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cheapbag214s · Posted: Fri 13:56, 22 Nov 2013 Post subject: Before youmake an offer

Is Your Credit Score Good Enough to Buy a Home?
Are you looking to take advantage of the historically low mortgage rates and get yourself into a new home? Before you make an offer, you’ll want be sure to get your financing in place and know how much you can afford. Guardian Mortgage Company Offers Free MortgageInformation for HomebuyersAre you looking to take advantage of thehistorically low mortgage rates and get yourself into a new home? Before youmake an offer,[url=http://www.isabelmarantsneakersbootss.com/]isabel marant sneakers[/url], you’ll want be sure to get your financing in place and know howmuch you can afford. Guardian Mortgage Company has a free40-page handbook (http://scr.bi/FreeGuardianHandbook) for homebuyers to help them navigate all thedifferent rules and options for their mortgages. This excerpt from pages 15-16 coverseverything you need to know about credit scores if you want to buy a home:“A credit score, also called your FICO®score (referring to Fair Isaac Corporation that provides the analytical systemused to calculate the score), is designed as a numerical representation of yourcreditworthiness. Mortgage lenders use credit reports to determine whether youhave the ability to pay them back and if you will pay them back. The higher thecredit score, the more likely a borrower is to honor the terms of theirfinancial contracts with lenders. Lower credit scores represent more perceivedrates to offset that risk.All mortgage lenders will pull a creditreport (called a tri-merge credit report because it pulls credit history andscores from all three credit bureaus) and use the results of that report forapproval and determining the applicable mortgage rate. With more than oneborrower, the credit report for all borrowers will be examined.Mortgage lenders are not credit expertsand will typically refer those with lower credit scores to credit restorationor repair companies, whose primary business is to consult and execute creditscore improvement plans. In general, for credit improvement and maintenance,you should concentrate on paying your bills on time, paying down outstandingbalances, and not taking on new debt in the six months before purchasing ahome.In addition, the credit report provides any bankruptcy,liens or public records filed. If you have any bad credit items (late payments,collections, bankruptcy, foreclosures, repossessions, etc.), you will want toprepare an explanation letter to the lender for these items. This letterprovides the background on why these items happened and what you are doing to preventthem from coming up again. Lenders want to know that negative items on thecredit report are isolated events.Credit scores range from 300 to 850 and are commonly brokendown into the following categories:·740-850 = Superior Credit·720-739 = Excellent Credit·700-719 = Good Credit·680-699 = Average Credit·660-679 = Below Average Credit·640-659 = Fair Credit·<640= Poor CreditIf you’d like to learn more about mortgages, click on [link widoczny dla zalogowanych] and download your copy of the complete40-page handbook. No information is required.