FICO Score

Important to Home Mortgage Loans

Information about how your FICO score is calculated. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

How does the FICO score work?

When you apply for a mortgage, the prediction of your credit performance is measured by a numerical score. Although there are slight differences among the systems used by major credit reporting agencies, the FICO model is the most popular. The FICO scoring system was developed by Fair Isaac and Company, with the goal of filtering out non-relevant factors, such as race or gender. This single rating score sums up your credit history, projecting the likelihood of meeting future payments and indicating your level of credit risk. Higher scores indicate a better credit risk . These scores not only may qualify you for a mortgage, but possibly better mortgage rates also. As with the other major scoring models (BEACON and EMPIRICA), FICO takes into account the statistics available in your credit report. Each item of data is assigned a weighted value, resulting in a single score that ranges from 300 (low likelihood of repayment) to 850 (high probability of repayment).

A typical rating for a home buyer might fall within the range of 600 to 800. These credit scores particularly evaluate:

  • Payment History - Have your payments been timely?
  • Credit Card Balances - What balances do you still owe?
  • Credit History - What credit have you maintained and for how long?
  • Credit Types - What type of credit have you obtained?
  • Credit Inquiries - How often have you had your credit checked?

As most of these factors cover a timeline of credit history, there is not much you can do to change your score at the time of applying for a mortgage. However, you can begin to monitor your credit rating, know what your score is and ensure that the history is correctly recorded.

For information and tools to help you, Fair Isaac has created a web site (www.myFICO.com ) that lets you access your FICO score from all of the three major reporting agencies (Equifax, Experian and TransUnion), along with your credit report. The FICO site and each of these reporting agencies’ sites (http://www.equifax.com , http://www.experian.com , and http://www.transunion.com ) offer services to help you determine the best way to impact your FICO score. When you have access to pertinent information, you will be in a better position to obtain the optimum mortgage available to you.

Residential Mortgage Loan Originators

My Premier Nationwide Lending team is built upon a reputation for excellence in client service, extensive industry experience and a dedicated commitment to our clients. My expertise in the mortgage industry and forward thinking approach allow me to adapt and rapidly respond to market changes that affect you. In doing so, I am able to offer a high level of service and provide a variety of home loan products to suit the needs of every homebuyer. I believe we are responsible to do everything in our power to make the financing piece as easy as possible. I credit much of my success to taking care of my clients the same way I take care of my family. I take the time to assess their needs and goals to help them come up with a game plan. I focus on building relationships and providing exceptional service. When I am not in the office, you can often find me on the golf course, the tennis court, or out boating with friends. I also spend some of my free time as a volunteer for “2nd chance” type organizations in the community.


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Testimonials

Jason did exactly what he said he would, and the experience was better than expected because of the outstanding service – Everything was on time! He shopped the rate for me & got us a great mortgage. I was never left waiting for paperwork or answers to questions.

Russell B.

Jason far exceeded what he said he could do in the time-frame he said he could. We assumed it was just a sales pitch – people make a lot of promises to get your business. But, Jason lived up to his promises & went above-&-beyond our expectations. Jason’s the best if you want to buy a house & want it done right & quickly.

Donald S.

My name is Heather McGregor and I recently closed on a home. Jason Holter was my Loan officer and I wanted to let you know how pleased I am with his service. I have had some pretty horrific experiences with Loan officers in the past and was a little concerned about the process due to previous experiences. Jason was professional, courteous and competent. I would recommend him to anyone and everyone I know. He anticipated every need, all my options were presented and everything was handled promptly and correctly. He handled all my questions very pleasantly and thoroughly. I thought you should know what a Stellar Loan officer you have and I greatly appreciated his services.

Heather M.

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