Credit Scores - How Much Do They Matter with A Mortgage
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Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 (602) 908-5849
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Credit Scores - How Much Do They Matter with A Mortgage
- 1. CREDITSCORES
- 3. Buying a home is a large transaction for both the homebuyer and the lender.
- 4. Before a lender is going to approve a mortgage loan, the lender will need certain assurances that the borrower is a good risk for the bank.
- 5. The factors that are included in this determination are the borrower’s income, the cost of the home, the borrower’s DTI (debt-to-income ratio) and the borrower’s credit scores.
- 6. The borrower’s credit scores actually determine more than just the borrower’s ability to be approved for the loan.
- 7. Here is some information on how important credits scores are for a mortgage.
- 9. Your credit score is a three-digit number that is determined by five different factors, and each of them plays a certain role in what your final credit score will be.
- 10. This is how well you pay your bills on time. PAYMENT HISTORY – 35%
- 11. This is how many debts you currently have and the amount of credit utilized in comparison to available credit. CURRENT DEBTS – 30%
- 12. This is how long you’ve had the credit accounts. CREDIT HISTORY – 15% NEW CREDIT – 10% This is any new credit accounts you’ve recently obtained.
- 13. This is the type of credit you have (mortgage, consumer loans, credit cards, etc.) Types of credit – 10%
- 15. Credit scores play an important role in determining if you’re approved for a mortgage loan.
- 16. They tell the lender more than anything else how you pay your debts and how you handle finances currently and in the past.
- 17. The number one thing that poor credit scores can affect is your ability to be approved for a loan.
- 18. However, even with low credit scores, you may still be approved for a loan.
- 19. What the low credit scores will do is affect the interest rate you’ll be charged.The better your credit scores, the lower your interest rates will be.
- 21. Credit scores play an important role with mortgage loans and an applicant’s ability to be approved for a mortgage loan.
- 22. When you visit a lender to apply for a mortgage, the first thing the lender does after having you fill out an application is checking your credit scores.
- 23. The scores on your credit report, probably more than anything else, will determine if you’re approved for the loan.
- 24. In some cases, an individual may be approved for a mortgage loan even with low scores if there have been changes in the debts or certain circumstances have changed.
- 25. However, in most cases, the credit scores are the important determining factor in if a homebuyer is approved or denied a mortgage loan.
- 27. It’s very important that you take advantage of the free credit report you can get each year. Even if you think you know your credit, there may be a mistake on the report.
- 28. It’s better to find the error and have it fixed before you see a lender rather than later.
- 29. Errors can happen for different names. Individuals who are Jr. and Sr. may have their debts listed on the wrong account.
- 30. If there is a numerical error in your social security number or account number, that can also result in an inaccurate credit score.
- 31. You may have a debt listed as unpaid when it’s actually been paid. If you see an error, you can contract the credit reporting agency and report the error.
- 32. Get another of your credit report in a month or two to ensure the error has been fixed.
- 33. Mortgage Originator Jimmy Vercellino specializes in VA loans, helping veterans use their VAloan benefit to their greatest advantage.
- 34. He will make sure your loan goes through, explaining the process and helping you overcome any obstacles. When it comes to a VA loan, Jimmy and his team are your best friends!