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

Learn More

 

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May 28 2020

Tips to Organize Your Laundry Room

Solve laundry room clutter with our 4 easy tips on organizing your laundry room.

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May 18 2020

What is a Conventional Loan?

Deciding to obtain a mortgage comes with a lot of new words to learn! Here's a quick summary of one of the most popular loan options, a Conventional mortgage.

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May 11 2020

4 Signs It's Time for You to Move Up

Spending more time at home may have shown you that you need more space! Here are our tips on knowing when it's time to move up.

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May 04 2020

Planning the Perfect Staycation

Cancelling your summer vacation? You can keep your family safe & healthy while still unplugging and escaping reality for a bit. Here are some ideas to help you plan the perfect staycation!

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April 30 2020

Virtual Homebuying Is The New Normal

The idea of home has always been a place of safety and comfort, but now our homes are becoming so much more. Luckily, you can find, finance and close on a home from the comfort of your living room. 

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April 20 2020

Tips to Lead a Greener Lifestyle in Your Home

We celebrate the 50th anniversary of Earth Day this year. It's a great time to assess our habits at home and think about small changes we can make to do our part. Here are some small tweaks to your home habits to make you feel fulfilled as well as help...

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April 15 2020

8 Simple Design Ideas for Your Dream Backyard

Did you know that gardening can decrease stress, improve your mood, and keep you active? You might have limited access to the outdoors right now, but planting flowers is just one way you make your backyard your own personal oasis. 

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April 08 2020

Family Easter Fun While Social Distancing

Not sure how to celebrate Easter this year? Your normal traditions may be put on hold, but you can still celebrate with your family at home this year! 

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April 01 2020

What is a Rate Buydown?

What are mortgage points and how do they work? Simply put, a mortgage rate buydown is when a borrower pays an additional charge in order to obtain a lower interest rate on their home loan.

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