For home buyers in Phoenix and nationwide, credit scores can change low mortgage rates and alter home loan approvals. Borrowers with high credit scores get access to lower mortgage rates, for example, and can find the mortgage approval process to be more smooth that borrowers with low credit scores. If your credit score is low, here are some basic ways to help improve it. Get The ReportsDownload an updated version of your credit report from each of the three major reporting bureaus -- Equifax, Experian and TransUnion. The reports may mirror each other, but credit accounts -- especially … [Read more...]
How To Improve Your FICO Score
The U.S. housing market recovery is underway. New home sales are at a multi-year high, housing starts are at pre-recession levels, and home builders plan for a strong 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. It's among the reasons why home supplies remain scarce and why home prices are rising. Roughly 20 percent of today's home buyers purchase homes with cash. For everyone else, the ability to gain mortgage approval depends on income, … [Read more...]
Simple Tips To Keep Your FICO High
For today's home buyers and refinancing households, the value of "good credit" has never been higher. Mortgage approvals hinge on your FICO score, as does your final mortgage pricing. If you're shopping for a home in Arizona , therefore, or contemplating a refinance, be aware of how everyday credit behaviors can affect your FICO. Even small events can make a big impact. Here are some common-sense steps to help improve your credit score. First, keep a "cushion" on your credit cards. 30 percent of your credit score is linked to "Amount Owed" and a big part of Amount Owed is a raw calculation of … [Read more...]