Welcome back to the series, Millennials Mortgage Process! In this post, I’ll explore my reactions to the ‘affordability’ of housing and how greatly Credit Score plays a role. As I prepare to apply for a mortgage and continue to scroll through Zillow at mini-mansions I know I could never afford (we all do it…), one thing keeps cropping up and…
The dreaded tax filing deadline is fast approaching and this year it also serves as the date that the 3 major repositories will drop the reporting of outstanding tax liens from their credit reporting. As of April 16th, outstanding tax liens against consumers will no longer appear on a credit report pulled by a lender to make a mortgage loan,…
There is a major dialogue going on in Congress and the country surrounding what to do with Deferred Action for Childhood Arrivals (DACA), but what about other immigrants who arrive legally? Do they have full access to all we have to offer? They face major challenges in tasks we take for granted, like getting a cell phone, a credit card…
The FICO credit score was introduced many years ago and touted as the end-all for determining a prospective borrower’s creditworthiness. The better the score, the more likely the borrower would repay the debt. The lower the score, look out, higher potential for default. Simple, right? No more! Today, we’re told that maybe this revolutionary predictor may be outdated and in…
A new battle is brewing between bank and non-bank mortgage lenders over the use of credit score models. The battle over FICO versus VantageScore has begun. Which is the better scoring system to use for qualifying mortgage applicants and which is the best indicator of potential default. For a while now, the Federal Housing Finance Agency (FHFA), the agency that…
Minnesota is flying high, just like their receiver Stefon Diggs, after their miracle finish to win the NFC Divisional game on Sunday. What a finish! But that ain’t all. Experian’s annual State of Credit report reveals that Minneapolis posted the highest average credit score for 2017 at 709. Minnesota must be doing something right. Besides the miracle finish, two other…
