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What determines my fico score? Does this effect my credit?

Friday, July 8th, 2011

Part 1 of a 4 part series

So you’re thinking about purchasing a stylish and comfortable new Colorado Springs home! But, after listening to your friends and family, you feel confused about your credit score (AKA your FICO score) and how it impacts your ability to purchase a new home in Colorado Springs.

For many of us, our FICO score is a confusing little number with a huge impact on our ability to secure credit.

According to ScoreInfo.org, our FICO score is comprised of 5 categories.

  • A FICO® Score takes into consideration all five categories!
  • The importance of any piece of information depends on the information in your entire credit report.
  • FICO® Score looks only at the credit-related information contained in your credit reports.
  • FICO® Score considers both positive and negative information from your credit reports.

1. Payment History: 35% of your FICO® Score is based on payment history:

  • Payment information for credit cards, retail outlet credit accounts (department stores), installment loans (mortgage and car loans), and finance accounts.
  • Public record and collection items (bankruptcies, foreclosures, suits, wage attachments, liens and judgments).
  • Late or missed payments

2. Amounts Owed: 30% of your FICO® Score is based on the amount of money you owe creditors compared to how much credit you have available.  A long history of demonstrating consistent payments on credit accounts is a good way to show lenders you can responsibly manage additional credit.

In this category, FICO® Score takes into account:

  • The amount owed on all accounts.
  • The amount owed on different types of accounts.
  • Balance on certain types of accounts.
  • The number of accounts with a balance.
  • How much of the total credit line is being used on credit cards and other revolving credit accounts.
  • How much is still owed on installment loan accounts, compared with the original loan amounts.

3. Length of Credit History: 15% of your FICO® Score is based on this information. Basically, the older your positive credit history the higher your score will be. However, even people who have not been using credit long could get a fairly high FICO® Score, depending on how their credit report looks in terms of the other four categories of information, particularly the first two. In this category your FICO® Score takes into account:

  • Lengths of time credit accounts have been established. Your FICO® Score averages the age of your oldest account and the age of your newest account.
  • Lengths of time credit accounts have been established.
  • Length of time since used certain accounts have been used.

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THERE’S NO PLACE LIKE HOME! HOW SAFE IS YOUR COLORADO SPRINGS HOME?

Friday, April 15th, 2011

Your home may be your fortress — but it can also be a very hazardous place. As homeowners, we sometimes become so accustomed to our homes that we often overlook potentially dangerous habits and situations for our families and friends.

Janet McMonigal of Farmers Insurance in Colorado Springs suggests these few simple steps that may help prevent many common household accidents:

KEEP STAIRS PROPERLY LIT: Stairs are one of the most dangerous spots in your home. If you don’t already have one, make sure you install a light switch at the top and bottom of stairs. Don’t forget to have bright lights over landings.

Don’t forget about outside steps – paint the edges of outside steps white so they can be seen in the dark.

STAIR SAFELY: In addition to making sure your stairs and landings are well lit, make sure handrails run the full length of the staircase. Don’t use throw rugs at the top or bottom of a flight of stairs. Fix loose stair carpeting immediately.  And, while it may be tempting to use your stairs as a holding area for items that need to go up and downstairs, this is one of the most frequent safety violations in all homes.  Stairs used as a storage area create great tripping hazards. If you intend to paint basement stairs, add some sand to the paint for a better grip or install rubber or abrasive treads.

PREVENT FALLS:  Install handrails to patios and grab bars in tubs and showers and use non-slip mats.

PREVENT POISONING: Keep cleaners, medications and beauty products where children and pets can’t reach them. Install child safety locks on all cabinets within reach of small children. Call (800) 222-1222 for information about poisons. If anyone ingests or inhales poison, call 911 immediately.

FIRE SAFETY:  Check all smoke, fire and carbon monoxide alarms annually.  At Campbell Homes in Colorado Springs, we suggest changing out smoke and carbon monoxide alarm batteries when you set your clocks ahead or back.   Janet also suggests incorporating family fire drills into your family fun nights!

KITCHEN SAFETY: Our mothers always told us to give what we were doing 100% of our attention.  This couldn’t be more appropriate than in the kitchen! When cooking, stay at your stove to prevent potential fires, burns, etc.

THAT’S HOT: To help prevent scalding in the shower and at sinks, set your hot water heater no higher than 120°F.

PREVENT CHOKING AND SOFFUCATING: Any item that can fit through a toilet paper tube can choke a young child. Keep coins, latex balloons and hard round foods, such as peanuts and hard candy out of sight, reach and temptation of small children. Pediatricians recommend placing babies to sleep on their backs without pillows, blankets, comforters or toys in cribs.

WATER SAFETY:  When your children are in or near water, watch them very carefully and stay close enough to touch them at all times. This includes bathtubs, toilets, pools, spas and even buckets of water.

As Benjamin Franklin said, an ounce of prevention is worth a pound of cure. The best way to handle an emergency in your Colorado Springs home is to be prepared. Make sure you have an emergency phone list posted by each phone in your house.

These home safety tips are brought to you courtesy of Farmer’s Insurance and the Customer Care team at Campbell Homes in Colorado Springs where our homes are stylish, comfortable and safe!

Have you asked yourself lately, “Do I want the best time in America’s history to purchase a new Colorado Springs home at historically low interest rates to pass me by?”  If so, consider the incredible pricing on a new home in Colorado Springs by Campbell Homes.   Our communities are located in the finest locations and master planned Colorado Springs Communities with excellent community amenities and the best schools in Colorado Springs.

To find out more information on purchasing NEW Campbell Home with peace of mind, visit any of our Colorado Springs locations. Priced from the low $200s, Campbell Homes’ models are open daily to 6 p.m.  Or, for additional information visit our virtual sales office at www.CampbellHomes.com.

 

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This is The Best Time in American History to Buy a House

Monday, April 4th, 2011

In a recent post by Dr. Steve Sjuggerud, True Wealth, Sjuggerud says “Right now, is the best time in history to buy a house in America.”  While many of us in the industry have been touting this for months, Sjuggerud uses charts, financial facts, and cold, hard facts to back up his claim.

Dr. Sjuggerud reasons for this bold statement…NOW IS THE BEST TIME IN AMERICAN HISTORY TO PURCHASE A NEW HOME  (Yes, we’re screaming that!) are:

Fact #1 MORTGAGE RATES ARE AT THEIR LOWEST LEVELS IN AMERICAN HISTORY

Investors only see a couple decades of mortgage rates on a chart but Sjuggerud accessed Global Financial Data databases that track real estate data going back centuries.  The chart below shows mortgage rates since 1900 and as you can see, today’s rates are lower than they were in 1900!

Fact # 2 HOMES ARE MORE AFFORDABLE THAN EVER

Based on a 40-year history of the Housing Affordability Index, Sjuggerud points out that houses are more affordable than they have ever been. Affordability takes into account:  home prices, personal income, and mortgage rates.  Sjuggerud explains this simply, “What do people think about when they buy a house?  It’s not the price of the house …It’s the payment.  People think, “Can I afford this mortgage payment on my monthly income?”

NEWSFLASH!  Home prices have crashed – in some markets prices have fallen by one-third. And mortgage rates are at record lows. But, incomes (nationwide) haven’t fallen … so homes are now more affordable than ever.

So, don’t just take the “now’s the time to buy” advise of the Realtor who lives around the corner. And, don’t listen to the rest of the people out there when they only tell you the bad news about housing…

Listen to the facts!  Home prices have fallen by a third and mortgage rates are the lowest in history. Based on these facts alone, financial experts say, “Now may be one of the best times in American history – even the very best time – to buy a house.”

 

If you are ready to seriously talk about taking advantage of the best time in America’s history to purchase a new Colorado Springs home and to take advantage of historically low interest rates as well as incredible pricing on a new home in Colorado Springs, consider Campbell Homes.   Our communities are located in the finest locations and master planned Colorado Springs Communities with excellent community amenities and the best schools in Colorado Springs.

To find out more information on purchasing your stylish and comfortable NEW Campbell Home with peace of mind, visit any of our Colorado Springs locations. Priced from the low $200s, Campbell Homes’ models are open daily to 5 p.m.  Or, for additional information visit our virtual sales office at www.CampbellHomes.com.

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Help! I’m still confused about getting a loan

Thursday, February 10th, 2011

Help! I’m still confused about getting a loan for my new Colorado Springs Home! (part II)
If you’re looking to purchase a home or refinance your current home, chances are you’ve got some questions. You’re not alone and it seems as though the rules are changing daily! To help you navigate through this challenging process, we’ve addressed some of the more frequently asked questions that we hear in the new home sales process with Donni Feldman, an approved Campbell Homes Loan Officer with Peoples Mortgage.

1. How long does it take to obtain loan approval? The average number of days from application to approval will vary from lender to lender, however 7-10 business days is typical. Depending on your credit history, down payment or equity in your home, and the loan program selected, some lenders may be able to approve your mortgage in less time.

2. How long will it take to close if I applied for my mortgage through a “pre-approval” program? If you applied through a “pre-approval” program and were approved, some lenders can close within 3 weeks after a purchase contract has been signed. In most cases, 45-60 days from application to closing is typical. Each lender’s timeframe will vary and the transaction itself may cause the timeframes to vary.

3. How quickly can a lender close on my home loan? Many lenders can facilitate closing 2 to 3 weeks after you have agreed on a purchase contract for a home.

4. Can I close on a home without having to be at the closing table? Many lenders are willing to accommodate what is termed a “mail out” closing. You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. If you select a “mail away,” the lender will coordinate overnight delivery of the documents to ensure a timely closing. Please note this process may require some additional coordination time.

5. How much money will be required at closing? You should consult with your individual lender and closing agent; however, the amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. A lender is required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing.

6. Will my credit history prevent me from getting a mortgage? Many lenders offer a variety of programs that are designed to help people who have experienced financial difficulties get the financing they need to buy or refinance a home. No matter what your credit history looks like, the best way to understand your mortgage options is to contact a qualified mortgage consultant who will help you explore your options.

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WHAT’S THE REAL SCORE ON YOUR CREDIT SCORE?

Thursday, November 11th, 2010
Credit score for buying a home

Credit score for buying a home

You’ve heard a lot of chatter about the fact that it’s a great time to purchase a new home – inventory in plentiful, rates are fantastic, and prices of new homes are

even better!  But are you aware that your credit score contributes greatly to the interest rate you will receive on your new home? Today’s low interest rates are available to individuals with good credit scores.  But, what constitutes a good score and why is it so important?  Your credit score tells a lender a great deal about who you are and it’s your right to know what your credit score says about you. Finding out this information is easy, doesn’t cost a lot, and takes only minutes to do.

So what is credit scoring? Simply put, credit scoring is a method of assessing the credit risk of a loan applicant. It uses mathematical models to evaluate a person’s credit worthiness based on their credit history and current credit accounts. The system was first developed in the 1950s, but has come into widespread use in just the last couple of decades.

In the early 1980s, the three major credit bureaus (Experian, Equifax and Trans Union) each developed scoring models that allowed them to offer a score based solely on the data of one individual. Creditors, especially those in the home mortgage industry, frequently use these scores when deciding who gets a loan and at what rate. However, it’s worth remembering that creditors also consider other information, such as your salary or employment history, when making loan decisions.

What’s in a score? Credit scores are reported as a number, usually in the 300 to 900 range. The higher the number, the better the score. Creditors see the number as an indicator that an individual will repay a loan. Typically, scores are determined by reviewing the following data:

•   Your history of late payments

•   Non-payments

•   Current level of debt

•   Types of credit accounts

•   Length of credit history

•   Number of credit inquiries

•   History of applying for credit

•   Bad credit behavior, such as writing bad checks

Personal details such as race, gender and religion are definitely not considered when determining your score. It’s also worth noting that each major credit bureau has its own method for calculating credit scores. However, the scoring models have been fairly well standardized so that a “600″ score at one bureau is roughly the equivalent to the same score at another.

What’s a good score? Overall, a score of 650 or above is a sign of good credit. People with scores of 650 or higher will, all things considered, have a good chance of obtaining quality loans at the best interest rates.

Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.

With scores of below 620, consumers may still obtain a loan but the process may be lengthier and more involved.  All the more reason to work with an approved locally owned lending company who can work one on one with individual homebuyers.

Find out how you score in seconds! Plus, get personalized tips and analysis that can help you improve your credit rating.

General information included in this article was obtained from NewHomeGuide.com and ConsumerInfo.com. For a individual consultation on how to finance your new Colorado Springs home, visit any Campbell Homes sales office or contact Donni Feldman (Peoples Mortgage) at 719-548-5140 to set a personal evaluation of your situation and options.

Campbell Homes are available in Colorado Springs’ finest neighborhoods with the best Colorado Springs Schools.  Campbell Homes are close to work, school and play with easy commutes to Peterson Air Force Base, Schriever Air Force Base, and the United States Air Force Academy.  Our models are open daily to 5 p.m. or you can visit our online sales center 24/7 at www.CampbellHomes.com.

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