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  • Add You - How Does Your Credit History Affect Your Mortgage Approval?

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    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determi

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    Your credit history affects every aspect of the mortgage process – loan approval, interest rates, closing costs, and required down payment. But not every lender will treat your credit history the same. So compare offers from multiple mortgage companies to get the best rates and fees on your next home loan.

    Credit History Versus Credit Score

    Your credit history and credit score mean two different things. Credit histories, also called credit reports, includes financial information on your payment record, debt to income ratio, length of job and residency, amount of available credit, and age of credit lines.

    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determin

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    lender will treat your credit history the same. So compare offers from multiple mortgage companies to get the best rates and fees on your next home loan.

    Credit History Versus Credit Score

    Your credit history and credit score mean two different things. Credit histories, also called credit reports, includes financial information on your payment record, debt to income ratio, length of job and residency, amount of available credit, and age of credit lines.

    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determi

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    Credit History Versus Credit Score

    Your credit history and credit score mean two different things. Credit histories, also called credit reports, includes financial information on your payment record, debt to income ratio, length of job and residency, amount of available credit, and age of credit lines.

    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determi

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    reports, includes financial information on your payment record, debt to income ratio, length of job and residency, amount of available credit, and age of credit lines.

    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determi

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    credit lines.

    Credit histories contain a lot of detailed information. So reporting agencies came up with the credit score. It’s a formula to determine your credit risk based on the information in your credit history. Each lending company treats these scores differently. A FICO score of 620 with one lender may mean you qualify for a prime rate loan. And with another lender that same score would qualify you for a sub prime loan.

    What About Mortgage Approval?

    Mortgage lenders have a loan product for virtually every credit score. While a low score won’t get you the prime rates, you can still secure financing to purchase a home. Typically, sub prime loans are 3% to 6% higher than prime rate loans. Financial companies also look at other factor

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