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WHAT IS A CREDIT SCORE?
Credit scores are calculated from a lot of different data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.
These percentages are based on the importance of five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
Credit Scores range from 300 to 850. Higher scores mean less risk for lenders, lower scores indicate a higher level of risk. Most lenders have a minimum credit score requirement of around 620 although lower scores may be accepted with compensating factors such as a significant amount of savings or a large downpayment.
There are three major credit reporting agencies - Equifax, Trans Union and Experian. Creditors may report to one, two or three bureaus or may not report at all. Most national lenders report to all three while smaller local companies may only report to one.
The variance in the information reported to each bureau combined with the fact that each of the bureaus uses a slightly different formula to calculate scores means that your scores from the three bureaus will most likely not be exactly the same. The lenders will typically use the middle of the three scores as your representative score when evaluating risk.
Your credit score is based only on information in your credit report - payment history, amounts owed, length of credit history, new credit, types of credit used and public records such as bankruptcies, judgements or liens. It does not take into consideration your employment history, the amount of money you have saved or the amount you plan to put down on the home you are buying although those factors may come into play in the overall underwriting of your loan.
 Get the best mortgage loan for you
When you decide to buy a home or refinance a mortgage, it's a big step. You can trust us to find the loan program that's best for you.
A dollars-and-sense exercise............
Say you need a $200,000 loan to buy a home and you can get the current average rates for a 30-year fixed, a 15-year fixed, or a 5/1 adjustable rate mortgage.
If the 30-year fixed rate mortgage is at 6.62 percent - a level it was at just a few months ago - your monthly payment would be $1,280. The interest you pay over the life of your loan would total $260,786.
With a 15-year fixed rate at 5.94 percent, your monthly payment would be $1,681. The interest you pay over the life of your loan would total $102,623, or about $158,163 less than the 30-year fixed.
With a 5/1 ARM at 4.20 percent, your monthly payment would be $978 for the first five years. The total interest you pay over the life of the loan if you stayed in your home past five years is anyone's guess because your rate would then adjust annually. But if you move after five years, that won't be an issue.
With this you can figure what fits your lifestyle and what loan will work best for you.
Buying a new home is a source of anxiety, frustration -- and a huge sense of accomplishment. You didn't pick the house that was best for someone else, you picked the one that's right for you! Trust our professionals to find the mortgage loan that best fits your needs, too. "Less paperwork and more personal attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.
Refinancing your current mortgage has never been easier. If you thought refinancing meant getting buried under mountains of paperwork, think again! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan!
Tapping into your home equity is easier than ever before. You've been paying down your balance, and property values have gone up! Tap into that wealth and reward yourself. We'll help with the best program to fit your goals.
Our mortgage professionals give you the personal attention you deserve and treat you with the respect due a valued customer. We understand you're making a commitment in buying a new home, refinancing a mortgage, or cashing out your home equity. So we make a commitment to you. We will help you qualify, apply and be approved for the right mortgage loan for you. Not anyone else!
Please navigate our website to learn more about us, what we do for you, and how easy it is to get started.
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