As Interest Rates are creeping up:Time to check out your Credit Score!

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/WTB

As Interest rates are creeping up: Time to check  out your Credit Score!

 As interest rates are slowly creeping up I would like to caution those of you who are planning to purchase a property in the near term with a mortgage vs. all cash it is time to check your Credit Scores.   

Greater Los Angeles Homes for Sale Endre Barath,Jr

According to the Consumer Financial Credit Bureau (CFCB) Credit Scores sold to consumers are not the same as the ones lenders use. Hence there is a difference between the scores which in turn could be the difference between a lender approving or rejecting an applicant for a mortgage. Hence to check your Credit Score develop a relationship with a Mortgage Broker or Mortgage Banker that way you will be on the same level playing field as your Financial Institution.

los angeles homes for sale Endre Barath

Fair Isaacs Corporation has retooled their scoring system. I am referring to the FICO Score: the formula that they use in calculation to determine a Number for the majority of Americans to see what is their Credit Worthiness is. Those who want to buy a home depend on a good FICO Score to get low interest rates. To simplify, it is a credit score that represents the potential creditors paying behavior. The higher the score the better ones chances are for getting a low interest mortgage.

 

Should you need a referral for a mortgage broker:  feel free to reach out to me for a savvy mortgage lender contact?

 

If you are considering buying or selling a luxury home, or an ultra luxury home, or luxury investment real estate, or luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at homes@endrebarath.com or visit one of my websites at http://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

 

 

 

 

Topic:
Lending / Financial
Location:
California Los Angeles County Los Angeles West Los Angeles
Groups:
Agents who want REFERRALS!
Posts to Localism
Americas Relocation Home Services - Our Mission is to Connect Home Buyers & Sellers With Local Real Estate Professionals
Mortgage Bankers
The Ninety-ninth Percentile
Tags:
mortgages
credit scores
fico scores
los angeles real estate
endre barath
homes for sale in los angeles
greater los angeles real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
820,870
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Great reminder, Endre.  One should always check their credit, at least twice a year.  Never know, LOL.  

Jun 09, 2013 09:02 AM #1
Rainer
372,643
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Excellent reminder, Endre.  Staying on top of our credit reports and scores is so important.

Jun 09, 2013 09:04 AM #2
Rainmaker
1,146,494
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Endre - Great advice and reminder to be on top of your credit report if you're going to buy a home in the near future!

Jun 09, 2013 10:46 AM #3
Rainer
15,216
Mortgage Capital Associates
Mortgage Capital Associates - Los Angeles, CA

Totally agreed, and also agreed with Juli - make sure you check your credit regularly just in case, but make extra sure to check it before a major purchase like a home!

Jun 09, 2013 11:17 AM #4
Rainmaker
926,744
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

No doubt. . . something VERY important that future buyers often overlook.  Thank you for the reminder Endre!

Jun 09, 2013 11:53 AM #5
Ambassador
1,543,378
William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional
Hi Endre, I hope Buyers can get enough properties over the next 6 to 8 months because the days of the low low rates may be coming to an end, especially if the bond market bubble bursts like our real estate market did. When the money stops being printed as fast as it takes to keep the bond market stable, interest rates will get back to the 5's and 6's and then who knows how high after that. Buy Now if possible !
Jun 09, 2013 01:40 PM #6
Ambassador
2,081,669
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Great information, as always, Endre. I am not home yet and still have this entire week in Europe.

Jun 09, 2013 04:22 PM #7
Rainmaker
3,649,496
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Endre - an excellent reminder and if a buyer/borrower is planning a purchase/re-fi ---- remember keep those credit cards and major purchases on hold until after the loan is funded.   

Jun 09, 2013 05:17 PM #8
Rainer
205,570
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
Very good reminder. In fact, I bet many folks have been limiting their credit use due to the weak economy and so haven't seen their score in a long while.
Jun 09, 2013 10:53 PM #9
Rainmaker
1,037,008
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Andre - a good practice to get into

Jun 11, 2013 04:51 AM #10
Ambassador
2,226,770
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

I just recommended a client to re-visit his credit scores today. Most people don't realize what you shared..."According to the Consumer Financial Credit Bureau (CFCB) Credit Scores sold to consumers are not the same as the ones lenders use. Hence there is a difference between the scores which in turn could be the difference between a lender approving or rejecting an applicant for a mortgage."

Jun 13, 2013 01:47 PM #11
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
3,370,249

Endre Barath, Jr.

Realtor - Los Angeles Home Sales 310.486.1002
Ask me a question
*
*
*
*
Spam prevention