Financial IQ February 28 2017

Your FICO Score - A Key Piece of the Puzzle

Did you know that FICO Credit Scores are used in making over ten billion credit decisions each year? If you’re thinking of buying or refinancing a home, you probably know that other elements also affect your ability to get approved for a loan, including income and employment history. However, most financial institutions use the Fair Isaac Corporation (FICO) Score to decide whether or not to offer credit or make loans to consumers. FICO’s methods for determining credit scores is a closely guarded secret—but they’ve disclosed five main factors that impact a credit score:

  • Payment history: 35%

  • Amount of debt: 30%

  • Length of credit history: 15%

  • Credit mix: 10%

  • New credit: 10%

Sounds pretty straight-forward, right? It’s a little more complicated than that. The good news is that your FICO credit score is basically just a snapshot in time and there are ways to make it better—through analysis, planning, and guidance.

Eagle Home Mortgage is based on the principle of lowering the barriers to homeownership for Americans—and part of that is boosting your credit score. We’re here to help.  

Are you in need of some zero-cost credit help? Our Home Buyer Solutions Group may be able to help

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May 06 2021

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Buying your dream home in a seller's market is possible if you're able to avoid these common mistakes.

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April 28 2021

Understanding Closing Costs

An important part of calculating your budget when home shopping includes considering closing costs, which are additional payments you will need to either pay upfront or roll into your loan and gradually pay off

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The Just-Right House

Home sizes in the U.S. have been growing steadily over the years, and with our sudden shift to stay-at-home living, new home buyers are thinking hard about what that means for them as they plan their dream homes. Here are a few factors to consider.

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April 15 2021

How to Get a Mortgage When You're Self-Employed

Here are a few things you need to consider to land the best possible mortgage when you're self-employed.

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April 07 2021

3 Surprising Refinancing Mistakes

When refinancing, be careful to avoid some pitfalls and traps that could cost you money in the long run. Here are some of the most common mistakes people make when they rush to refinance.

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March 31 2021

10 Unexpected Spring-Cleaning Tips

Keep your home in the best possible shape with these surprising life hacks.

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March 23 2021

Tax Season Tips for Homeowners

If you're a new homeowner, you might be wondering how homeownership affects your taxes. The answer is: It depends on one big thing—will you be itemizing your deductions or claiming the standard deduction?

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March 11 2021

A Virtual Homebuying Helper: Lennar Homebuying Seminars

Online webinars are making it easier than ever to help buyers get educated and take the first steps toward their dream of homeownership.

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March 04 2021

What is Mortgage Insurance?

Mortgage insurance may seem like just one more painful added expense when considering buying a home and how much you can afford. And it's true, private mortgage insurance, or PMI, does increase your monthly payment

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