The main reason the credit score your mortgage company obtains is lower than the consumer credit monitoring sites is because the consumer monitoring sites (or scores with your credit card provider) are based on different algorithm than what the credit bureau’s use when a Loan Officer obtains your credit report. In fact the three credit bureaus, Equifax, TransUnion and Experian … Read more
Your credit history and more importantly your credit score is one of three main factors in mortgage underwriting (the other two being home value and personal income). That’s why it’s important to make sure your credit history and credit score accurately reflect your current situation. You would be surprised to hear the number of times someone applies for a mortgage … Read more
Most people know that your credit history plays a big role in the approval process when it comes to applying for a mortgage. Wether you are refinancing a current mortgage or purchasing a home, the mortgage lender will review your credit history. There are two broad types of credit that lenders will consider when underwriting a new mortgage application: Traditional … Read more
This is a fact of life when it comes to obtaining a loan; the better your credit the lower your interest rate (up to a point). Some people work really hard at keeping a high credit score and others don’t pay much attention to their credit report unless they’re applying for a credit card or a new home loan. Did … Read more
Recently there has been two new programs introduced to help those that might need help with improving their credit score. The goal of the two programs is to address the consumers that might not have traditional credit (ie credit cards, car loans etc) to show their credit worthiness. Additionally these programs will help those that might have missed some payments … Read more