Thursday, February 13, 2014

How does your credit score measure up?

Home buying made easy with Marty Qualls
I had a great meeting with my Estate Planning Attorney, Jacob Smith, this morning and we talked about the different age groups of clients who we work with.  Just like Jacob, I many times work with the Gen Y or Millennial generation, those in the 19-29 age group.

I commented to Jacob that the Millennials like the fact that they can find you online (web page or blog) and that the information you provide there is easy to find, use and navigate.  I also know that they are the "Do It Youself" generation.  DIY describes how they operate within their everyday lives; they like to research things (Google, Wiki research), weigh out their decisions, not rush into things without considering options and alternatives. 

Even though Millennial's are the home buyer's who most want to easily and smoothly get a credit approval letter into place so that they can go make an offer, get it accepted and close on a loan, I found some interesting information from my research which can sometimes hinder the process of easily getting a credit approval letter: Gen Y has the lowest Average Credit Scores of any of the age groups!


Fortunately, I have loan programs to meet Gen Y's home buying needs!

Credit scores vary from age groups across the home buying population and each group is wanting different things, ie) first time home buyer (Millennial), Gen X (need a little bigger home, maybe the last time they move), downsizing or growing their real estate investment portfolio (Baby Boomers), and buying the one level patio home (Greatest Generation).

Here is the credit score information available from Experian, TransUnion and Equifax.
How do you match up?

  

                             Generation                                                    Average Credit Score  
Gen Y (Millenials 19-29, born in the early-to early 2000)                   628

Gen X (30-46)                                                                                       653

Baby Boomers (47-65)                                                                          700

Greatest Generation (66+)                                                                     735

I have helped over 4000 clients with their home buying or mortgage refinance needs.  Each Generation deserves the best rates and closing costs for each of their corresponding credit scores and home buying needs.

Fortunately, I have the loan experience and programs to help and I look forward to continuing to offer options to my clients which meets their needs. 

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