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Composite Credit Report Score Simplifies Mortgage Issues
Do you want a mortgage loan for your new home? Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of the effect your credit report score has on your ability to get approved for loans. One of the first things a lender looks at to determine your suitability for a mortgage loan is your credit report, or FICO score.
This is a composite score that gives a quick glance at your overall responsibility rating when it comes to finances. It has to do with how well you maintain repayment plans, how well you keep the ratios of your overall debt to income, your stability in employment, and many other things. Basically, the better your credit report score, the more likely you are to qualify for the loan you want.
Of course, there are many things that a lender considers before reaching the decision about your suitability for a mortgage loan. Employment stability is one. Lenders know that people who stay in the same field of work will more likely stay employed, and therefore will be more likely to repay their obligations. So, even if you have changed jobs recently, if you have kept a progression of advancing within the same field, or have simply changed employers but kept the same basic job with each, your ability to be approved for a mortgage loan should not be hindered much, unless there are negative reasons for your changing jobs.
As a matter of fact, now that automated credit report scoring has come into the lending business, less discretion gets used in determining who qualifies for what credit rate. This is supposed to ensure more objectivity in the loan approval process. For this purpose, the automated credit report score is used to give lenders the ability to boil the entire process down to review of only your overall score.
Unfortunately, this can close out some borrowers from getting loans of the amount, or interest rate they would like. Its even possible that a prospective borrower with enough income could actually be denied a loan he could afford due to a low standardized credit report score. For this reason, its imperative that prospective borrowers be diligent about improving their credit report scores and paying their bills on time. In this way the problem of disputing a low credit report score is alleviated.
Since there are five key factors that go into the composite credit report score, knowing what they are can help consumers to take control of their financial destiny by making them able enough to change things in their favor.
The very first thing that affects your overall credit report score is how well you repay your debts. Even a person with low income who carefully ensures that all his debts are repaid on time will be able to maintain a high credit report score. And timing is everything. A recent late payment is worse than several late payments some years ago.
Next, collection accounts and public histories are important to your credit report score. This means accounts that go into collection, foreclosure, and bankeruptcies are harmful to your score. Ensuring these don't show up on your credit report goes a long way towards improving your credit report score. And therefore, the accuracy of your credit report becomes more important than ever. Consumers need to check their credit reports at least yearly and make sure the information therein is accurate.
Credit report scores below 620 will require remedial work to bring up to an acceptable level. This may take extended amount of time, perhaps years. But its worth it. You must build a positive credit history that shows extended time of handling your finances in a responsible way in order to bury old negative information.
James Marriott is a finance writer with more than 15 years of experience in writing financial content, including those related to credit cards, mortgages, stocks, investments, and funds. He has been with RNCOS, a premier financial writing services company, for 2 years as head of financial writing. He is also a regular financial columnist with renowned business journals. For your comments on the article and further financial assistance, please contact our staff writer at firstname.lastname@example.org.
MORE RESOURCES updated Sun. June / 16 / 2019
As rates drop, mortgage refinancing surges but home purchase loans remain tepid USA TODAY
Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing Forbes
Mortgage rates are continuing their downward spiral. The average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down from 4.54% last June and ...
Mortgage applications surge on refinances as rates hit 21-month low USA TODAY
As mortgage rates fell to the lowest level since September 2017, mortgage applications surged 26.8% last week, led by an increase in refinancing.
Refinance rates decline for Thursday Bankrate.com
Several key refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on ...
As mortgage rates plunge, should you refinance? Fox Business
Nearly 6 million people can now cut their mortgage payments with refinancing.
Mortgage Applications, Refinances Surge After Interest Rate Drop Forbes
Thanks to low mortgage rates and slowing home prices, mortgage applications and refinances soared last week.
Refinance mortgage rate ticks higher for Monday Bankrate.com
Refinance rates were mixed, but one key rate notched higher. See what that means for you if you're in the market for a home loan.
Mortgage rates are falling—here's how to tell if you could save money by refinancing CNBC
As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
Does refinancing your mortgage make sense as interest rates fall and why these couples say they’ll never move in together - MarketWatch
Does refinancing your mortgage make sense as interest rates fall and why these couples say they’ll never move in together MarketWatch
Happy Thursday, MarketWatchers! Don't miss these top stories: Personal Finance. The filthy mistake you're likely making in the kitchen — and its simple $14 ...
Airbnb adds another mortgage refinancing partner Inman.com
Guild Mortgage has become the latest home loan provider to treat short-term rental revenue from Airbnb as income for homeowners applying to refinance their ...
Nearly 6 million people can now cut their mortgage payments with refinancing The Gazette
The average interest for 30-year fixed-rate mortgages is nearing 4 percent again, ushering the way for millions more homeowners to save money by refinancing.
Mortgage refinancing jumps as rates tumble but loans for home purchases drop again USA TODAY
Mortgage rates fell for the fourth straight week leading to a surge in refinancing. But mortgage applications for home purchases fell.
Refinance rates dip for Tuesday Bankrate.com
Several closely watched refinance rates sunk lower today. If you're shopping for a refi, see how that could affect you.
Falling Mortgage Rates Spur Application Frenzy The Wall Street Journal
Consumers are taking advantage of an unexpected decline in interest rates to buy homes and refinance their mortgages.
Refinance mortgage rate advances for Saturday Bankrate.com
Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.
As mortgage rates plunge, millions more homeowners can benefit from refinancing CNBC
There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages.
Refinance rates tick lower for Friday Bankrate.com
Multiple benchmark refinance rates ticked downward today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down.
Refinance mortgage rate moves higher for Friday Bankrate.com
Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Mortgage rates sink to their lowest levels in 21 months after six weeks of declines - The Washington Post
Mortgage rates sink to their lowest levels in 21 months after six weeks of declines The Washington Post
In November, mortgage rates appeared ready to soar across the 5 percent threshold. Seven months later, concerns over trade and global growth have driven ...
Mortgage rates lower for Tuesday Bankrate.com
Several benchmark mortgage rates declined today. If you're shopping for a mortgage, see what that means for you.
Refinance mortgage rate advances for Thursday Bankrate.com
Refinance rates were mixed, but one key rate rose. See what that means for your refinance chances.
Refinance rates retreat for Monday Bankrate.com
Several closely watched refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.
Refinance mortgage rate moves higher for Monday Bankrate.com
Refinance rates were mixed, but one key rate ticked up. If you're shopping for a mortgage, see how your payments might be affected.
Mortgage refinance candidates swelled by 2 million in May National Mortgage News
The most borrowers in three years currently qualify for refinancing as the average for the 30-year fixed-rate mortgage dropped below 4% for the first time in over ...
JACK GUTTENTAG: Shortening debt period is under-appreciated reason to refinance - Sarasota Herald-Tribune
JACK GUTTENTAG: Shortening debt period is under-appreciated reason to refinance Sarasota Herald-Tribune
The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
Nearly 6 Million People Can Now Cut Their Mortgage Payments With Refinancing | RisMedia.com
With interest on the low side, there is a potential to refinance and save.
Leading mortgage lender Quicken Loans sees record loan volumes CNBC
"We're having record months. This quarter will be the largest quarter in the company's history," Quicken Loans CEO Jay Farner says.
Mortgage Investors' Refinance Concerns Rise With Rate Rally Bloomberg
Mortgage prepayment speeds may rise with the strong U.S. rate rally, and that may be cause for alarm for mortgage investors.
Weekly mortgage applications drop 3.3%, as spring housing season draws to a close CNBC
Mortgage applications to purchase a home have now fallen for three straight weeks.
Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
It seems Millennial homeowners are taking advantage of lower mortgage rates. According to new data, Millennial refinances have officially hit their highest point ...
Mortgage Rates Drop and Stock Market Rises – Market Update Zing! Blog by Quicken Loans
Mortgage rates continue to fall and the stock market was up despite a weak jobs report. That and more coming in Market Update!
America's homebuyers are saving big as interest rates continue to decline HousingWire
Mortgage borrowers who shopped around last week could've saved $42137 the life of a $300000 loan, according to LendingTree's Mortgage Rate Competition ...
Dave Ramsey: Mortgage refinancing idea misses the point PostBulletin.com
Dear Dave, I recently started following your plan, and I've looked into refinancing the home I bought five years ago to free up more money to put toward paying ...
Mortgage refinance booms are a thing of the past: MBA chief economist National Mortgage News
The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...
Mortgage rates today, June 13, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, June 13, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Average mortgage rates yesterday moved a little lower, roughly in line with our prediction. It wasn't a big drop. But it was welcome, coming as it did straight after ...
Mortgage rates move down for Wednesday Bankrate.com
Multiple closely watched mortgage rates receded today. If you're in the market for a mortgage, see how your payments might be affected.
Mortgage rates move higher for Tuesday Bankrate.com
Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ...
Key mortgage rate climbs for Monday Bankrate.com
Mortgage rates diverged today, but one key rate was higher. The average for a 30-year fixed-rate mortgage trended upward, but the average rate on a 15-year ...
Mortgage rates fall for Tuesday Bankrate.com
Multiple benchmark mortgage rates trended down today. The average rates on 30-year fixed and 15-year fixed mortgages both declined. The average rate on ...
Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis - HousingWire
Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis HousingWire
Recently released data from the Federal Reserve Bank of New York's Center for Microeconomic Data revealed that the first quarter of this year was the mortgage ...
Mortgage Rates Just Had Another Awesome Week Mortgage News Daily
While we can't say that this week's best mortgage rate offerings were quite as good as last week's best, they were pretty darn close. In fact, quite a few lenders ...
Refinance mortgage rate ratchets higher for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.
Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn - Xinhua
Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn Xinhua
NAIROBI, May 22 (Xinhua) -- Kenyan President Uhuru Kenyatta on Wednesday launched the Kenya Mortgage Refinance Company (KMRC), a financial ...
Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills - San Francisco Chronicle
Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills San Francisco Chronicle
Mortgage adviser: Brenda Wyatt. Property type: Single-family home in Lakeshore Terrace. Loan type: Conventional refinance. Purchase price: $670000.
Mortgage rates today, June 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage rates today, June 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
As we predicted, average mortgage rates jumped yesterday. So they're now above their lowest since the fall of 2017. The sharpness of the rise might make you ...
Treasury Yields May Take Another Step Down Thanks to Mortgages Bloomberg
The mortgage market was supposed to be quiet this year, but suddenly it's moving the biggest bond markets.
Dave Ramsey: Is there anything better than a 15-year mortgage? PostBulletin.com
Dear Dave, is there ever a time when a 30-year mortgage is better than a 15-year mortgage? — Julie.
Cuyahoga County to Sell, Refinance Bonds for Rocket Mortgage FieldHouse Repairs Arena Digest
By refinancing previous bonds and issuing new bonds, Cuyahoga County will cover repairs at Cleveland's Rocket Mortgage FieldHouse.
Plunging Mortgage Rates Could Drive Top Homebuilders Much Higher This Summer 24/7 Wall St.
We screened our 24/7 Wall St. research database looking for Buy ratings from Wall Street on the top homebuilders and found five companies that look like solid ...
Mortgages for Seniors: Everything You Need to Know U.S News & World Report Money
If you're retired and applying for a home loan, you're more likely to submit information about your pension and your 401(K) than a W-2.
The majority of consumers are wildly wrong about what it takes to get a mortgage CNBC
The majority of consumers think it is much harder to qualify for a home loan than it actually is, according to a recent Fannie Mae survey of more than 3000 ...
Homebuyers, you could have saved this much on your mortgage last week HousingWire
Last week, the share of borrowers with rates under 4.25% ticked up. In fact, LendingTree's Mortgage Rate Competition Index indicates borrowers with rates ...
House committee passes bill to make FHA loans less expensive HousingWire
The House Financial Services Committee passed a bill Wednesday that would limit mortgage insurance payments on loans backed by the Federal Housing ...
Local real estate market brings more opportunities for buyers Redmond Reporter
Homebuyers are also benefiting from lower interest rates, which are currently are less than four percent.
VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees.
Kyrsten Sinema's bill to help veterans with their mortgages likely headed to Trump's desk - AZCentral
Kyrsten Sinema's bill to help veterans with their mortgages likely headed to Trump's desk AZCentral
Sen. Kyrsten Sinema's first piece of legislation to pass the Republican-controlled Senate aims to better protect veterans from predatory home loan practices.
Here's What To Do If You Get Behind On Your Mortgage Forbes
Whether it's a job loss, unexpected medical bills, or something else, financial hardships can happen to anyone. If you've hit hard times and fallen behind on your ...
Applications for New Home Purchases Up 20%, Mortgage Rates Mostly Steady - National Mortgage Professional Magazine
Applications for New Home Purchases Up 20%, Mortgage Rates Mostly Steady National Mortgage Professional Magazine
Mortgage applications for new home purchases in May were up by a scant 0.1 percent from April and were up by a robust 20.1 percent from one year ago, ...
Benchmark mortgage rate increases for Wednesday Bankrate.com
Mortgage rates moved in different directions today, but one key rate rose. The average for a 30-year fixed-rate mortgage saw an increase, but the average rate ...
Mortgage rates remain steady in US housing market - Xinhua | English.news.cn Xinhua
WASHINGTON, June 13 (Xinhua) -- Mortgage rates remained flat in the United States last week, the Federal Home Loan Mortgage Corporation, commonly ...
Home equity rises again — except in these two states | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Home equity rises again — except in these two states | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
House price growth may be slowing down, but American homeowners still have something to celebrate. According to new data, they've gained more than $485 ...
'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing Forbes
Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...
Movement Mortgage, Better.com CEOs: The one-click mortgage is not the endgame for the housing business - HousingWire
Movement Mortgage, Better.com CEOs: The one-click mortgage is not the endgame for the housing business HousingWire
For the last several years, much of the narrative surrounding the housing business (and HousingWire is just as guilty of this as anyone) has been focused on the ...
Housing Market May Be Slowing Based On Qualification Stigma ETF Trends
According to a recent Fannie Mae survey, the majority of consumers now think it is much harder to qualify for a home loan.
Mortgage refinance boom goes bust as rates shift higher CNBC
A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
The Daily Shot: The Slump in U.S. Male Labor Force Participation Stands Out Wall Street Journal
To receive the Daily Shot newsletter in your inbox, please sign up at our Email Center. Previous issues of the Daily Shot are available online at ...
Jorgen Vik: Budgeting can be painful at first, but it pays off The Daily Progress
It may be too hard to completely abandon certain expenditures you enjoy; instead, do it less frequently and make those occasions all the more special.
Home Equity Loan Site Receives Top Honor from TopConsumerReviews.com STL.News
OVERLAND PARK, KAN./ JUNE 13, 2019 (STL.News) TopConsumerReviews.com recently awarded their highest five-star rating to LendingTree, an industry.
Mortgage Credit Availability Up, as Delinquency Rates Are Down - National Mortgage Professional Magazine
Mortgage Credit Availability Up, as Delinquency Rates Are Down National Mortgage Professional Magazine
There was good news for homebuyers and homeowners in the latest housing data news, with mortgage credit availability rising, while delinquency rates ...
Mortgage rates are low. Here's how to figure out if you should refinance NBC News
Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.
Homeowners should turn themselves into real estate investors | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Homeowners should turn themselves into real estate investors | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
If you've ever been tempted by real estate investing, now might be the perfect time to turn your dream into reality. Because the factors that can lead to success ...
Here Are Best And Worst Reasons To Refinance Your Mortgage Bankrate.com
Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
5 Signs It's Time To Refinance Your Mortgage Forbes
You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...
Mortgage credit availability increased last month Mortgage Professional America
There was a further rise in the Mortgage Credit Availability Index (MCAI) in May as the jumbo sector posted another increase. The Mortgage Bankers ...
Confidence in the US housing market grows Miami Agent magazine
Two recent measures of Americans' confidence in the national housing market improved in the last month, showing that more homeowners as well as ...
Tips to help you in the assessment of a refinanced mortgage Sydney Morning Herald
A loan taken out two or three years ago was based upon different metrics and lender requirements and you will need to meet new criteria.
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
Refinance mortgage rate moves higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.
Refinance mortgage rates mixed for Monday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
Refinance mortgage rate ticks higher for Saturday Bankrate.com
Refinance rates were mixed, but one key rate increased. If you're shopping for a mortgage, see how your payments might be affected.
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...
Refinance mortgage rates mixed for Thursday Bankrate.com
Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.
Mortgage refinance applications hit 18-year low CNBC
Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...
Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com
Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...
Mortgage rates are low. Here's how to figure out the best plan for your budget CNBC
The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. But first, you need a plan.
Can You Use a Mortgage Refinance to Pay Down Debt? The Motley Fool
Find out if you can use a mortgage refinance loan to pay down debt -- and if it's a good idea to do so.
Refinance mortgage rate drops for Friday Bankrate.com
Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions - MarketWatch
Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch
f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.
Refinance mortgage rates mixed for Saturday Bankrate.com
Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.
Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com
Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...
Refinance mortgage rate slides for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.
Refinance rates dip for Wednesday Bankrate.com
Multiple key refinance rates slid lower today. If you're in the market for a mortgage, see how your payments might be affected.
Banks may refinance more mortgages despite Sinn Féin move, ratings agency says The Irish Times
Bill would require lenders to get borrowers' consent to sell on their loans,
What homebuyers and refinancers should know about timing mortgage rate movements Bankrate.com
It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...
Can You Refinance a Reverse Mortgage? | US U.S News & World Report Money
Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity.
Refinance mortgage rate eases for Monday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.
Homeowners are rushing to refi mortgages as rates drop The Real Deal
Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally.