Credit History is one of the most important factors evaluated by a lender, when making a decision to approve or deny an application for a home loan. It shows the lender a person's willness and/or ability to repay past and current debt obligations.
Credit Score or FICO (Fair Isaac Corporation) score, is a numerical expression based on an analysis of a person's credit history, which theoretically represents the creditworthiness of that person. The numercial range for credit scoring is 300 to 850, where a higher number is considered better. Credit scores are often used to predict the likelihood of future debt repayment, and therefore can be used to "screen out" applicants with an unfavorable level of credit risk. You can read more about the
Five Components of Credit Scoring here.
Even if you don't have concerns about your credit, it's recommended that you speak with Senior Mortgage Loan Officer, Luisa Han at 480-363-9488, for a complimentary prequalification. It's a convenient and easy way to give you peace of mind when shopping for your dream home.
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