Jeff’s Carlsbad Blog for First Time Home Buyers


The Importance of Your Credit Score – What it Is, and What You Can Do to Improve It

Posted in Financial,Mortgage info by Jeff Dowler on April 4, 2010
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Having a strong credit history and score is critical in this buying market, especially since the banks are getting stricter with their lending requirements and the scores that are acceptable.

Many folks are not really even aware of their credit score and history until they start looking into buying a home. And sometimes there are errors that buyers are not aware of.

There are a number of things you can do to improve your credit score, as well as things you should not do because they will lower your score.

This article by a friend of mine back East is an excellent overview of what the FICO (credit score) is, what impacts it, and how you can improve it. A VERY worthwhile read.

Increasing FICO Scores to Purchase a Home


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All content copyright © 2010 Jeff Dowler “The California Relocation Dude”

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Upcoming Changes in Mortgage Pricing – BEWARE

Posted in Financial,Mortgage info by Jeff Dowler on December 18, 2007
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Fannie Mae and Freddie Mac have announced changes in the pricing of CONFORMING mortgages that will take place beginning MARCH  1, 2008.

Key factors:

  • Less than 30% down-payment (that’s most folks)
  • Credit Score of less than 680 (do you know YOURS?)

If you fit either of these criteria you will be paying more for your mortgage, based on the following:

Credit Score | Pricing Adjustment

679 – 660 = .75%

659 – 640 = 1.25%

639 – 620 = 1.75%

620 & below (or missing Credit Score) = 2%

That’s SIGNIFICANT money and even if the rates are lower (right now they are below 6% for a fixed rate) you could end up spending a lot more for your mortgage.

Find out what YOUR credit score is and start planning. There may be things you can do to get your score above 680 in the next couple of months so you can avoid these extra fees.

Or get busy and buy a house BEFORE these new pricing changes take effect.