Small changes in your credit scores can make a big difference in the mortgage interest rate you end up paying. That’s why some lenders offer something called a “rapid rescore.” Find out how a rapid rescore works and what it could potentially do for you. Let’s Start with the Basics Before we dive into rapid rescoring, there are a few facts about credit that may be helpful to know. There are three primary Credit Reporting Agencies (CRAs) –– TransUnion, Equifax, and Experian. The CRAs receive information from lenders and creditors (also known as “data furnishers”) which they use to compile a credit report. Data furnishers are not required to report to all (or any) CRA, so the information they eachRead More →
Can a Rapid Rescore Give Your Credit Score a Boost?
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The States With the Most Foreclosures
Homeownership is a long-term commitment. But even if you’re financially stable when you buy a home, there’s no guarantee you’ll remain that way for the 15- or 30-year term of your mortgage loan. One in every 1,882 homes is in foreclosure in the U.S., according to August 2018 data from RealtyTrac. That’s 555,120 homes total, which is 7 percent lower than the same time last year. Some states are well below the national average. In South Dakota, for instance, only 1 in 26,121 homes is in foreclosure. Fourteen states, however, have a higher foreclosure rate than the national average, and a handful has close to double or triple the rate nationwide. Here are the 25 states with the most foreclosuresRead More →