Good Credit Equals Lower Mortgage Rates
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a “man of his word,” so to speak. Fair Isaac sought to take human error out of the...The Ice Just Broke – Credit Crisis Starting To Thaw, 4% Mortgage Rates?
Posted by yourmortgageplanner on Mar 19, 2009 in Credit Crisis TARP, Featured Articles, Financial Awareness | 0 comments
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today, within the target range of 0.000-0.250 percent. This doesn’t mean the Fed stood pat, however.
On plan to resurrect the economy using “all available tools”, today, the Fed announced a new, $1.5 trillion...
What Is A FICO Score
Posted by yourmortgageplanner on Mar 11, 2009 in Credit Crisis TARP, Financial Awareness | 0 comments
The basis of most mortgage lending is credit scoring. In general, the higher a person’s credit score, the lower his offered mortgage interest rate.
Despite the many credit scoring models in use today, however, just 3 are relevant to American homeowners:
The Equifax BEACON® score
The Experian Fair...
