September 13, 2017
Lenders and mortgage companies take many factors into consideration when they are considering loaning you money to buy a house. Along with your employment, annual income and the value of the property you are wishing to purchase, they take a close look at your credit score. Knowing what your credit score is prior to applying for a mortgage may help you acquire the kind of loan you need.
Your credit score represents your credit history and is calculated from five major components including your payment history, amounts owed, length of credit history, the types of credit in use and the number of recent inquiries about your credit. It ranges from 300 to 850, the higher the score, the better.
There are two major types of credit scores:
There are numerous ways that you can check your credit score, but these are relatively simple methods to find your score quickly and accurately.
Once you’ve accessed your credit score, you have the opportunity to check into mortgages or get to work repairing your score for a future purchase. Keep in mind that Pro X Real Estate Realtors are always available to help!