Dollar Bank Experts On Mortgages

PITTSBURGH (NewsRadio 1020 KDKA) -- Mike Henry and Maria Chick of Dollar Bank say many things people believe about mortgages, credit scores and finances are not true.

Henry says that credit scores are constantly changed and it doesn't take five years to improve your score.  Credit scores can always be improved and are updated monthly.  For example, if you pay off a card, leave it open -- if you close the card,  it will have a negative impact on your credit score.

Dollar Bank says it wants homeowners to make sure that when their house is appraised, it is appraised by someone separate from the lender.  Sometimes the lender has something to gain and can influence appraisal, that's why Dollar Bank gets their appraisals from an outside source, it says.

Henry says a good idea is for homeowners to  "take advantage of the low interest rates" for refinancing or buying, saying that rates are "historically low."

Listen to the Dollar Bank Hour Wednesdays at 7 p.m. on NewsRadio 1020 KDKA Pittsburgh.