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Mortgage Credit

Credit scores are used by mortgage lenders to determine your credit worthiness. This gives the mortgage lenders a quick accurate prediction of the risk involved if they grant you a loan. Credit scores range from 300 to 900. The average score is in the range of 600 to 700.

Five things determine your credit score:

1. Past delinquency. If you have been delinquent, it will reduce your score considerably.

2. The way the credit has been used. Someone that is maxed out or close to the limit on their credit cards is a greater risk than someone with a lower percentage of credit used.

3. The age of the credit. The longer that you have a credit track record, the better.

4. Number of times that a person applies for credit. Lenders do not like to see multiple applications for credit in a short time period.

5. Person’s mix of credit. Someone with a secured credit card is riskier that a person with a mix of installment loans and revolving credit.

A good credit score is around 750 and up. Borrowers with scores above 660 should have acceptable credit for a mortgage. Risk is uncertain in the 620 to 660 range. Below 620 is considered high risk for a mortgage, and a lender would want a higher interest rate, if they made a loan at all, to that person. The best credit scores will get the best available rates.

You can get a free credit report once a year from any one of three credit reporting agencies: Equifax, Transunion or Experian. You can get your free credit report by one of these methods:
www.annualcreditreport.com • 1-877-322-8228
Annual Credit Report • PO Box 105281 • Atlanta, GA 30348

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