How Important is Your Credit Score?

There are several factors that go into a loan decision. A big consideration for lenders is how you pay your bills including the loans you take out. Your CREDIT REPORT, inclusive of credit scores and payment history, offers a good indication how you handle debt.

So, how important is your credit report and credit scores?…YES, IT IS VERY IMPORTANT

A well-rounded credit report shows your reliability and trustworthiness when given a loan. This shows that you not only pay your overall financial obligations, but paying them routinely every month.

From a lender’s perspective, this offers credibility towards your practice of managing finances properly, and paying people per the specified contract you agreed to. Overall, lenders look for borrowers that will be less problematic and expect payments to be on “autopilot”. A lender may even be willing to offer better loan terms, as in a better rate, a higher Loan-to-Value given exceptional credit, knowing the risk of default is very small.

Thanks for tuning in. 🤩 I am a real estate professional, with an expertise in financing. Connect with me for a consultation and to get mortgage ready. I encourage you to get pre-approved.

Pauline Lee, Licensed MLO nmls# 674113

IND Mortgage LLC, #mortgagebroker licenses MA MB1785067, NH 25686-MBR, RI 20223376LB, FL MBR5005

pauline@indmortgage.com | (617) 965-1988 x205 | https://www.indmortgage.com/