| |
 ...Unlock Your Potential
|
| MORTGAGE 101 |
|---|
Qualifying for a mortgage all comes down to the numbers. Lenders grant loans based on risk scores, such as FICO scores, and ratios.
What is a FICO score?
It is a rating, on a scale of 300-800, used to determine your loan ability. A FICO score of 400 indicates that you may have had trouble in the past paying your bills. Thus, a bank is less willing to provide a loan to someone with a score of 400 because it is considered high risk.
On the other hand, a FICO score of 700 is great. This type of FICO score will ensure all types of happy grams in the mail from potential creditors begging for you to become one of their victims. It indicates that when you create debt, you pay it back either before or on time regularly. Thus, a bank would love to loan to someone with this type of score, of course contingent upon all other factors falling into place, ie a savings, a job, current taxes.
Next>>
|
At 1st Choice Realty, "1st Choice is Your Choice" and we want to ensure you are fully equipped to buy your home with ease. Do you feel you are ready to buy a home? Contact us today for a quick evaluation.
|
|
