Home Loans 101: What is Credit Scoring?
Learn about credit scoring in home financing.
Credit scoring refers to a number lenders use to help determine the likelihood that a buyer will pay back a loan on time. The scoring method most often used is FICO, and it can range from 300 to 850. The higher your score, the better you look to a lender, making it more likely to get approved for a loan.
Your credit score also affects the mortgage interest rate you are offered.
A higher score often means a lower rate. There are loan programs for those with less than ideal credit, making it possible to buy a home at a low rate even while you work on building up your credit.
Explore our site or contact us about special home loan programs for those with low credit. We look forward to serving you!
Mark Liesner, RMLO ID #1445514, Licensed in Texas (but I can help in most states). Edge Home Finance Corporation, 4530 West 77th Street, Suite 365, Edina, MN 55435 NMLS ID#891464 Copyright © 2024. All Rights Reserved. Equal Housing Lender.This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice.All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. #multimillonaire #240 If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. Residential Mortgage Loan Originator.
Get Your
FREE eBOOK
