06 Aug 2024
By Mark Feder

Understanding Your FICO Score: Key to Better Home Loan Rates

Credit Scoring
When you're looking to buy a home, one of the most important numbers you need to know is your FICO score. This three-digit number represents your creditworthiness and plays a crucial role in determining the terms of your home loan. Let's discuss what a FICO score is, how it's calculated, and why it matters for your home-buying journey. What is a FICO Score? A FICO score is a numerical representation of your creditworthiness, ranging from 300 to 850. It is calculated based on your credit report, which includes your payment history, amounts owed, length of credit history, new credit, and…
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16 Nov 2021
By Mark Feder

What Is A High Enough Credit Score For A Mortgage?

Mortgage
There are many people who are interested in purchasing a home for the first time. Even though many first-time homeowners are interested in the sticker price of a home, it is just as important to consider credit scores. Anyone who requires financing to purchase a home will have to go through a credit check. What credit score is considered high enough for a home loan? What do people have to do if they want to increase their credit scores? What Credit Bureaus Do Lenders Use? First, a credit score is a reflection of someone's overall financial health. A lender wants to…
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17 Nov 2020
By Mark Feder

A Late Payment: Credit Score Impact

Mortgage
This has been a difficult year for everyone. There are a lot of people who are worried that they might not be able to keep up with their mortgage payments. Small businesses have had to close their doors and numerous individuals have been laid off from work. It is important for homeowners to understand that banks do not want people to foreclose on their homes either. Therefore, they are often willing to work out an alternate payment plan with homeowners who are struggling due to dire financial situations. Those who are late on a mortgage payment might be wondering how this…
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10 Mar 2016
By Mark Feder

Worried about Your FICO Score? 4 Easy Strategies to Fix It Up

Home Buyer Tips
If you're worried about your bad credit, you'll want to do everything in your power to improve your rating as quickly as possible - especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you're after. IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted mortgage lender before taking any action regarding your credit! So how can you boost your FICO score quickly and easily? Here's what you need to know. Get Your…
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