Mike Fratantoni on the MBA’s mortgage market outlook

Fratantoni discusses the MBA's November forecast, which includes revised estimates for Q3 and Q4, as well as predictions for next year’s purchase market.

Housing market forecast: It’s about politics, not economics

COVID protections for households and support for financial markets are set to expire at the end of 2020. How will this impact the housing market in 2021?

Buying a home in a competitive market

We couldn’t be more thrilled about interviewing a real estate agent for the second episode of Girlfunds, a show where we give you our two cents on money.

Building the one-touch digital mortgage

As Katherine Campbell drives toward a one-touch mortgage, she’s taking time to share what she has learned along the way.

Mortgage

6 tips for Millennials to improve their credit scores

It’s not too late

Low credit scores have be burdening many Millennials, and preventing them from buying a home, according to a survey by TransUnion.

The survey showed that 32% of Millennials plan to buy a home in the next 12 months, however 43% currently hold a subprime credit score.

On the other hand, older generations plans to purchase their home is more aligned with their finances, as 17% of those ages 35-54 plan on buying a home within the next year, which is the same percentage of that age group that has a super prime credit score.

TransUnion Senior Vice President Ken Chaplin gave these tips to help Millennials improve their credit:

1. Check your credit report first

Chaplin suggests checking one’s credit report three months before starting the home buying process to ensure that your score is in a healthy range.

2. Start planning early

Because building credit can take a while, Chaplin suggests that future home buyers keep an eye on their credit, and how their spending affects it.

3. Build credit

Building credit is necessary, and can be done through paying your bills on time, maintaining a low credit utilization ratio and factoring existing payments such as student loans and rent into your report.

4. Set realistic goals

The more money put down on a home, they lower the monthly mortgage payment will be, however homebuyers should not plan to put down more than they can afford, according to Chaplin. Homebuyers should also remember to factor closing costs into their budget.

5. Do your homework

Homebuyers should research mortgage rates to see if the rate they are offered is competitive.

6. Keep an open mind

Although building credit and preparing finances may take time, Chaplin said future homebuyers should have patience and be willing to delay homeownership, rather than give it up.

If seeking to improve their credit scores, Millennials can check out these tips from Experian on the fastest ways to improve credit scores. 

Most Popular Articles

Fannie Mae, Freddie Mac conforming loan limits increase for 2021

The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021. The increase is up 7.5% from 2020’s limit of $510,400 and marks the fifth consecutive year of increases.

Nov 24, 2020 By

Latest Articles

CoreLogic responds to investor groups’ initiation of written consent process

The battle for CoreLogic’s board continued on Tuesday after Senator Investment Group and Cannae Holdings, who attempted an unsolicited takeover bid of the company this summer, initiated a written consent process to remove and replace additional directors.

Nov 24, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please