CREDIT RESOURCES
MORTGAGE CREDIT SCORES
Understanding Mortgage Credit Scores
When applying for a mortgage, your credit score plays a crucial role in determining your eligibility and terms. However, it’s important to know that not all credit scores are created equal.
Common Credit Scoring Models
Vantage Scores: Often seen on platforms like CreditKarma.com.
FICO Scores: Typically offered through credit card companies and other services.
While these scores can provide a general idea of your credit health, they are not the scores mortgage lenders use.
What Scores Do Mortgage Lenders Use?
Mortgage lenders rely on specific scoring models called “Mortgage FICO 5, 4, 2.” These scores can be accessed through a hard or soft inquiry by a lender, however the cost of obtaining these scores has increased in recent years. Generally we want to hold off pulling these reports for the lender as long as possible.
How to Save Money and Check Your Scores, and help pre-qualify you up front.
To save on costs and get direct access to your mortgage-specific FICO scores, the best tool is MyFICO.
Click Here to Visit MyFICO.com and review your scores today!
CREDIT SCORE INCREASES
Blue Water Credit offers services aimed at improving your credit score through personalized credit repair strategies, debt settlement, and credit-building guidance.
A higher credit score can significantly enhance your ability to purchase a home and qualify for a mortgage. Lenders assess credit scores to determine loan eligibility and interest rates; therefore, a better score increases your chances of approval and access to more favorable loan terms.
By addressing negative items on your credit report and providing guidance on effective credit management, Blue Water Credit can help you achieve the creditworthiness needed to secure a mortgage for your home purchase.