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 September 17, 2007

New Tighter Mortgage Rules Prevent Keep Some Buyers out of Market
Would-be home buyers need to think about their credit scores long before they apply for a mortgage.
Mortgage standards have gotten increasingly tighter over the past months. According to a consensus of lenders, in order to qualify for a lower rate, potential borrowers need a credit score of at least 850. Just last year, consumers needed a score of at least 650 to qualify for the best rates.

Consumers should know that free credit reports are available online. The best sites offer results from all three credit reporting agencies, which are Experian, Equifax, and TransUnion. Another possibility is a site called AnnualCreditReport.com.

It is also important for potential borrowers to verify their FICO score, which is provided by Fair Issac. For a fee of $15.95, consumers can verify how they rank.

To raise scores, consumers should be sure to make payments on time and keep their credit card balances below 35% of their credit limits.

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