Mortgage Yes

There are three credit agencies that are used to determine the credit score that will be used by a lender when you are purchasing or refinancing a home.  They are Transunion, Equifax, and Experian. 

With most lenders your “mid” score will be used to see what programs you qualify for.  Your “mid” score is your middle score between the three.  So if you have a 680 score with Transunion, a 700 score with Equifax, and a 690 score with Experian, your score that will be used is the 690.  Your score will affect what rates and terms you can qualify for when you are purchasing or refinancing a home.  There are other purchases that use your credit score as well, but often use a different way of figuring out what you qualify for.  The “mid” score is used, most of the time, by mortgage lenders.  Some lenders also have programs that use your high score, which are called high score or one score programs, but many lenders to not offer this.

 When you have your credit pulled you should look it over with your loan officer to make sure everything is correct.  If there are problems or discrepancies you should contact the credit reporting agency or agencies that are reporting it.  One way to do this is going to each one’s website.  www.transunion.com  www.equifax.com and www.experian.com.

Your loan officer can review your credit and tell you which agencies are reporting what, so you can save time and only send our letters to the agencies that you need to.  

Having a helpful loan officer, like we have here at MortgageYes.com, will help you get things cleaned up quickly, so you proceed with fulfilling your dreams of home ownership or refinancing.  For more information please visit the links below.

http://www.mortgageyes.com/check_your_credit.htm

http://www.mortgageyes.com/free_credit_counseling.htm

This entry was posted on Monday, November 13th, 2006 at 6:18 pm and is filed under Credit Repair, articles & guides, mortgage information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.