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credit score: How to Raise Your Credit Score - 10/22/08 08:02 AM
To borrow as cheap as possible, it helps to nudge your score from good to fabulous. Raising your credit score from 650 to 770 can save $3,100 a year on a 30-year, $300,000 mortgage.
- 35%- Your payment history Pay your bills on time. Automated online payments can help.
- 30% - How much you owe Keep balances on credit cards and other revolving accounts below 50% of your credit limit (lower is better).
- 15% Length of your credit history Rather than let old cards go dormant, charge a latte a month (then pay it off). No activity lowers … (0 comments)
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credit score: Holiday Shopping Can Cost You When Buying A Home - 01/14/08 06:12 AM
How could holiday shopping cost you when you're in the market for a new home?
Running up your credit card balances can cause your credit scores to drop dramatically. Maxing out a credit card is even worse and could cause your credit score to dip below 680. If your score does, your mortgage will cost more -- if you are even still able to obtain a mortgage. Keeping your credit card balances low helps to keep your credit score high.
Fannie Mae and Freddie Mac have begun risk-based pricing on mortgages (see my earlier post http://activerain.com/blogsview/337797/Fannie-Mae-Freddie-Mac). The higher the risk on the … (0 comments)
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credit score: Fannie Mae implementing risk based pricing for all transactions - 12/14/07 08:14 AM
Significant changes that will take effect on Monday,December 17,2007. On that date Fannie Mae will be implementing risk based pricing for alltransactions. The risk will be determined by credit score AND the combinedloan to value of the purchase. So if your client has a lower credit score(under 680)and/or has very little or no money they can expect to have asignificant adjustment in the price of their loan, either in up front pointspaid or a higher interest rate. If you have customers who may be closing in the next 15 to 60 days and arenot locked in they must be locked in … (1 comments)
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Steve Dean
Washington,
DC
More about me…
RE/MAX Allegiance 202-338-8900
Address: 220 7th Street SE, Washington, DC, 20003
Office Phone: (202) 525-6499
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