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The credit information
that we can provide you will help you secure
your home loan. The information below will
assist you in understanding your credit history
and the affects it may have on your ability to
secure a home loan.
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Every mortgage company determines the
credit worthiness of a borrower in a slightly
differently manner. In many cases, mortgage
lenders use several different measures to
determine a borrower's eligibility for a home
loan. Some of the aspects of your credit that
will be considered include payment history,
amount of debt payments, bankruptcies, equity
position, and credit scores. Your mortgage
lender will help you help you further
understand your credit rating and the impact it
will have on your ability to obtain a home
loan.
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Due to the Fair Credit Reporting Act,
only you and those businesses that have a
"legitimate business need and a permissible
purpose" can view your credit profile. Unless
you have given written consent individuals such
as family members, neighbors, and co-workers
are not allowed access to your credit profile.
The businesses that generally have access to
your credit information are credit grantors,
collection agencies, employers, and insurance
companies. Any company that receives a copy of
your credit profile will be listed under the
"Inquiry" section of your report.
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Your credit profile provides mortgage
brokers with information that will assist them
in determining if you are eligible for a home
loan. While this profile provides lenders with
plenty of valuable information it is important
to know that your race, religion, health
records, criminal records and political
preferences are not included in this report.
Your credit profile provides information only
about your employment history, credit
information, public record information, and
other inquires that have been made in the
past.
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All home loan lenders evaluate the risk
associated with loaning a borrower funds and
many factors will determine a borrower's risk.
One important factor is an individual's FICO
score. Your FICO score is a numeric
representation of your financial responsibility
and this number is based on your credit
history. A scale is used to measure FICO scores
and the number can be anywhere between 300 and
850. The higher the number the less risk
associated with extending credit to that
borrower. FICO scores are provided to mortgage
lenders by the three major credit reporting
agencies: Equifax, Experian, and TransUnion.
The scores from these agencies are used when
evaluating your home loan application.
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Learning about mortgage credit and
understanding your credit score will help you
secure a Bossier City home loan. Bossier City
mortgage lenders use your credit score to
evaluate your credit worthiness. Absolute
Mortgage Resources in Bossier City for more
information on your credit score.
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