Washington residents have many reasons to be proud of their state from its natural splendor to its unique northwestern culture and it looks as if citizens have gotten more serious about purchasing a home here.
Home Mortgage – Washington Credit Scores 8th in the Nation
According to a new study by Mortgage Marvel, Washington state ranks 8th in the nation for average credit scores among home loan applicants at 744. The data analyzed includes over 330,000 loan applications from 2011 looking at scores nationwide. California came in first with average scores of 754 while Mississippi came in last at just 686. The national credit score average of all loans tracked was 730.
Average Credit Scores on the Rise
In the beginning of 2010, the average credit score in America was 692. Today, that number is between 700 and 710 according to John Ulzheimer, president of consumer education at SmartCredit.com. People today understand more than ever what it takes to pursue their dreams of home ownership and first on that list is a good credit score.
Find out what you can do if you need to improve your credit rating!
Lenders are still recoiling from America’s housing crisis in late 2008 with tighter lending standards in the home loan industry. Banks today have fewer funds to loan and only pick from among the best loan applications when deciding which home loans to fund and which home loans to decline. The easiest way to rise to the top of the funding list is with a sterling credit rating.
Home Affordability in Washington Continues to Improve (h2)
Thanks to improved jobs reports throughout the first quarter of 2012, home mortgage rates still offer terrific opportunities to secure home mortgages in Washington at low rates.
Check out today’s mortgage rates.
As individuals get more serious about their personal portfolios from credit scores to debt levels, lending institutions have responded by continuing to offer home loan rates that make now a great time to buy a home.
If you’re in the market for a new home or need help planning your path to home ownership, trust the mortgage loan experts at Sammamish Mortgage where people realize their dreams of home ownership every day.