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Do You Know How Your Credit Score Affects Getting a Mortgage?

Written by admin. Posted in Dallas mortgage calculator, Mortgage lenders

Nearly 65% of homeowners own a home through obtaining a mortgage. Are you ready to purchase a new home? Before you buy your first home, you need to understand how your credit score can affect your ability to qualify for home loans. Your credit score will be used to help you get good mortgage rates and mortgage options from top mortgage lenders.

Do You Know What a Credit Score Is?

A credit score is used to predict how well you will pay back a loan in a timely manner. The scoring model uses information from a report called a credit report that help to create your credit score. A mathematical formula, known as a scoring model, is used to generate credit scores. There are certain factors used that typically make up a credit score including current unpaid debt, your bill-paying history, how long you have had a loan account open, the type and number of loan accounts you have, new applications for