Todd Beard

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Todd Beard
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Champaign
Banking
Marine Bank
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Champaign
IL
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How are credit scores calculated?

Your score is calculated by analyzing your credit situation, including debts, payment history, and types of credit. Payment history accounts for only 35% of your overall score, so it takes more than paying bills on time to increase your score. Attention must also be focused on the amount owed vs. credit limit (30%), length of credit history (15%), new credit accounts (10%), and types of credit in use (10%). Borrowers need a score of 720 or more for the best loan rates. Marine Bank’s Vault Checking offers a monthly overview of your credit report and score, along with tips for improving your score.

Are low down-payment mortgages still available?

If your credit history is good and you are purchasing a home that is within your means, you may qualify for a mortgage with a down payment that is less than the standard 20% of the home purchase price. Keep in mind that if you put down less than 20% of the purchase price, you could be required to purchase private mortgage insurance (PMI). Loans backed by the Federal Housing Authority (FHA) offer attractive low down payment options, some without a requirement for PMI. See your Marine Bank mortgage lender to discuss all of your options!

Todd Beard
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Todd Beard
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