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Posts Tagged ‘Mortgages’

Understanding FICO

Mar 19th, 2009
by MortgageNews.
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The basis of most mortgage lending is credit scoring.  In general, the higher a person’s credit score, the lower his offered mortgage interest rate.
Despite the many credit scoring models in use today, however, just 3 are relevant to American homeowners:

The Equifax BEACON® score
The Experian Fair Isaac Risk Model
The TransUnion EMPIRICA®

Generically, these scoring models generate [...]

Fed cuts rate by 0.5%…why didn’t mortgage rates go down, too?

Oct 14th, 2008
by StaceyFleece.
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In response to the slowing pace of economic activity and intensified turmoil in financial markets, the Federal Reserve cut the its key rate by 50 basis points, or 0.5%, last week ahead of its regularly scheduled meeting at the end of October. The action was globally orchestrated with banks around the world, including the Bank [...]