"Level the playing field when
you buy a home! You may get a better deal with your own broker pulling for you.
The introduction of buyer's brokers takes a horribly one-sided process and
simply makes it fair."
-Medical Economics Magazine
Your Credit and FICO score report matters....It doesn’t matter what you buy! A home, car or any purchase. Your credit report will determine your qualification and interest rate. This can translate into a lot of money over the years. It’s vitally important to safeguard your credit information. Especially with all the mortgage company problems that have occured lately. Your score will be even more important as you purchase your new home.
Your history of paying our mortgage, car and credit card payments will be analyzed for the last 7 -10 years and a lender will be able to determine whether you’re likely to meet future obligations.
Mortgage lenders typically use reports from the three major credit reporting agencies (Equifax, TransUnion and Experian)…and make their decision based on the middle score. How Your FICO Score is Calculated:
Your payment history – 35%
1. Number of accounts paid as agreed
2. Negative public records or collections
3. Delinquent accounts including number of past due items, how long you’ve been past due and how long it’s been since you’ve had a past due payment
Amounts you owe – 30%
1. How much you owe on accounts and the types of accounts with balances.
2. Percentage of revolving credit that is used.
3. Are you paying down installment loan balances?
Length of credit history – 15%
1. Total length of time credit has been reported.
Types of credit used – 10%
1. Mortgage, installment, revolving, etc.
New Credit – 10%
1. What’s been recently opened?
Your Credit Report - What’s a Good FICO Score?
A mortgage lender will usually want to see a score of at least 620 for a conforming loan. A score of 680-720 will enable you to take advantage of the better interest rates.
It is advisable to check your credit report annually……....always making sure there are no errors. You can do this at www.myFICO.com
We are ready to help you today...so please call and let us know what we can do to serve you. It's easy to call me direct at 615.428.8500. I always look forward to hearing from you!
You've got a friend in Nashville Real Estate!We can help guide you through your credit report and help you find ways of increasing your score! Just ask!
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