Posts with tag 'Credit Scores'
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July
27
27
The Importance of Credit Scores in Real Estate
The search for a new home can be an exciting one; however, before you begin your quest for that dream home, your REALTOR® would require that one of your first steps would be to meet with a mortgage lender. This individual will help you determine the price range at which you should be looking and at the end of the meeting if all goes well you should find yourself pre-qualified for a mortgage loan.
What is one of the primary factors that go into a lender's decision of whether or not to grant a loan? Credit scores. It has been estimated that nearly 75% of all mortgage loan decisions are made with the applicant's credit score in mind.
The importance of credit scores in mortgage decisions and real estate transactions has risen over the past decades, and this is in large part due to what the lenders call risk-based mortgage pricing. Essentially, the...