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FICO Launches New Credit Scoring Model (FICO 10): What does this mean for your mortgage qualification?

FICO Launches New Credit Scoring Model (FICO 10): What does this mean for your mortgage qualification?

  FICO Launches New Credit Scoring Model (FICO 10): What does this mean for your mortgage qualification? The short answer: Nothing. While the FICO 10 scoring model is being rolled out this year, most mortgage lenders will not utilize this version for qualification for some time. Read on for full details.   FICO 10 Credit Scoring Model Just recently announced, FICO is launching a new scoring model coming summer of 2002. This new model is called FICO Score 10. It will take into account a consumer’s account balances and missed payments over the last two years.   With these new changes, many Americans will likely see their credit scores...

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Greenway's Markets in a Minute I Mortgage Rates Hold Steady!

Greenway's Markets in a Minute I Mortgage Rates Hold Steady!

Please enjoy this quick update on what happened this week in the housing and financial markets.     Fed Chair Powell gave his semi-annual testimony before Congress. He said the Fed is "closely monitoring" the coronavirus for potential effects on the worldwide economy. Investor fears of the global economic impact of the coronavirus have helped keep mortgage rates low. As fears ebb, it will likely pressure mortgage rates higher. Despite stronger than expected jobs data late last week, mortgage rates continue to hold steady. The jobs data showed a strong labor market with increasing wages.     Near-record...

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Your Tax Refund is Key to Homeownership! 5 Ways Your Tax Refund Can Help

Your Tax Refund is Key to Homeownership! 5 Ways Your Tax Refund Can Help

  During tax season, refunds help many become homeowners! In fact, tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. If you’re expecting to get a refund this tax season, instead of spending it on things that you don’t need, consider using it to invest in your future! What better way to do so than using your tax refund to help you get closer to your homeownership dreams! Check out these 5 ways that your tax refund can help you get closer to homeownership: #1 Put it Towards Your Down Payment We know that saving for a down payment can be a big challenge and even one of the biggest barriers to...

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Greenway's Markets in a Minute I Stocks Have Recovered

Greenway's Markets in a Minute I Stocks Have Recovered

Please enjoy this quick update on what happened this week in the housing and financial markets.   Manufacturing activity rebounded in January, with the ISM index at its highest level since July. The improvement likely reflects ebbing trade tensions with China. Fears of a slowdown in the global economy caused by the coronavirus are dissipating. Stocks have recovered, and rates are creeping up on new investor optimism. New orders for U.S. made goods saw their highest increase in nearly 1-1/2 yrs in December. The data points to an improving economy, which could pressure rates higher.     Construction spending dipped in...

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Greenway's Renovation Mortgage Programs

Greenway's Renovation Mortgage Programs

  PUT YOUR HOME IMPROVEMENT PLAN INTO ACTION!   When shopping for a home, you may come across properties that aren’t quite what you’re looking for, but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.   Whether your home improvement projects are large or small, a home renovation loan can help you get the job done!   What are the benefits of a Renovation Loan? Home improvements such as adding an extra room or replacing the roof not only makes a difference in...

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