Medical Bills May No Longer Stand In The Way Of Buying Your San Diego Home

Medical Bills May No Longer Stand In The Way Of Buying Your San Diego Home

Fair Isaac Corp. (FICO), the company that calculates the country's most widely used credit score, has announced that starting in the fall of 2014, it will be making key changes to the model it uses to come up with your FICO score. One key change would  include giving less weight to debt linked to medical bills. It will also stop including debts that have been settled with the creditor or with a collections agency.

For consumers whose credit problems are linked to medical bills or lingering negative marks from past collections that are now paid off, a rise in their FICO scores may help them secure better loan rates.

A slight rise in credit score can result in big savings in monthly mortgage payments. Put in terms of real numbers, on a $400,000 mortgage for example, a rise in your FICO score from 640 to 660 would change your rate from 4.832% to 4.402% and would amount to a monthly savings of $102 on a 30 year fixed rate loan.

For all you San Diego home buyers still sitting on the fence, now might be the time to ramp up your home search, especially if medical bills were a factor holding you back from buying your new home in San Diego. Check out our website for the most up to date listings of San Diego homes currently for sale. Once on our website, you can also search for homes that have been reduced in price or even short sale homes in San Diego.

Rebecca Team Conley Headshot
Phone: 858-342-9953
Dated: August 11th 2014
Views: 595
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