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Friday Rate Update
Here’s a question for you… for conventional rates, which credit score bracket should I use for pricing: 740 and higher or 720-739? With exception to the FHA/VA rates, I’m currently using 720-739. If our readers would prefer 740 and higher, I’m happy to adjust my Friday Rate updates…just comment here and let me know... »
Just How Much Your Credit Score Impacts Your Interest Rate
While I was preparing my morning rate quote (I’ll follow up at RCG this afternoon in case of a rate change), I thought I would run a couple scenarios on how much your credit score now cost you…just one digit off and you are paying more for your mortgage. The following scenarios are based on... »
Major Credit Score Rate Adjustments — The Hits Keep Coming
Fannie and Freddie are implementing new loan level price adjustments (LLPA) based on credit score and loan to value. This is a change for the worse from my previous post announcing the original LLPA. Now your credit score is even more critical. Some lenders are implementing these changes immediately with terms... »
Improving Your Credit Score
With every point of your credit score being more crucial than ever, I thought it would be a good time to share some tips on how to improve your credit scores beyond paying your bills on time. If you are considering obtaining a mortgage within the next 12 months, you should meet with your Mortgage Professional... »
The Difference between a 679 and a 680 Credit Score
UPDATE: This information has changed and is no longer valid. Please visit this post for updated information. Fannie Mae and Freddie Mac released significant changes that will take place on March 1, 2008 impacting how conforming mortgages are priced. Fannie and Freddie state these amended guidelines are due to the rising delinquencies seen... »
Your Credit Score has Changed
Just as I was getting use to the old algorithm, now a new algorithm! The nation’s three consumer credit reporting companies – Equifax, TransUnion and Experian – announced a new credit scoring system designed to simplify and improve the credit process for both borrowers and credit grantors. By combining cutting-edge, patent-pending analytic techniques with a highly... »
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