The single most important factor in qualifying for a mortgage is your Credit Rating.
Even if your income is less than required under traditional loan qualifying guidelines, if you have GOOD credit we can often get your loan APPROVED!
On the other hand, if you credit is "less than perfect," we can still get you a loan! Just be aware that you will have to pay slightly higher interest rates than a borrower with good credit.
Today, most loan application underwriting decisions are
made by computers -- at least initially. In an automated
underwriting system, the single most important
number on your Credit Report is your "Credit Risk
Score." This is a 3-digit number ranging from approximately 400 - 900
that determines the likelihood that your loan will go into default. A credit risk score of 700 or higher is considered EXCELLENT credit. The most commonly known Credit
Risk Score is the "FICO Score."
Credit Risk Scores involve much more data than simply checking to see if you have made all of your credit payments on time. Click Here for an explanation of how FICO Scores are calculated.
If you have not seen a copy of your credit report recently, you should check it out to see if there are any errors that could negatively impact your credit rating. Click here to get a FREE copy of your CREDIT REPORT.
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WARNING: DO NOT use a "Credit Repair" Company!
Don't pay a company to "clean up" your credit ... and any mortgage company that encourages you to sign up for a so-called "credit repair" service is doing it for their benefit -- NOT yours! They are paid a referral fee for every customer that they send to the credit repair company.
Never work with a mortgage company like that!
And what's worse, some of the tricks used by the credit repair companies can actually permanenty damage your credit and result in a lower credit score!
Click here to see what the Federal Trade Commission says about "Credit Repair" companies.
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Once you have received your credit report, if you have any questions about it, please feel free to contact us: info@bestmortgage.com.
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