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Mortgage Credit Availability Tightest Since 2014

September 21, 2020

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 […]

Filed Under: CVAR Connect, Industry News Tagged With: credit, cvarconnect, loan, MBA, MCAI, mortgage, Mortgage Bankers Association, Scotsman Guide

5 Credit Myths Agents Should Explain to 1st-Time Buyers

July 20, 2020

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 […]

Filed Under: CVAR Connect, Industry News Tagged With: #creditmyths, credit, credit report, cvarconnect, debt, homebuyer, myths

Client Tip: Pay Less for Loan

June 18, 2018

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. […]

Filed Under: At A Glance, Pro Tips Tagged With: client tip, credit, FICO, HousingWire, LendingTree, mortgage loan, pay less

Client Tip: Check Your Credit

February 12, 2018

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, […]

Filed Under: At A Glance, Government Affairs, Pro Tips Tagged With: ABC News, credit, credit bureau, credit score, Equifax, Experion, freeze, mortgage lending, TransUnion, unfreeze

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