Mortgage

Question: Credit scoring for mortgage?

(Posted by: wtn457 on 2008-01-23 13:24:24)

If my application for mortgage was declined from one bank are there chances it will be accepted in another? does it depend on how good your mortgage broker is?

Posted by: xavier p on 2008-01-23, 13:37:05

There are a few credit reporting agencies (Experian, Transunion, Equifax, etc) with a few different scores ... however, the report (shows your credit history, length, cards, payment etc) and numeric scores are quite consistent across the different agencies so if 1 broker uses 1 agency, and another uses a different agency, chances are it may not make a big difference however, different mortgage companies assume different levels of RISK, so while youre considering too risky for one, another might accept your case do note that due to the current housing and credit climate, lenders are generally LESS lenient than they were the past few years lastly, your acceptance is not contingent only on CREDIT (history and score), but also on Income vs Debt

Posted by: kyle.hettinger on 2008-01-23, 13:35:28

Your application for the mortgage is based on you credit score, if your slow paying back debt, or have no credit history your credit score will be low. A 30 year mortgage your credit score has to be at least a 700.

Posted by: keif_1 on 2008-01-23, 13:35:59

Really doesn't depend on the broker. However a lot does depend on the price of the house and your down payment. You may need to find a cheeper home and put more money down.