Dallas Mortgage Loan Nixed? Key Factors to Lower your Credit Scores

"One such company, Lenddo, determines if you’re friends on Facebook with someone who was late paying back a loan to Lenddo. If so, that’s bad news for you. It’s even worse news if the delinquent friend is someone you frequently interact with. Aside from the friends you keep on Facebook, other not-so-obvious factors can also negatively affect your creditworthiness. Below are a few things that can cause an unexpected dip in your FICO score and get your Dallas mortgage loan rejected:"

http://dallas.churchillmortgage.com/industry-news/dallas-mortgage-loan-nixed-key-factors-to-lower-your-credit-scores/

Why Dallas Mortgage Lenders Say Math is a Borrower's Friend

According to an article written by Les Christie for CNNMoney.com, home buyers may need to sharpen their math skills to avoid defaulting on their mortgage payments. Christie writes that borrowers who perform poorly at math are 5 times more likely to default on payments. The statement is supported by a study by Columbia Business School associate professor Stephan Meier. Participants in the study were borrowers who were issued mortgages in 2006-2007 who were asked to solve several math problems. Results showed that 25% of borrowers with the lowest scores and only 5% of borrowers with the highest scores defaulted on payments within 5 years of getting the loans. Purchasing a home involves a lot of math, and while reputable Dallas mortgage lenders have the responsibility of doing most of the computations, borrowers are still responsible for other matters. These include building a strong credit, reducing debt and saving money to make a down payment.

http://dallas.churchillmortgage.com/industry-news/dallas-mortgage-lenders-say-brushing-up-on-math-skills-can-deter-foreclosure/