credit scores: See your credit risk based on your credit score
- 01/27/23 11:01 AM
See your credit risk based on your credit scoreMinneapolis, MN: We all have credit scores, but do you know what your credit score tells creditors? It tells us your credit risk, and likelihood of the money not being paid back.
Of course a high credit score is no guarantee of being paid back, just like a bad credit low scores are not a guarantee of default, but creditors have plenty of historical data to give us an idea.
Most lending is based off what is know as 'risk based pricing', which simply means the lower your credit score, the higher risk of default, … (1 comments)
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credit scores: Should you keep renting, or become a first time home buyer?
- 11/01/19 11:40 AM
Should you keep renting, or become a first time home buyer?
We all know throwing money away making the landlord rich isn't a good long-term plan, buying your first home can be scary, and you may not know where to turn, or how to make it happen.
Should you continue to rent or buy a home is a decision everyone needs to make. Many things go into that decision for the typical first time home buyer, including;
How long do you plan on living there Credit and credit scores Job stability Current debts Down payment money (or lack thereof) So are you ready … (0 comments)
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credit scores: Credit Report Inquiries, what is the real story?
- 11/29/18 12:26 PM
Credit report inquiries, What is the real story? Minneapolis, MN: As a Mortgage Loan Officer, I’ve pulled and reviewed a lot of credit reports in my day. I’ve also spent an incredible amount of time debunking the irrational fear so many people have about credit report inquiries.
This one sentence is all most people need to know.
STOP worrying about it.
For the vast majority of the people, the vast majority of the time, you should never ever give a second thought to an inquiry on your credit report. It just isn’t what people think.
So What Is A … (1 comments)
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credit scores: Credit scores and how they affect mortgage loan approval
- 09/04/18 09:07 AM
Minneapolis / St Paul, MN: When buying a home, your credit matters - a lot. While credit scores alone don't get you a home loan approval, credit scores are one of the most important factors in the loan approval decision. With places like Credit Karma, and being getting your credit score with your credit card statement, most people have a pretty good idea of where they scores average.
But how does that score correlate to mortgage loan approvals, and what credit score do you need for loan approval?
What Credit Scores Mean In Mortgage Approval
Understandably, the better your credit score, the more … (0 comments)
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credit scores: The truth about inquiries on your credit report
- 01/15/18 11:55 AM
The truth about inquiries on your credit report (it isn't what you think).
Minneapolis, MN: As a Licensed Mortgage Loan Officer, I pull and review thousands of credit reports every year. The confusion from the general public about what inquiries are, and how they effect your credit is overwhelming.
The quick thing to know?
For 99% of people 99% of the time, you should NEVER ever worry or be concerned about a lender reviewing your credit, or generating an inquiry.
There, I said it. Stop worrying!
Historically, the presence of inquiries on a credit report has only a small impact on credit scores, if any impact … (2 comments)
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credit scores: Are you making this credit score mistake?
- 10/06/17 10:43 AM
CREDIT SCORE TIPSAre you making this credit score mistake? Many people are.
Many people believe that needing to run up credit card balances, then making on time payments or paying it in full each month will build higher credit scores. This is a MYTH!
You don’t need to carry a balance or use your card in order to build credit.
This pervasive myth usually gets said around a dinner table or past among friends, and of course is all over the internet - but is a terrible piece of advice — especially if you have bad credit to begin with.
Carrying a balance says you have credit, need … (1 comments)
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credit scores: Average credit score UP for mortgage loans
- 12/21/16 08:48 AM
Average Credit Scores Up for Mortgage Loans
Minneapolis, MN: The quality of the average home buyer continued to climb in 2016, making for the highert quality of home loans since 2001. Getting better in three categories; credit score, debt ratio, and equity position.
The average credit score in 3rd quarter 2016 came in at 739. This is up from 734 at this point last year.
Average loan-to-value, which is the difference between the properties appraised value and the actual loan amount, moved down to 85.60%, which was down from 86.80% last year.
Finally, the average debt-to-income ratio improved to just 35.40% of income, versus 35.70% … (0 comments)
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credit scores: Mortgage lender criteria for loan approval
- 08/24/16 05:37 AM
What is the Lender Criteria for Approving Home Mortgage Loans? Buying a home is a dream for most Americans. The process is time consuming, paperwork intensive, and can seem overwhelming to many people. The reality is that the process, like anything other unknown in your life, really isn't as bad as the hype. Essentially the mortgage lender is going to check you out, evaluate your risk, and decide if they they are going to give you the loan. It is important to understand how credit institutions evaluate home loan applications and what is required to ensure easy loan approval.
Loan DocumentationThe … (1 comments)
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credit scores: Myths and mysteries of your credit report
- 01/21/14 04:18 AM
As a Mortgage Loan Officer, everyday I review credit reports and advise clients of the myths and mysteries of their credit. Here is a list of some of the most common items I see and deal with daily:
1. Inquiries lower your credit score. There are two types of inquiries. One is "soft", where you pull it yourself. This has no effect. The second is a “hard” inquiry, when a lender reviews your report. It has really no effect UNLESS you have a lot of inquiries in 90-days most recent to the inquiry. Then it may have a very minor effect … (2 comments)
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See your credit risk based on your credit scoreMinneapolis, MN: We all have credit scores, but do you know what your credit score tells creditors? It tells us your credit risk, and likelihood of the money not being paid back. 
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