Credit Score

Credit scores are made up of 5 components. Below is a breakdown of what makes up your credit score. It is estimated that 80% of credit reports contain errors. When applying for a loan, it is important to work with someone that has the ability to utilize programs that can detect errors and enhance scores before accepting loan terms. The interest rate you are offered for a mortgage loan is based off of your credit score, loan to value, type of loan, type of property and other factors.

1. Paying on time (35 percent)

2. Amount and type of debt (30 percent)

3. Length of time you have been using credit (15 percent)

4. Variety of accounts (10 percent)

5. Number and types of recent inquiries (10 percent)

Your referrals are always appreciated. I count on them to continue my business. If you know of anyone who needs a mortgage review, is looking to purchase or has questions on current mortgage guidelines, please put me into contact with them.