Mortgage Credit Scores Still Mystery to Most

Mortgage Credit Scores Still Mystery to Most

After reading the article below I realized that, although the media is publicizing the Doom and Gloom of the Mortgage Industry, they are not giving equal time to the impact it is having on the average US homeowner or potential homeowner.  The majority of people still think that they can get the best rate on a loan without having a strong credit score.  I have a dedicated CREDIT CENTER on my website http://www.steak-dinner.com/, to help educate consumers on credit and how to get their credit in shape to purchase a Nevada home or refinance their current mortgage.

Credit Scores Still Mystery to Most (Huntsville Times (AL) (08/02/07); Accardi, Marian)
A new survey from the Consumer Federation of America and Washington Mutual reveals that only 24 percent of 1,000 adults knew that 700 is the lowest credit score likely to qualify for a low-cost mortgage. Only 29 percent understood what a credit score means; however, that was up from only 27 percent in the 2005 survey. Stephen Brobeck, executive director of the federation, says the increase in the percentage of consumers who had obtained their credit scores--59 percent, versus 54 percent in the last survey--also was a good sign. It is worthwhile for consumers with lower scores to work on improving them, considering that Fair Isaac Corp. estimates that raising a credit score from the 580-619 range to 660-699 could save a borrower $5,148 in annual interest expenses on a $300,000 loan carrying a fixed rate over 30 years.

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