Waukesha County Home

January, 2019

Homes Plus

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C O N T E N T S Take steps to avoid frozen pipes this winter The ins and outs of room air cleaners Resolutions for fellow gardeners A publication of the Waukesha Freeman and Oconomowoc Enterprise • JANUARY 2019 ✦ Additions ✦ Kitchens ✦ Bathrooms ✦ Lower Levels Award Winning Residential Remodeler 262.363.4200 www.herriges.com 121 Wolf Run, Suite 1, Mukwonago, WI 53149 In Mukwonago since 1972 Julie Herriges, CKBR Wisconsin Registered Interior Designer 263226005 By Catherine Jozwik Special to Waukesha County Home Several experts agree that hav- ing a good credit score is one of the main factors when it comes to getting a competitive rate on a mortgage or a home equity loan. However, those with unfavorable credit scores should not be dis- couraged. Scores can be raised with a little diligence and patience. "Your credit score is really going to impact your (mortgage) interest rate," said Duane Kilby, vice presi- dent of residential and commer- cial lending for Waukesha's First Federal Bank. Would-be borrowers can obtain a free copy of their credit score through annualcreditreport.com. Generally, having a score below 740 might lead to higher mortgage interest rates, Kilby added. "When you look at (home) affordability, that can make a monthly payment higher," he said. Credit dings and boosts Several factors can negatively impact a credit score, including late bill payments, debt consolida- tion (which raises a lender's debt utilization ratio, or reduces the amount of credit available to them), and credit inquiries. "The thing I see that wrecks credit is outstanding utility bills," said Darrell Frenzel, owner and mortgage loan originator at Wis- consin Wholesale Mortgage in Mil- waukee. Frenzel noted that it's also better to leave a credit card account with zero balance open rather than close it. People should check their credit Credit scores and mortgages 101 Before moving day can become a reality, prospective homeowners need to gain knowledge about their credit score and how it can affect how much house they can afford and at what rate. Getting your financial house in order before scoring a home See CREDIT SCORE/Page 2

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