It takes around 11 months for a consumer’s credit score to recover after purchasing a home, a new study by online loan marketplace LendingTree has found. When a consumer buys a home, their credit score drops by an average of 15 points, but only after 160 days, or just over five months. That’s because it […]
RE/MAX Realtor Erica West Illustrates Why Credit Scores Still Count for Seniors
May 17, 2016 by
Many seniors whose mortgages are paid off, are retired and don’t expect to borrow money at this phase of their life assume their credit score no longer matters. “However, this is simply not true, and good credit can be a key factor in how you live out the rest of your days,” said RE/MAX Sun […]
Low Credit Scores May Dash Millennials’ Home-Buying Dreams
April 24, 2016 by
Nearly a third of millennials (ages 18 to 34) hope to purchase a home within the next year, but more than 40 percent may not have the credit to do so(1), according to a new TransUnion (NYSE: TRU) survey released today.TransUnion’s survey of 1,843 consumers found that while 32 percent of millennials say they plan […]
Foreclosures and FICO Scores Where Do You Stand
July 31, 2015 by
It’s past the time that want-to-be home buyers understand the real relationship between a previous foreclosure and the current impact on credit scores. Much of the impact on today’s credit score has little or nothing to do with a foreclosure happening three to six years ago. Known as boomerang buyers, according to the National Association […]
Are Credit Score Requirements Too Strict?
May 14, 2014 by
Executives at FICO, the creator of a credit score widely used in the mortgage industry, say that the high credit score “cutoffs” that mortgage lenders imposed following the housing crisis are stricter than necessary.
Mortgages Could Be ‘Easier To Get’ in 2014
January 21, 2014 by
It looks as if some borrowers may find it far easier to obtain mortgage credit this year than they would have just 12 months ago, according to a new report in MSN Real Estate.
How Credit Scores Work and Ways to Improve Yours
August 2, 2012 by
As credit has become more easily available in our society, your credit report, and subsequently your credit rating, has become more important in your every day life. Your credit rating affects all aspects of your finances when it comes to borrowing money, especially when it concerns real estate.
“High-Risk” Renters to Get a Credit Rating Boost
January 11, 2012 by
Renters who have a good history of paying their bills on time may be about to benefit from a boost to their credit rating. A recent reports suggests that timely rent payments will now taken into account when calculating credit scores, giving a boost to renters who make it a habit to pay their rent on time.
Is Your Income Enough For a Mortgage?
December 30, 2011 by
One of the biggest problems being faced by both potential buyers and homeowners seeking to refinance is being able to prove that they have enough income to be able to meet the payments.
Most Strategic Defaulters Have Great Credit And Few Debts
October 7, 2011 by
Earlier this week, I happened to stumble on a great article by Justin McHood who wrote about an emerging trend amongst homeowners – “Buying and Bailing”, wherein they take advantage of the fact that property prices are lower than ever, by buying a new home and then walking away from their current, underwater home. Justin’s […]
