What you need to know: Credit scores & home loans - WALB.com, South Georgia News, Weather, Sports

What you need to know: Credit scores & home loans

Getting a loan to buy a home is becoming more difficult. And deceptive ads are making it more confusing and costly.

Albany Northside Mortgage owner Stacey Walker says the Dodd-Frank law changed the mortgage and banking industry. Your credit score now determines what you will qualify for.

Debt, late payments and collections will affect your loan and interest rates.

Walker warns buyers to beware of ads promising rates that seem too good to be true. She suggests you shop around and pull your own credit score. Walker says When a lending institution of any sort pulls your credit it effects your credit score because of the inquiry. she says "If you go on and pull your credit through CreditKarma or freecreditscore.com it doesn't count against the credit score."

Walker says you can bring your credit score in to Albany Northside Mortgage for a loan assessment at no cost.

Copyright 2014 WALB. All rights reserved.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Albany officials urge residents to be aware of sewage spill at Flint River

    Albany officials urge residents to be aware of sewage spill at Flint River

    Friday, May 25 2018 4:01 PM EDT2018-05-25 20:01:29 GMT
    Albany officials are urging residents to be aware of the residual sewage along the Flint River in downtown Albany after a spill. (Source: WALB)Albany officials are urging residents to be aware of the residual sewage along the Flint River in downtown Albany after a spill. (Source: WALB)

    Albany officials are urging residents to be aware of the residual sewage along the Flint River in downtown Albany after a spill. 

    More >>

    Albany officials are urging residents to be aware of the residual sewage along the Flint River in downtown Albany after a spill. 

    More >>
  • 2 arrested after overnight Valdosta drug bust

    2 arrested after overnight Valdosta drug bust

    Friday, May 25 2018 3:51 PM EDT2018-05-25 19:51:11 GMT
    $10,000 of marijuana was found during a drug bust. (Source: Valdosta Police Department)$10,000 of marijuana was found during a drug bust. (Source: Valdosta Police Department)
    $10,000 of marijuana was found during a drug bust. (Source: Valdosta Police Department)$10,000 of marijuana was found during a drug bust. (Source: Valdosta Police Department)

    Two people were arrested after an overnight drug bust in Valdosta.

    More >>

    Two people were arrested after an overnight drug bust in Valdosta.

    More >>
  • Who's closed on Memorial Day?

    Who's closed on Memorial Day?

    Friday, May 25 2018 3:44 PM EDT2018-05-25 19:44:48 GMT
    Some restaurants will be closed on Memorial Day. (Source: Pixabay)Some restaurants will be closed on Memorial Day. (Source: Pixabay)
    Some restaurants will be closed on Memorial Day. (Source: Pixabay)Some restaurants will be closed on Memorial Day. (Source: Pixabay)

    On Memorial Day, many businesses are either closed or alter hours in remembrance of the holiday.

    More >>

    On Memorial Day, many businesses are either closed or alter hours in remembrance of the holiday.

    More >>
Powered by Frankly