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Credit Score | Madison WI Area Top Real Estate Team Blog

Thursday, September 21, 2023   /   by Ryan Huemmer

Top 7 Things to Consider When Shopping for a Mortgage to Purchase a Home

Top 7 Things to Consider When Shopping for a Mortgage to Purchase a Home
Buying a home is one of the most significant financial decisions you'll ever make. To ensure you get the best deal on your mortgage, it's crucial to carefully consider various factors before committing to one. Here are the top seven things to keep in mind when shopping for a mortgage to purchase your dream home:

Credit Score Matters: Your credit score plays a pivotal role in the interest rate you'll be offered. A higher credit score can qualify you for lower interest rates and fees, potentially saving you thousands of dollars over the life of your loan. Before shopping for a home, it's crucial you visit with a mortgage lender to understand the terms of a mortgage and payment options.

Fixed vs. Adjustable-Rate Mortgage: Decide between a fixed-rate and an adjustable-rate mortgage (ARM). Fixed-rate mortgages offer stability with consistent monthly payments, while ARMs typically start with lower rates but can am ...

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Thursday, December 17, 2020   /   by Ryan Huemmer

You need to know your credit score | Home Buying Tips | Madison, WI Real Estate Agent

Want to buy a home……...you need to know your credit score.

Credit scores range from 300 to 850.

There are some free websites available where you can monitor and view your credit score.


Credit Karma offers an updated score every week and it doesn’t affect your credit score or count as an inquiry. You can see all your accounts and balances plus you can set-up alerts when there is a change to your credit profile. Like a new account.
Your credit score is a snapshot of your borrowing history and it’s truly the first indicator used to see what type of loan programs you qualify for.
Your score is built on 5 categories:
1. Payment History
2. Credit Utilization - meaning balance vs available credit limit
3. Length of Credit History
4. Credit Types - student loans, credit cards, car loans, mortgages
5. Recent Inquiries

You need a borrowing history in; ...

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Monday, February 3, 2020   /   by Ryan Huemmer

New Credit Score Model Launched

Fair Isaac Corp., the company behind the popular FICO credit score, announced the launch of its latest FICO 10 model on Jan. 23, that will start incorporating consumers’ debt levels into their scoring model.

Amber uses Credit Karma to monitor her accounts and score........it's FREE!
This comes as total household debt in the U.S. is on the rise and currently sits at about $13.95 trillion as of the end of 2019, according to the Federal Reserve Bank of New York. That’s higher than the previous high of $12.68 trillion seen right before the 2008 financial crisis.
Those who fall behind on their loan payments, they are more likely to see a drop in their score. FICO also plans to flag consumers who sign up for personal loans, which are generally considered more risky since these are unsecured and typically do not require collateral like a car or a house.
The new scoring model will also likely create a wider gap between those who are considered good credit risk vs credit m ...

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