We’ve come a long way since the Great Recession – and so have the average FICO scores.
With today’s continued economic expansion, job growth and more financial resources online, no wonder consumers make prudent decisions about their money. They’re also some of the reasons why the average FICO score stands at 706, according to FICO. That’s up from 686 ten years ago, and a record high.
The passage of time has also healed some financial wounds.
The Fair Credit Reporting Act may have removed some unfavorable credit events from your credit report, providing a boost to your score that better represents your credit standing today.
If you’re planning to become a homeowner, or plan to refinance your current home in the Seattle/Tacoma/Renton areas, this may be welcoming news given how vital a strong credit score is to the mortgage and refinance application process.
If you live in this beautiful region of Seattle/Tacoma/Renton, this is welcoming news if your goals include homeownership or refinancing.
A strong credit score is integral to getting into your ideal home, and save.
That’s because a good credit score helps to obtain a mortgage, and lets you secure greater borrowing terms. Over the years, you’ll notice the savings through the lower interest paid.
In addition, a stronger credit report gives you greater flexibility to borrow a larger amount, offer less for a down payment and potentially boost your cash reserves for other needs that may arise from buying a new home, or perhaps to purchase new furniture or fund home projects.
Whatever you envision for your future home, we hope you work with us. Our team at Element Mortgage is ready to serve you with any of your mortgage needs. There may be no better time than the present. So, please contact us today with any questions.