compiled by Hassan Nicholás
FYI #1...random stuff to know
- Mortgage payments made on time will shoot up a credit score. Usually, it's easy for a credit score to drop but it takes more time to raise it up.
- When reviewing your credit report for creditworthiness, lenders prefer borrowers who have three (3) to five (5) open credit lines/accounts.
- When you have a debt with less than 8 payments left on your credit report the lender will ignore it.
- Homeowners should refinance only when: 1.) They have gained significant equity in the home. 2.) The interest rate can be lowered by at least 2 points (fees and costs associated with refinancing are too costly for a one point interest rate drop). 3.) They want to get out of an ARM.
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