Tag: credit

Understanding Credit

Of course, credit is important. If you are looking to move, and will be taking out a loan, getting a pre-approval from a lender if the first step in the home buying/viewing process. You will need a pre-approval before you look at homes, so you know your loan amount /how much you’ve been approved for, which depends on different factors, including your credit. Here Credit Karma  debunks some common credit myths.

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New Credit Scoring and Homeownership

Fair Isaac Corp., or FICO, stated that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores.

National Association of Realtors® President Steve Brown stated:

“This move will ultimately make a real difference in the lives of millions of Americans, who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores. Since the housing crash, overly restrictive lending has been the greatest obstacle to homeownership.”

“NAR will continue to support efforts to broaden access to credit for qualified homebuyers.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.