What is a Credit Score and why is it important for a mortgage loan?
A credit score is a rating that is also called a fico score. This rating yields a number that reflects your level risk to the creditors. The higher the score the better your credit rating. The lower your score, the bigger risk of credit you are considered. The score is generated using statistical model, that considers credit accounts from your credit report. Credit scores will determine the loan amount, interest rate, morgage terms, and in some cases the amount closing costs charged.
Your credit score is not archived or stored as part of your credit history in your credit file. The score is generated at the time a lender requests your credit report, and is then included with the report viewed by the creditors. Your credit score is a specific number, and it changes as the elements in your credit report change. For example, payment updates or a new account could cause your score to fluctuate. There are many different credit scores used in the financial service industry. Your score may be different from mortgage lender to mortgage broker, depending on the type of credit scoring model that was...
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