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As Interest Rates are creeping up:Time to check out your Credit Score!

Posted on Jun 9, 2013 by in Active Rain | 0 comments

As Interest rates are creeping up: Time to check  out your Credit Score!

 As interest rates are slowly creeping up I would like to caution those of you who are planning to purchase a property in the near term with a mortgage vs. all cash it is time to check your Credit Scores.   

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According to the Consumer Financial Credit Bureau (CFCB) Credit Scores sold to consumers are not the same as the ones lenders use. Hence there is a difference between the scores which in turn could be the difference between a lender approving or rejecting an applicant for a mortgage. Hence to check your Credit Score develop a relationship with a Mortgage Broker or Mortgage Banker that way you will be on the same level playing field as your Financial Institution.

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Fair Isaacs Corporation has retooled their scoring system. I am referring to the FICO Score: the formula that they use in calculation to determine a Number for the majority of Americans to see what is their Credit Worthiness is. Those who want to buy a home depend on a good FICO Score to get low interest rates. To simplify, it is a credit score that represents the potential creditors paying behavior. The higher the score the better ones chances are for getting a low interest mortgage.

 

Should you need a referral for a mortgage broker:  feel free to reach out to me for a savvy mortgage lender contact?

 

If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

 

 

 

 

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