Seeing the sub prime lending rates react to the uptick in foreclosure rates many of the rates that were already high are now very very high, so high that many are deciding to wait and work on their credit before they buy a house.
There will be lots of folks that will want to stay renting while the market corrections are going on and this time would be the time to take advantage of contacting a loan officer to assist you in working on credit issues while you wait. Good news for land lords that will want their investment properties leased.
There have been many posts on active rain about Credit bureaus with alot of good information on what effects your credit score, if your in a challenging credit situation right now I would encourage you to read some of the mortgage groups articles on credit and how to keep it healthy.
Partnering with a loan officer to seek some advice on what to do or even how to read the credit bureau can go a long way as well.
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