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CREDIT |
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The credit
information that we can provide you will help you secure your
home loan. The information below will assist you in understanding
your credit history and the affects it may have on your ability
to secure a home loan.To find out more about your home loan click
here for our on-line application.
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Every mortgage company determines the credit worthiness
of a borrower in a slightly differently manner. In many cases, mortgage
lenders use several different measures to determine a borrower's
eligibility for a home loan. Some of the aspects of your credit
that will be considered include payment history, amount of debt
payments, bankruptcies, equity position, and credit scores. Your
mortgage lender will help you help you further understand your credit
rating and the impact it will have on your ability to obtain a home
loan.
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Due to the Fair Credit Reporting Act, only you and those businesses
that have a "legitimate business need and a permissible purpose"
can view your credit profile. Unless you have given written consent
individuals such as family members, neighbors, and co-workers are
not allowed access to your credit profile. The businesses that generally
have access to your credit information are credit grantors, collection
agencies, employers, and insurance companies. Any company that receives
a copy of your credit profile will be listed under the "Inquiry"
section of your report.
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Your credit profile provides mortgage brokers with information that
will assist them in determining if you are eligible for a home loan.
While this profile provides lenders with plenty of valuable information
it is important to know that your race, religion, health records,
criminal records and political preferences are not included in this
report. Your credit profile provides information only about your
employment history, credit information, public record information,
and other inquires that have been made in the past.
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All home loan lenders evaluate the risk associated with loaning
a borrower funds and many factors will determine a borrower's risk.
One important factor is an individual's FICO score. Your FICO score
is a numeric representation of your financial responsibility and
this number is based on your credit history. A scale is used to
measure FICO scores and the number can be anywhere between 300 and
850. The higher the number the less risk associated with extending
credit to that borrower. FICO scores are provided to mortgage lenders
by the three major credit reporting agencies: Equifax, Experian,
and TransUnion. The scores from these agencies are used when evaluating
your home loan application.
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Learning about mortgage credit and understanding your credit score
will help you secure a Somerset home loan. Somerset mortgage lenders
use your credit score to evaluate your credit worthiness. Empire
Mortgage Services Inc in Somerset for more information on your credit
score.
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