When a borrower applies for a mortgage, the lender will consider their property, assets, income, and liabilities in order to make a determination of their ability-to-repay the loan. A strong credit score is a major component of this process, and there are several steps a borrower can take in order to improve their score prior to applying for a loan. These resources will help you understand the basic components of credit reporting, as well as tips to help your customers obtain the strongest credit score possible.
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Lenders consider a borrower’s property, assets, income and liabilities in order to make a determination of the borrower’s overall risk.
Credit scores have proven to be an effective indicator in predicting the borrower’s ability-to-repay their loan.
There are many steps a borrower can take to increase their credit score prior to applying for a mortgage.
You can request a free copy of your credit report via www.AnnualCreditReport.com
You can find more info about credit reports & how to boost your score at www.myfico.com
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