With the economy still entrenched in a long recovery from the effects of COVID-19, lenders continued to tighten their standards, resulting in the tightest mortgage credit availability in six years, according to the Mortgage Bankers Association (MBA). The MBA’s Mortgage Credit Availability (MCAI) Index fell 4.7% to a reading of 120.9 in August — its […]
5 Credit Myths Agents Should Explain to 1st-Time Buyers
Before first-time homebuyers pull the trigger on buying a new home, they should understand some common misconceptions in the credit reporting industry as they go through the prequalification and preapproval process. Here’s how agents can dismantle the 5 myths: 1. ‘Closing an old account will help my credit’ This might be one of the most […]
Client Tip: Pay Less for Loan
If a client has bad credit, they could be looking at an additional $15,000 in extra costs over the life of a loan (based off of a 30-year mortgage and the average purchase loan amount of $236,697). According to a LendingTree report, a buyer can chalk this up to higher interest rates and larger fees. […]
Client Tip: Check Your Credit
Following last year’s Experian data breach, many people froze their accounts to safeguard them from potential identity thefts. Clients may face some hassles getting approved for a mortgage if they don’t remember to unfreeze their credit first. “We recommend doing some work upfront to make that process go as smoothly as possible,” said John Danaher, […]