Skip to main content

Posted December 7, 2015

Where Credit is Due . . . To Improve or Not
Do you know what actions could help improve a buyer’s credit score?  Do you know how easily some of those actions are performed and how quickly they take effect?  A recent survey from TransUnion indicates that an overwhelming majority of those planning on or considering buying a home in the next 12 to 18 months have little to no idea.  This same survey found that while nearly three out of four (74 percent) of potential homebuyers believe it’s important to check the accuracy of their credit report, less than 45 percent correctly understand that their credit score measures the following:

•  The amount of debt they hold
•  The risk of not repaying a loan
•  The financial resources they have to pay back loans

“As many people across the nation prepare to take advantage of still-low interest rates and look to buy a home, it’s essential they understand their credit score before applying for a home loan,” said Ken Chaplin, senior vice president at TransUnion. Here are some other interesting statistics that came out of the survey from TransUnion –  although the majority of consumers recognize the importance of a credit score:

•  33 percent incorrectly thought increasing their income has the potential to help improve their credit score
•  28 percent incorrectly thought closing old accounts had the same potential

While this isn’t rocket science, looking at and analyzing credit reports is something your average buyer does not do on a regular basis (or ever).  Free of charge, we’re happy to go over a buyer’s report and not only show them how to address those issues that may be adversely affecting their credit but educate them on the why’s and the how’s.  Knowledge is power.

You’ll Find This VERY Interesting
We received a contract on November 17th.  By November 30th – a mere fourteen days later – we closed that loan and everyone was a happy camper.  Bear in mind, in that two-week period, we had the Thanksgiving holiday (November 26th), the day after (November 27th) when everyone was closed down, and the weekend (November 28th & 29th).  This wasn’t luck – it was a product of our system we put in place LONG before TRID came along.  We’re not bragging.  We’re just letting you know the facts.

Comments

Post a Comment

Popular posts from this blog

The Naked Truth About Home Buying

It’s highly likely I’ve already written about this, but I’ll try to make it entertaining at least.   There’s a guy who works in ou r office who suffers from kidney stones – and from what he’s described, “suffers” might even be a little too tame a word for it.   As an aside, though, when you ask him how painful the experience is, he gets an odd smile and says, “It’s the most intense pain I’ve ever experienced, but it’s hard to describe.   I’ve heard a lot of people compare it to the pain a woman experiences while giving birth.   To that, I must say, those people are big, fat liars!   I’ve been in the presence of a woman giving birth, twice, and her pain has to be 100 times worse.   They’re passing the equivalent of a Buick.   I’m passing a pumpkin seed.”   He’s always been a colorful fellow. He’s had this wonderful condition for over a decade now, and the stones make their appearance about every 18 months or so.   Up until recently, ...
Post a Comment
Read more

Numbers Don't Lie, But Wherein Lies the Truth? (Posted November 21, 2016)

Said with enough conviction, you can make almost anything sound true.   Preface the fabrication with “according to a recent bi-partisan government study,” and you’re three quarters of the way to selling the lie to a lot of people.   Seriously, try this. The next time you’re at a dinner party or having coffee with friends, pepper this little tidbit into the conversation: “I read something really interesting the other day.   According to a recent bi-partisan government study – I think it took them three years to get it all done – middle-aged men who drive either a Toyota Camry or a Honda Odyssey have more testosterone than younger men who drive either a Ford F150 or a Dodge Charger.”   You’ll get some raised eyebrows and looks of mild disbelief, but don’t let that deter you.   Just lift up your hands, palms outward, and say, “I just think it’s interesting, and it makes sense when you think about it” – and then change the subject to something completely u...
Post a Comment
Read more

Couching Your Savings Correctly (Posted July 25, 2016)

I recently read an article online about a gentleman who set a goal to purchase a home and then mapped out very specific steps as to how he would reach that goal.   Personally, I was extremely impressed by his discipline and foresight.   His goal had two parts to it: save $150,000 for a down payment and purchase a home.   Before you choke on your coffee or spit soda through your nose, let me disclose here that the gentleman who is the subject of the article was purchasing a home in the New York City area.   Now that your blood pressure is returning to normal and you’ve spared your freshly ironed white shirt from staining, I’ll give you a breakdown of his plan: •   Starting in 2007, he looked at his annual salary and then took a look at the amount of credit card debt he was carrying; he cut back on as many expenses as possible so he could pay off that credit card debt in the first year.   Touché! •   He kept his lifestyle scaled back to the poin...
Post a Comment
Read more