Gabriel Mortgage Services, LLC.
Understanding Your Credit
Reviewing your credit is a good place to start
when you contact us for financing on your new home. A credit
report provides a history of how you have managed your finances
and gives information on any money borrowed and the how that debt
has been repaid.
A credit report is pulled using three bureaus: Equifax, Experian,
and Trans Union. Each of these companies provide a credit score for you. It is
important to look at each of the three companies to make sure your credit report
is correct. Your credit score may vary form the three companies.
A credit report will include the following:
-list of debts such as care loans, credit cards, and
history of payment or any
-any bills that have been sent to collection agencies
-bankruptcies or tax liens
-inquires made for your credit
A credit report is updated continuously to reflect recent information. Most of
the information on a credit report is deleted after 7 years. A bankruptcy is
deleted after 10 years. Don't be discouraged if you credit
is less than perfect, we can help you get you credit on track.
Your credit score is only one factor taken into consideration
when being approved or a mortgage. The credit score is a computer-generated
number ranked on a scale between 400 and 900, that indicates your ability to
repay your debt based on past history of your credit records. A high credit
score means that you are more likely
to repay a debt compared to a low credit score.
A credit score is not permanent. It is only a snapshot based on current
information obtained form your credit report. If you have a low credit score,
there are steps that can be taken to improve your future credit score rating.
Tax liens or bankruptcy filing can significantly impact a credit score. If you
have any questions on how to improve your score, please
Things to remember about credit:
1. Get your credit report a few months before you plan to purchase a home so you
will have time to correct any mistakes and/or improve your score.
2. Find out what your score is and discuss what type of programs you are
eligible for. Remember, even though your credit reports back 7 years, the
last 2 years of your credit history is analyzed the most.
Credit is only one factor taken into consideration when the decision is made for
a loan approval. Other factors looked at include:
-monthly debt payments
-how much money you have saved
-type of mortgage you are considering
-type and value of the property
-amount of down payment
-on-time payment of rent and utilities
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