Monthly Archives: February 2011

How to Maximize Your Credit Scores

Did you know that nearly 40% of all borrowers have a credit score that is too low to obtain traditional mortgage financing? The good news is that Mortgage Financial now has a system in place that allows borrowers to obtain a step-by-step outline on how to maximize their credit scores. This tool can be useful to bring a buyer into the range that is acceptable for financing or, as importantly, improve their score to where they can save on their rate and or costs (i.e. A 660 Fico score vs. 740 score can be .50% higher in rate or 5k in additional points). Although this system can be used to improve scores in as little as 1 week, ideally we would like to have 30-60 days.

If you would like to improve your scores before you buy or refinance, simply contact me for a free consultation. I will make sure you will receive the info you need to effectively maximize your scores.

Are You Confused By Credit Scores?

Credit scores still confuse and frustrate many consumers, according to a study by the Consumer Federation of America.

“Despite all the news coverage about credit scores over the past year or so, many consumers still do not understand important facts about these increasingly influential numbers,” said Stephen Brobeck, CFA’s executive director.

To provide consumers with basic information about credit scores, CFA and Fair Isaac Corporation (developer of the FICO credit score) have prepared a brochure that is being distributed by the Federal Citizen Information Center.  The brochure contains the most important information about the score most mortgage lenders and other businesses use, including what factors influence its rise and fall and how consumers can get their own scores.

To obtain a copy of the brochure, titled “Your Credit Scores,” contact the Federal Citizen Information Center at 1-888-878-3256 or online at: www.pueblo.gsa.gov.

Another great source of info is www.myfico.com. This site is loaded with consumer information and tools to help you better understand, and improve, your credit scores.  Accessing your personal score and learning how to improve it can put you in a much stronger position to obtain the best possible mortgage.

Awards & Recognition:

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