Many of you are probably aware that there have been BIG changes in the mortgage industry in the past few months. There has been a lot of talk about the sub-prime mortgage market going belly-up. This is referring to mortgages that were given to people who were a higher credit risk. So now that sub-prime mortgages have gone with the wind, those who are still getting loans are those who (among other things) have a good credit score. Credit scores usually range from 340 to 850. Borrowers with a credit score over 700 are typically offered more financing options than those with lower scores. So it is important to maintain good credit so that your score is higher and you are given more financing options.
If you have made credit mistakes in the past, don’t worry! It is possible to increase your credit score by following a simple plan to improve your credit. Please check back often to learn more about your credit score and steps you can take to improve your score so you can get the mortgage you need!