When you apply
for a home loan or refinance, one of the first things that typically occurs is your
mortgage professional runs your credit report and FICO®
scores. It's important to understand that you have three separate FICO
scores (one for each repository - Experian, Trans Union and Equifax.)
Your three FICO scores are almost always different, it's very common
to have a 20+ point difference between your scores. These scores
largely determine your loan eligibility, lending parameters such as LTV
(loan to value ratio which limits how much money you can borrow) and costs including interest rate and
Most lenders use your middle FICO score
when determining your loan eligibility and costs. Even the
smallest difference in your credit scores can have a dramatic impact
on the cost of your home loan. If your existing
middle FICO score is as little as one point below the minimum
requirement, you can be forced into a lower loan program involving
higher fees and interest rates.
the impact your FICO score has on a $300,000 - 30 year, fixed-rate
|| Monthly payment
Let's assume your current scores are, Experian - 660, Trans Union -
659, Equifax - 655
In this example,
your highest score is 660, but
because your middle score is 659, you will be forced into a
loan, at considerably higher costs. In this case, you
would be paying thousands of dollars more for your mortgage
because of a single FICO point.
existing FICO score is within 10 points of a program minimum, there's
a great chance that a mortgage professional qualified in credit
rescoring can provide a better choice including optimal terms and
interest rate, potentially allowing you to borrow more and save tens
of thousands of dollars.
In addition to
lowering your costs, the higher your FICO score, the easier
the lending process is, with faster approvals and closings requiring
Knowledge is The
Key - There are easy solutions available that
can increase your FICO scores, allowing you to qualify for the best lending
program possible. In many cases it can be as simple as a single phone
call. Your loan officer should be able to explain your FICO scores, identify opportunities to obtain better rates and
terms and provide you the exact steps required to improve your score
(usually within 72 hours.)
Get a List of
Certified Mortgage Professionals in Your Area
searching for the best mortgage possible or would like
a second opinion on a existing mortgage offer, we can provide you a list of mortgage professionals in your area that
make sure you're qualifying for the best loan possible.
us an email, be sure to include you name and address. We'll respond with a list of certified
mortgage professionals in
your area that can assist you. You can also give us a call during
normal business hours at 800.473.1380.
already working with a broker or lender that does not have access to
Credit Technologies, have your mortgage professional call
800.445.4922 - we'll work with your chosen professional to
get you the best loan available.
Please note, Credit
Technologies Does Not Release Your Information to Any Third Party.
We instead provide you contact information for mortgage professionals in your area that are members of
Credit Technologies and are able to provide you
access to our mortgage credit rescoring solutions.
To Consumer Rescoring
*The terms and
rates portrayed are
for illustrative purposes only and do not reflect any specific lending
is a registered trademark of the Fair Isaac Company.