Did You Know That….
A 30 day mortgage late payment can drop scores over 100 points
and may take 3 or more years to recover from.
A 90 day mortgage late payment can drop scores over 100 points
and may take 7 years to recover from.
Individuals purchasing real estate that will require loan approval and those intending to refinance should be well aware of these extreme effects since lower credit scores can cost hundreds of thousands, if not millions more, over the life of a mortgage.