalo — and they’ve learned many other valuable lessons along the way.

“Believe you me, to this day I check every water line before buying a property,” said Albert, a Hamburg resident who is the hands-on partner of the two.

For anyone thinking about getting into the rental property business, the Alberts are examples of how hard work and strategic, long-term investment can lead to success.

Becoming a landlord in Minnesota can be a good, reliable source of income over time. Landlords may not make a lot of money, but they we are making a profit. Landlords not to expect that after buying and filling their apartments they can simply wait for the rent checks.

Landlords, who bring in good tenants, invest in their properties and stay on top of building code and maintenance issues can develop a steady cash flow business.

The rental market is still healthy in Minnesota. But buying properties and renting them out is a business, and like any other business it’s going to require effort. And it shouldn’t be regarded as an easy way to make money. Given how low interest rates are right now, just over 4 percent for a 30-year fixed rate mortgage and it can be a good time to buy property.

Know your neighbors and your responsibilities

The first step for anyone thinking about getting into the rental business is finding the right property to buy.

Be sure that you’ve inspected the property before you’ve purchased it! Most Minnesota investors nowadays are looking for foreclosed properties which are selling below market value. It is important to know the location and neighborhood you are buying into. When you rent the properties out, you can tell your tenants that you know your neighbors are good neighbors.

Many investment properties require fixing up before a tenant can move in. Experts recommend starting on the outside to make repairs before moving inside – do the neighborhood a favor.

Landlords need to know their responsibilities well enough to be property owners under local and Minnesota building codes. For example, while the state for years has required working smoke detectors, a recent change to the law now also requires carbon monoxide detectors. Being ignorant of the law is no excuse for a violation. There are a number of municipal and nonprofit agencies provide resources for landlords. If you’re going to be good stewards of your property, then the community is going to benefit.

Find the good tenant for your rental

Once the property is in rentable condition, the next step perhaps the most important step for a landlord is finding a good tenant. You want somebody who’s going to pay the rent on time, take care to not damage the apartment, be a good neighbor.

How to find tenants for your MN rental?

You can find tenants by advertising in the News and other papers, online and simply by putting up a sign. Make sure to avoid discriminatory language in your ads and describe the apartment instead of who is going to live there.

Experts say it’s essential to have an application that asks detailed questions about the tenant’s finances and ability to handle the required rent and utility payments. You can request references from several past landlords and call them to discuss the prospective tenant. If you can’t reach a previous landlord, you may want to visit tenants at their current addresses to see how well they keep up their property. You also should obtain credit reports on prospective tenants. If the tenants were not approved, you need to give applicants a valid reason for why they weren’t approved.

Consistency in the process protects the landlord, and landlords should offer the apartment to the first applicant who meets the rental criteria. Every landlord and housing expert recommended having a lease that spells out the expectations and responsibilities for both parties. It also helps to have a lawyer review the language in the lease.

How long your lease should run?

Most landlords in Minnesota ask for the first month’s rent and a security deposit, typically equal to one month’s rent, before a tenant moves into a unit. Some also require the last month of rent. Whether you should have the duration of the lease run for 12 months, nine months or month to month, as long as there is a lease the duration of the lease is less important.

How much you should charge for rent?

You can look at ads for other, similar rental units in Minnesota to help decide how much to charge for rent. It is market driven, though sometimes you rather keep good tenants for the long term than give them reason to leave with annual rent increases. For example if you keep your rents as consistent as possible, so that your tenants can plan and stay on a budget, and they can think of the apartment as a home.

Stay on top and be your own property manager

Once the tenants are in the building, you do have to stay on top of calls for maintenance work or emergency repairs. your visiting rental properties frequently is necessary to make sure smoke detectors are working, garbage is being taken out and sidewalks are cleared of snow. Most property owners try to do as much work as they can themselves, or with their families. But specialized tasks, such as plumbing, should be done by a professional to avoid problems later.

Landlords do have to put money back into their houses and apartment complexes, which are long-term investments. You’ve got to be budgeting a portion of that rent to put back into the property. It is looking after that investment, first, and worrying about the income, second.

Source: By Stephen T. Watson, The Buffalo News, N.Y.

Tips For Selling Your Home Quick

Lane — Tue, 25 Oct 2011 14:49:53 +0000

TIPS FOR TRYING TO SELL YOUR HOME

1. Clean and repair: Since buyers have the upper hand, few of them want to deal with a fixer upper, or even something that looks junkier than it is, thanks to deferred cleaning.

2. Brush up on the latest trends: Tastes change, and what was once a must-have feature for a home could now seem dated. The HG TV network or website can provide some ideas.

3. Think like a marketer: In other words, get a sense of what potential buyers look for in your neighborhood and price range. Granite counter tops might be a must-have near Utica Square but probably not in an area with smaller, less expensive homes.

4. Avoid nervous spending: One instinct is to engage in a series of major improvements before listing a home, but many projects won’t add value.

5. Get a fresh set of eyes: It’s tough to take an objective look at a home you’ve lived in for years, so getting input from a real estate agent, neighbor or friend can give you a clearer perspective on what needs to be done.

6. Don’t skip steps: Since a majority of buyer interest comes when a listing is new, you need to be 100 percent ready when your home hits the market. Don’t list a home as-is or at a higher price “just to see what happens.

Source: SellSmart Home Staging

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(c)2011 Tulsa World (Tulsa, Okla.)

Distributed by MCT Information Services

Source: By Robert Evatt, Tulsa World, Okla.

Rental property or Real-estate stocks or Mutual funds?

Lane — Mon, 24 Oct 2011 20:28:00 +0000

When is good time to buy a rental property as your investment?

With housing prices so low, buying a home or rental property may sound tempting. But is it a good investment?

QUESTION: With home prices dropping and so many foreclosure sales, it seems like a good time to invest in real estate. But what are the risks long-term? How do you compare investing in “real” property vs. something like REITs or other real-estate stocks or mutual funds?

ANSWER: With the home prices low in much of the country, some consider residential real estate an attractive investment.

In fact, a recent Wall Street Journal featured an article, “It’s Time to Buy That House,” that said the combination of reasonable price-to-rent ratios and historically low mortgage rates makes this a good time to buy a home or purchase residential rental property.

Project the return rate of your rental property

If you are looking to purchase rental property, I strongly recommend that you first project the internal rate of return (IRR). To do this, you need to estimate the annual rental income and then subtract the annual mortgage expenses, property management fees, property taxes and other costs. When calculating the net operating income each year, be sure to do it on an after-tax basis, as you can frequently deduct rental income, mortgage interest and depreciation expenses.

Estimate the net sales of your rental property

Finally, you need to estimate the net sales proceeds at the time you expect to sell, then discount all of these projected cash flows back to the present. It would also be wise to determine the expected IRR under several different scenarios, such as strong appreciation, no growth and declining prices.

Determine if your rental property is a good investment

Once you have forecast your expected return on the rental property, the next logical step is to compare this rate of return with those of other investment opportunities. At present, one can earn an annual yield north of 4 percent on publicly traded REIT funds. Since geographically and economically diversified REITs are highly liquid (i.e., they can be bought and sold online with a click of a mouse), astute investors should demand substantially higher rates of return on residential property, which is illiquid and highly dependent on local economic conditions.

Considering that one can currently purchase certain corporate bond funds at yields greater than 8 percent, I would require at least a 10 percent IRR before purchasing residential rental property.

When forecasting cash flows on a rental property, remember some structural head winds that may continue to pressure residential housing. First, considering the glut of houses-turned-rentals, it is not always easy to find renters in a timely manner. Moreover, it may be difficult to raise rents unless the economy improves substantially.

Finally, the economic situation today is much different than in the early 1980s, when California housing prices began to gain roughly 6.5 percent a year for the next 25 years.

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Visit The Sacramento Bee (Sacramento, Calif.) at www.sacbee.com

Distributed by MCT Information Services

Source: The Sacramento Bee

First Time Home Buyers Down Payments Help

Lane — Mon, 17 Oct 2011 20:38:49 +0000

With a Little Help From the Parents

More parents are helping their adult children buy their first home by taking care of the down payment at a time when home prices are low and financing is tough. Christian Fernandez has a place to call his own, thanks to his parents providing most of the 20 percent down payment and closing costs on the $345,000 two-bedroom condominium in Daly City he moved into four months ago. Without the financial help from his parents, Fernandez could not have bought his condo.

“Getting hold of that down payment just doesn’t come easy. … I had set aside some money myself but they supplemented it greatly,” said the 27-year-old, who works in engineering after graduating last year from San Francisco State with a degree in mechanical engineering.

“We are Filipinos and have taken it upon ourselves the responsibility of putting our kids through college (and helping them buy a home),” said Fernandez’s mother, Cynthia Andaya, 57, of Hercules. “Primarily, this is our inheritance to them.”

Fernandez is not alone. Hard numbers are difficult to come by, but from April to June 2011, 21.5 percent of first-time buyers received a down payment as a gift or borrowed it from a relative, up from 14.3 percent in 2006 in the same time frame, according to the California Association of Realtors. Realtors say most of the help is probably in the form of a gift.

Realtor Orhan Tolu has handled about six transactions, including the one for Fernandez, in the past five months in which parents covered the down payment.

“The kids have the job and can afford the mortgage payment” but need help with the down payment, said Tolu, a broker with Century 21 Realty Alliance, which has offices in San Mateo and San Francisco. “It’s like an investment in the kid’s future because prices in the Bay Area are eventually going to go up again.”

Parents helping out their children with the down payment is not new, but tougher lending standards and low home prices have resulted in it happening more in the past few years, real estate industry experts say.

“Five years ago, prices were higher but financing was easier. A lot of people could qualify for 100 percent financing,” Tolu said.

“I’d say there is more motivation now. Parents who have been through previous real estate cycles see this as an opportunity. The parents are encouraging the kids to get into the market,” said Kevin Kieffer, a Realtor with the Danville office of Keller Williams Realty.

“Prices are at a range now that makes homeownership much more affordable,” Jon Wood, a Realtor with the Walnut Creek office of J. Rockcliff Realtors. “You can buy a single-family house in Concord for under $200,000.”

Some parents are helping out with the down payment because they can’t find an appropriate investment in today’s volatile economy. “They’re willing to help out their kids. They are looking for a safer investment,” he said.

But before providing the down payment, parents need to take into account that they could get hit with gift taxes if it goes over a certain amount.

They also need to be sure that giving the money away won’t hurt their own retirement plans.

“One of the things you should think about is whether this gift will be subject to gift tax calculations,” said Megan Rouse, a financial planner in Dublin. “It’s great to be generous, but it’s also important to look at your overall financial situation and (know) that it’s extra cash you can afford to give away.”

For tax year 2011, a taxpayer can give up to $13,000 per-year per-person (a married couple can give up to $26,000 a year) and not worry about gift taxes. Anything above the annual cap is subtracted from the lifetime $5 million limit for making tax-free gifts.

If taxpayers think they are going to go over the annual cap, they should first consult a financial planner or certified public accountant to discuss the tax implications, said Rouse.

Parents also need to make it clear that the money is indeed a gift and not a loan when they are helping out a child with a down payment. That can be done by writing a letter to the lender stating that the money is a gift, said Kieffer, the Danville Realtor. Otherwise, the lender will look at the down payment as a loan that has to repaid, which could make it harder for the child to get financing.

Even though home prices are at a low point, “the down payment can be pretty daunting in the Bay Area,” especially if the buyer is seeking a conventional loan that typically requires at least a 20 percent down payment, Kieffer said.

But not all down payment gifts from parents come with such a big price tag. Many parents are providing the 3.5 percent down payment required for Federal Housing Administration loans, said Kieffer.

An FHA down payment lessens the likelihood of running into gift-tax issues, he said.

No matter which route a parent provides a down payment to a child, it’s a “way to help kick start them into homeownership,” Kieffer said.

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Visit the Contra Costa Times (Walnut Creek, Calif.) at www.contracostatimes.com

Distributed by MCT Information Services

A service of YellowBrix, Inc. Publication date: 2011-10-16

Source: By Eve Mitchell, Contra Costa Times, Walnut Creek, Calif.

Why Investors wait 15 days to purchase the forclosed homes?

Lane — Mon, 17 Oct 2011 19:35:07 +0000

Real estate: Buyers Who Will Live in Homes Get First Chance at Foreclosures

15 days “First Look” programs

Two major lenders, Fannie Mae and Freddie Mac, want to keep investors at bay when they list foreclosed homes for sale. At least for a couple of weeks.

Their “First Look” programs give temporary preference to buyers who will occupy a home as their primary residence. Those buyers, as well as some nonprofit groups and public entities, are given 15 days to submit offers to purchase properties before investors jump in the mix. Several such properties are listed in Tucson.

The idea is to stabilize neighborhoods and cut into housing vacancies by selling homes directly to those who will live in them.

Before First Look, investors would make low-ball offers on foreclosed homes, shutting owner-occupants out of the competition, said Jay Ryan, vice president of foreclosure sales at Fannie Mae.

“Especially in hot markets, there was a lot of activity and homeowners were not able to get a lot of the houses because of that,” Ryan said.

It’s also worth pointing out that Fannie Mae and Freddie Mac were taken over by the federal government in the wake of the housing crash. As such, it appears the feds consider it an obligation to ensure that investors aren’t the only ones cashing in on the glut of foreclosures.

Since Fannie Mae’s program started in August 2009, and through the first half of this year, the lender has sold 56,000 properties to owner-occupants nationwide during the First Look period, Ryan said.

Another 7,800 have gone to public entities, which purchase the properties through the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program. They then spruce up the vacant houses and resell them.

The program can frustrate investors, but only when properties are priced aggressively enough to attract their interest, said Justin Bentley a real estate professional with Tierra Antigua.

Often, when properties are listed on Fannie Mae’s foreclosure listing website, they’re priced too high for investors, said Bentley, who himself invests in bank-owned properties.

Without a grace period, Bentley agreed that investors can push any potential owner-occupants out of the bidding competition.

“If they don’t have that rule, it turns into an investor feeding frenzy,” he said.

Everyone, for the most part, agrees that investors contribute to the housing market’s recovery. They purchase and fix up properties that banks otherwise wouldn’t.

Fannie Mae agrees with that, which explains why the First Look period only lasts about two weeks. The time period gives owner-occupants and public entities enough time to check out properties, but it’s short enough to ensure the homes aren’t languishing on the market, Ryan said.

Fannie Mae won’t even accept offers from investors during that period, said David Kipling, an agent with Keller Williams Realty who sells foreclosures.

Overall, that’s good for the housing market.

“If there’s a foreclosure next to your house, wouldn’t you rather have an owner occupant?” Kipling said.

When investors purchase properties, they generally hold on to them, leaving them vacant or renting them out, because they’re waiting for prices to rise before selling them.

While investors have their place in the market’s recovery, they do drive down housing prices. That can affect values in entire neighborhoods.

“An investor is going to try and beat the price down because he’s got to make money,” Kipling said.

AT A GLANCE

During the First Look marketing period — which is usually 15 days — Fannie Mae and Freddie Mac allow offers only from buyers who plan to occupy a house as their primary residence, or from some nonprofits and public entities.

Fannie Mae’s properties are listed at www.homepath.com

Freddie Mac’s properties can be found by clicking “search our homes” at www.homesteps.com

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Visit The Arizona Daily Star (Tucson, Ariz.) at www.azstarnet.com

Distributed by MCT Information Services

Source: By Dale Quinn, The Arizona Daily Star, Tucson

Credit Score Myths

Lane — Tue, 11 Oct 2011 23:53:00 +0000

SAN FRANCISCO, (SOURCE Visa Inc)

Despite the importance of credit scores impacting everything from the ability to get a home loan to being hired for a job, a new Visa Inc. survey finds that many Americans don’t know what determines a credit score. Among the findings, 60% of those surveyed incorrectly believe employment history factors in to a credit score and 17% who think gender has an impact. Of particular concern, 42% of Americans fail to regularly check their score. Knowing your score allows you to makes changes, if needed, to improve it in advance of a major financial decision, such as applying for a mortgage. “Credit scores are the equivalent of our financial grade point average,” said Jason Alderman, Senior Director of Global Financial Education, Visa Inc. “Understanding your credit score is vital so that you can take steps to improve it. Not checking your score at least once a year is like driving with your eyes closed – you are risking a financial collision.”

Below are the percentages of respondents who incorrectly thought these factors are included in determining credit scores:

Employment history: 59.9%

Interest rates on debt: 58.7%

Assets / savings: 53.1%

Age: 38.6%

Where you live: 25.3%

National origin: 21.6%

Ability to speak English: 21.6%

Gender: 17.2%

Race: 15.7%

“If people believe that unchangeable factors like race, gender and national origin impact their credit score, then there is little incentive to make changes with things that truly do make a difference, like paying bills on time,” said Alderman.

An individual’s credit score is a number (between 300 and 850) assigned by a credit bureau that helps lenders decide how creditworthy that person is – the higher the score, the lower the risk. The most commonly used scoring system is the FICO score. A good FICO score can mean saving tens of thousands of dollars over a lifetime in reduced interest rates on home and auto loans.

FICO scores are calculated from different data in your credit report including payment history, amounts owed, length of credit history, new credit, and types of credit used. FICO scores do not include factors such as age, national origin, gender, race, religion, education level, or marital status.

The best way to improve a credit score is to pay bills on time. Working to reduce the amount of debt that is owed is also imperative. Additionally, it’s also important that when applying for and opening new credit accounts, you do so only as needed.

The survey results are based on 1,006 telephone interviews conducted among adults aged 18 or older nationally from September 8-11, 2011 in cooperation with GfK Roper OmniTel. To learn more about credit scores and how to protect or improve a credit score, visit www.whatsmyscore.org, a financial literacy program run by Visa Inc. The site also features a free FICO Score Estimator that can help consumers approximate their score.