Owning your own home has long been part of the American dream. It's a goal most of us rightfully aspire to, and one that can often help build wealth. Indeed, 64% of Americans own a home today. If'
Clearer View Of Your FICO Score
Dated: February 3 2015
A major change has arrived to home buyers. Buyers can now check there credit score before consulting with a mortgage lender. On Monday, Fair Isaac Corp. (the developer of the FICO credit score) announced that it is now selling consumers a look at certain versions of the FICO score. FICO scores are used in most cases to determine whether to approve consumers for loans and at what interest rate. Before now home buyers were not able to see their actual FICO scores lenders see until after they have applied for a mortgage. If consumers know these scores before hand they can decide whether they are ready to apply or if they need to improve their scores. While knowing you score ahead of time it will also help when finding a mortgage lender. Before now, in most cases, consumers were only allowed to see three FICO scores (Equifax, Experian and TransUnion). However, now consumers can check these more specific scores other than the three. Major credit cards are beginning to show FICO scores as well. FICO's goal is to provide consumers with their REAL scores. Jim Wehmann, executive vice president, says that many companies claim they show you these FICO scores but in most cases they are false and not the scores that are used for applying for a mortgage. He also says by doing this it will help clear up consumer confusion around educational scores and scores that are actually used by lenders. If you are more interested in knowing your actual FICO score visit myFICO.com. You will have to pay for this service but it will provide you with all of your FICO scores including the ones used by mortgage lenders.
Texas Real Estate Consumer Protection Notice