Today I want to talk about credit scoring when it comes to applying for a mortgage loan. When buyers contact me they either tell me that they did not know their credit score or they recently retrieved their scores from either Equifax, TransUnion or Experian. The traditional 3 credit bureaus may give you 3 scores of 619, 640, 633 and the middle score of the 3 is used as your base score ex: 633. Now there are several lenders approving mortgage loans at a 620 so having a 633 is great news right?? WRONG!
What many people do not realize is that mortgage lenders use a different scoring system that is a little more precise. The 3 scores you may have found online will not come out the same...most likely all 3 scores will be lower so make sure your traditional scores are closer to 700 before contacting a lender. Continue to view my blog to stay informed on how to boost those traditional scores. Determination goes a long way!!
If you are looking to buy a home and in need of a realtor, please do not hesitate to schedule a FREE consultation with me www.soldbyyolanda.com 704.839.6005
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