Affordable Financial Services Reminds Everyone That March is Credit Education Month

(Huntington, NY) —Brian Leibowitz, CEO and Owner of Affordable Financial Services, is reminding everyone that March is Credit Education Month. He is urging those who are looking to apply for a mortgage to check their credit score, as the federal government has recently tightened its lending requirements.

Credit Education Month is a month-long campaign sponsored by Credit Professionals International and the Credit Education Resources Foundation which helps educate the community and raise awareness of credit-related issues and resources.

Many people do not know what their credit score is, how it is calculated or what constitutes a good credit score. According to a quiz crafted by the Consumer Federation of America and VantageScore Solutions, 34% of respondents thought 700 was a good credit score, while 22% thought a score of 800 constituted good credit. Those who wish to learn about their credit score are allowed one free credit report per year under the Fair and Accurate Credit Transaction Act.

“I urge everyone who is thinking of applying for a mortgage to get a credit report first and then take a look at their credit score,” Mr. Leibowitz said. “Many people believe that checking your credit score will hurt your ability to get a loan, but that is not true. It doesn’t hurt to check your credit score, but it does hurt if you don’t know your score.”

Banks are currently requiring mortgage loan applicants to have near-perfect credit and place a 20% down payment in order to qualify. Meanwhile, the Federal Housing Administration recently announced plans to raise the down payment of home loans of more than $625,500 from 3.5% to 5% and those with low credit scores and high debt-to-income ratios will have a more difficult time getting a loan.

“Many borrowers do not want to have the same problems they had during the subprime mortgage mess when they lent money to borrowers they knew were not creditworthy and were unable to pay back the loan,” Mr. Leibowitz said. “We offer niche products for those who wish to take out a loan but have less-than-perfect credit. Our company also offers debt consolidation services to help those pay off their debt more easily, thereby helping them improve their credit score.”

For more information, call 1-888-500-0282 or visit http://www.affordable-financialservices.com.

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About Affordable Financial Services

Affordable Financial Services is a mortgage broker located in Long Island, New York, that provides loan process, refinance, home purchase, debt consolidation, and home equity loan services. The company provides clients with the knowledge they need to make the right decisions to move forward with the loan process. With its highly knowledgeable and professional mortgage consultants and processing department, Affordable Financial Services gives clients the best loans to fit their needs. As an industry leader, the company takes pride in its vast knowledge of the mortgage industry and the products it offers to borrowers. For more information, visithttp://www.affordable-financialservices.com.