Elements of your credit score
- Dec. 18, 2012 -
A credit score is a computer generated summary calculated at the time of the request and based on information that a consumer reporting agency or lender has on file. The scores are based on data about your credit history and payment patterns. Credit scores are important because they are used to assist the lender in determining whether you will obtain the loan. They are also be used to determine what interest rate you may be offered on the mortgage. Credit scores can change over time, depending on your conduct, how your credit history and payment patterns change, and how credit scoring technologies change.
Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another.
In addition to credit scores, there are other factors that are considered by lenders when determining the interest rate that is offered. These factors include:
1. Amount of equity or down payment in the home.
2. Amount of the final loan amount. Small loan amounts are generally charged a premium add on to the rate by lenders.
3. Length of interest rate lock period.
4. The state that the property is located in.
5. Type of loan being sought (FHA, Conventional, Jumbo, VA)
Marc Hutchison is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, FL. He can be reached via phone at (813)-489-5566 or via email at email@example.com. For more information, visit Bay to Bay Lending on the web at www.baytobaylending.com.Whether you are seeking to purchase a new home or refinancing (http://www.baytobaylending.com/home.html) your current Tampa Mortgage (http://www.baytobaylending.com/rentvsBuyCalc.html), let us show you the way. Bay to Bay Lending is associated with the nation's unsurpassed pricing leaders. The Bay to Bay Lending team of Tampa Mortgage Brokers (http://www.baytobaylending.com/staff/) will make the mortgage process as simple as possible. We pride ourselves on offering a premier level of customer support and we look forward to getting you the best financing available.Photo: