When you are looking for a mortgage loan -
The interest rate you get, the type of mortgage, the conditions you must meet to refinance, and the down payment on that new home, are all determined by an underwriter who must adhere to a formal set of rules and guidelines that determine whether or not you qualify for the mortgage loan you applied for; if exceptions to the rules and guidelines can or cannot be made; and if your rate and terms are accepted or must be adjusted due to credit problems, income problems, or equity problems.
What are mortgage loan underwriters looking
for in your application?
- CREDIT (How well you pay your bills)
- CAPACITY (Income and overall budget)
- COLLATERAL (Available equity)
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Credit/Qualify Module Contains -
| Qualifying for a Home Loan |
| Your Credit Scores and Improving Them |
| Identity theft and you |
| Your consumer rights |
| How FICO scores are created and what they mean. |
What is the national average credit score?
A. 638
B. 658
C. 678
D. 698
13% in 800 - 850 score range |
27% in 750 - 799 score range |
18% in 700 - 749 score range |
15% in 650 - 699 score range |
12% in 600 - 649 score range |
8% in 550 - 599 score range |
5% in 500 - 549 score range |
2% in 499 or less range |
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