I have a higher credit score than my partner/spouse. Can we just use my score? No – if you and your partner are both applying for a home mortgage loan, an underwriter will determine the middle score of both borrowers and use the lower of the two middle scores. Read Full Article Share FacebookTwitterLinkedIn
Can I still receive a loan if I have poor credit? Even though a poor credit score can mean some challenging times ahead, it doesn’t mean securing a loan is impossible. The first few steps to getting approved: · Resolve any lingering issues related to your credit history · Find the… Read Full Article Share FacebookTwitterLinkedIn
Is obtaining a mortgage a problem if I don’t have a great credit history? A strong credit history is helpful when applying for a home mortgage loan. The strength of your credit is based on many things — including the number of accounts you have and how long you’ve held them. A borrower with… Read Full Article Share FacebookTwitterLinkedIn
How do I know my credit score? When you apply for prequalification, your lender or broker will run a hard credit check. A score of at least 700 is considered a good credit score, and 800 or above is considered excellent. Read Full Article Share FacebookTwitterLinkedIn
How do open charge cards impact my debt ratio? Traditional revolving credit cards in which your credit continually revolves month-to-month have a varying impact on your debt ratio. It all depends on the balance of the credit card when a lender pulls your credit. An open charge card, such… Read Full Article Share FacebookTwitterLinkedIn
I’ve heard of the term debt-to-income ratio. What does it mean exactly? To find your debt-to-income (DTI) ratio, take the total of monthly debt payments (credit cards, loans, a mortgage, etc.), divide that number by your gross monthly income, and multiply by 100. A low DTI means you have a good balance Read Full Article Share FacebookTwitterLinkedIn