BUYING OR REFINANCING A HOME?

Home Works Mortgage, LLC is here to help you navigate through the mortgage loan process!

FULFILL YOUR HOMEOWNER DREAMS

To have the best chance of improving your credit score you will need to have a good understanding of how it is calculated as that will help you to decide on the actions you need to take.

A credit score is a numerical calculation based on a number of factors that help Grand Rapids mortgage lenders decide whether you are a risk to lend money to for your Grand Rapids home loan.

The numbers generally range from 300 to 850 and allow lenders to see how well you are at paying off your debts.

The higher this number is the more likely you are to get credit for your mortgage loan and you will also usually get it at lower interest rates because of the fact that you will be regarded as a lower risk for repayment.

If your score falls below 600 you will probably have trouble getting credit for Grand Rapids real estate and if you do you will be expected to pay higher mortgage rates due to the risk involved.

Scores over 720 are regarded as excellent and you can expect to get good Grand Rapids loan rates.

This is just a guideline as some mortgage lenders place more importance on credit scores than others and while you might have difficulty getting credit with one lending institution that is not to say you will have difficulty with all of them.

Often you can discuss your situation with the Grand Rapids lender even when you have a low score and still get them to finance you at reasonable rates.

Sometimes they will look at your whole credit history and take that into account rather than just the current poor score.

Your credit score comes from the calculations that are determined by the credit bureaus and are based on mathematical data that is arrived at from your credit report information that is supplied to the bureaus from people who have lent you money and from people you owe payment of bills to.

Whichever Grand Rapids mortgage broker you decide to work with, you should be able to receive a copy of your credit report from them to review and check for any errors.

You have the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of the information in your credit file.

If you have had credit problems, be prepared to discuss them honestly with your Grand Rapids mortgage professional and come to your application meeting with any necessary written explanations.

Responsible Grand Rapids mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties.

They should be there to help you get your home loan. 

For a free no-obligation consultation regarding your credit or any other mortgage or real estate questions, please don't hesitate to call me at 616-367-5090.