Your Mortgage Credit Score

Your credit score is a huge factor in determining whether your mortgage loan will be approved. Your credit score is also used to determine your exact mortgage interest rate. Mortgage rates are priced by a borrower's middle credit score, or if there are multiple borrowers, the lowest middle credit score. So, if you are planning on buying or refinancing an az home, make sure all your debt obligations are paid on time, and don't apply for new debt, as these items will reduce your credit score, and will likely result in a higher mortgage rate.

If you are concerned about your credit score, you might want to plan ahead and pay down some of your revolving or installment debt, which will likely improve your credit scores. I also recommend talking to a mortgage expert like me,  Steve Bernstein at Arizona Central Mortgage, who can show you some of the best ways to maximize your financial resources, and to accomplish your specific mortgage objectives. Following are the best ways to improve your credit score:

  • Pay Down Revolving Debt
  • Pay Down Installment Debt
  • Correct Credit Report Errors 

Arizona Central Mortgage also has a Credit Lifter Mortgage Program that allows you to increase your credit score, while we are processing and approving your mortgage loan. Once you apply, we run your credit report and automated underwriting findings. We then review your credit report to determine if there are quick, simple strategies for increasing your credit score. The strategies we use are based on our 22 years of professional mortgage experience, and our study of the three major credit bureaus' statistical analysis.

Arizona Central Mortgage can help you increase your credit score, saving you thousands of dollars over the life of your mortgage loan. Often, we can recommend a small payoff strategy that will improve your credit scores by enough FICO points to reduce your mortgage rate by .125% to .25%! 

Following is a copy of the Fair Credit Reporting Act that addresses the congressional requirements for fair credit reporting when buying or refinancing an AZ Home: AZ Home Mortgage Credit Reporting Laws

Arizona Central Mortgage works with CoreLogic Credco and the three major credit bureaus during the mortgage approval process: Equifax www.equifax.comExperian www.experian.com and TransUnion www.transunion.com. Additionally you are entitled to one free annual credit report per calendar year at https://www.annualcreditreport.com/index.action

Give Steve Bernstein at Arizona Central Mortgage a call today for low mortgage rates, and 22 years of professional mortgage experience: (480) 424-7144, SteveBernstein@live.com, GetSteveB.com, Equal Housing Lender, NMLS 1230169 / Company NMLS 1443346.

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