Posts with tag credit score

Renting has long had some advantages over buying a home. One of the biggest may be that late rent payments don't ding your credit score like late mortgage payments do. But in 2012, that will change, as Lynnette Khalfani-Cox reports at our sister site, WalletPop.com. For years, renters who got behind on their housing... Continue Reading »

It's probably safe to say that it isn't having a new apartment that's hard, it's getting it. First, there's the legwork, then there's the scraping together a security deposit and first and last months' rent. But for some people, it's that pesky credit score that stands between them and the garden apartment with tons of... Continue Reading »

Fannie Mae will be raising its mortgage fees this spring in an effort to cover its risk, or perhaps to make up ground for the losses it felt with the housing downturn. So although homebuyers might benefit from the lower prices on homes for sale, you'll be paying more in fees, when and if you qualify for a Fannie Mae... Continue Reading »

Like many homebuyers, you sat on the sidelines for the past few years -- watching the real estate market go from boom to bust -- and now you're just about ready to jump in. What renter wouldn't be at least toying with the idea of homeownership, with interest rates well below 5 percent and home prices having dropped more... Continue Reading »

Your credit cards may be hindering your chances of getting a mortgage. Over the past two years, banks have cut back people's credit limits on their credit cards. Now, people are finding that their credit scores have dropped because of these bank actions. Even though they pay their card on time every month, their credit... Continue Reading »

Freddie Mac is squeezing lenders tighter this spring, and that means higher fees will be passed on to homebuyers. The government-sponsored mortgage-finance company stated in a memo last week that it will raise upfront fees to lenders on riskier home loans, including those for homebuyers with lower credit ratings and... Continue Reading »

These days maintaining a stable credit score is more important than ever. So you try to do everything right. You pay off credit card debt, avoid new loans, close unused credit card accounts, and make sure that you pay all your bills on time. Then you check your credit score, only to find that it fluctuates by as much as... Continue Reading »

Successfully obtaining a mortgage requires meeting certain numbers. There's the amount of the down payment that you must have in your bank account. The amount of annual earnings you must show to prove you can manage the mortgage. And then there is your credit score. Right now, that credit score needs to be in the mid... Continue Reading »

Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair. But not... Continue Reading »

The most flexible first-time homebuyer loan just became a bit more stringent. Starting Oct. 4, homebuyers must have a minimum credit score of 500 to be eligible for a Federal Housing Administration-insured mortgage. Borrowers seeking a single-family home mortgage with credit scores ranging from 500 to 579 will be limited... Continue Reading »

With homes at near-bottom prices and interest rates at historic lows, a lot of consumers are jockeying to get into the homeowners market or to refinance their standing loan. But there's one catch: Getting approved for the best interest rates relies on your credit score. Typically, a credit score of 720 or above is the... Continue Reading »

The wrong way to use your home equity line of credit: purchasing $1,300 worth of ties, as the current court case of former Illinois governor Rod Blagojevich and his wife, Patti, recently revealed. According to court documents, the governor and his wife were using credit cards and home equity to finance a lifestyle they... Continue Reading »

To easily snag a home loan, an applicant needs to be a "triple threat" -- have an excellent credit rating, a large down payment, and low debt-to-income ratio with steady significant income. But even if you have bad credit, you don't have to rule out future home ownership. Homebuyers with bad credit due to a foreclosure or... Continue Reading »

Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A 34-year-old financial analyst from New Rochelle, N.Y., he and his family had grown sick of living the renter's life. So two years ago he decided to test the market and find a townhouse for his growing family. But despite his financial aptitude, he... Continue Reading »

For Ernie and Laura Anastos of Arlington, Va., 2010's historically low interest rates couldn't have come at a better time. After careful analysis, the couple ditched their 7-year-old balloon mortgage with its 5.375 percent interest rate in favor of a 4.75 percent, 20-year fixed rate. Their monthly payments have risen... Continue Reading »