Is your credit good?

After talking with countless new and current home buyers, I have found a question that they all had in common. I have complied a few answers for that specific question, what is Credit Scoring Anyway?

Credit scoring is a quick, accurate and consistent scientific method for assessing credit risk. Your credit scores are based on data stored by a credit repository about your credit history and payment pattern.

Credit scores are calculated by statistical models that assign points to factors indicative of repayment. These scoring models exist in software utilized by credit bureaus or lenders. Credit scores are based on data rather than human judgment, making credit scoring an objective risk assessment tool as opposed to a subjective, possibly discriminatory, human interpretation of information.

Even the best underwriter cannot match scoring's statistical ability to weigh and measure hundreds of factors and reach a number indicating relative credit risk in a matter of seconds. The resulting score is a "snapshot." It sums up what your past payment performance and current usage of credit say about your level of credit risk to the lender.

Is your credit good? Can you refinance your current mortgage and save money every month? Can you buy a new house, condo, or investment property with your current credit score? Do you or any of your friends have these or other mortgage and real estate questions?

Email me with questions ian@mutualsecurity.com

I have referred many clients to Caleb Morey with Continental Credit.
Including my own, Caleb has helped many of my friend, family, and clients, repair their credit and enabling them to purchase a home. Send him an email. caleb@continentalcreditllc.com