Know Your Credit Score - Think Like a Mortgage Lender

Know Your Credit Score - Think Like a Mortgage Lender. How much can I borrow with an FHA LOAN? FHA Requirements [Corona Real Estate Agent]

Know Your Credit Score - Think Like a Mortgage Lender video duration 1 Minute(s) 55 Second(s), published by Dawn Symington on 10 09 2019 - 20:00:38.

It literally takes a few minutes to pull your credit report and order your credit score
But surprisingly, some future home buyers never review their scores and credit When you are looking for mortgage most lenders want to know how your credit score is
Their decision to grant you credit would depend on your credit score.

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It literally takes a few minutes to pull your credit report and order your credit score. But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks. You can sign up for Credit Karma and receive your credit score in minutes.

Credit scores and credit activity have a major impact on mortgage approvals. According to the Home Loan Learning Center, a large percentage of lenders require a minimum credit score of 680 (620 for FHA mortgage loans) – and if your score falls below 680, lenders can deny your request for a conventional mortgage loan.

In addition to higher credit score requirements, several missed payments, frequent lateness, and other derogatory credit information can stop mortgage approvals. Pay your bills on time, lower your debts, and stay on top of your credit report. Cleaning up your credit history beforehand and fixing errors on your credit report is key to keeping up a good credit score.

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Dawn Symington
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