Credit scores range from about 375 to 900. A
score of 700 or above is normally required for
the lowest interest rates available. 620-699 for
average interest rates. And 500-619 for B&C loan
programs. Although not all mortgage programs use
a credit score in pricing a loan, all programs
need to pull credit to at least verify
liabilities.
.
Mortgage companies use a tri-merge credit report
which is a combination of reports from all three
credit bureaus. When applying for a mortgage, a
single credit report is not sufficient, a
tri-merge credit report with scores is required.
Mortgage lenders evaluate the three credit
scores and use the score which ranks in the
middle as your final credit score. If your
credit score is low, there are ways to improve
it and in short order. Contact us, the mortgage
experts, for details.
Ct Home Loans 1160
Silas Deane Wethersfield CT
