DearbornHomes.com - Feature topic...Your credit score and how it affects your ability to get a mortgage and ultimately buy a home Most lenders across the country and in southeast Michigan use credit scoring as a basis for determining the type and amount of mortgage they will give you...
Steve Hatfield - Dearborn Michigan Realtor - Century21 Curran and Christie - DearbornHomes.com Steve Hatfield, Realtor, ABR, CRS, e-PRO
real estate agents Dearborn Heights Michigan century 21 curran and christie














































.
Buying GuideBuying GuideBuying Guide
Your Credit Score
A credit risk score is a statistical summary of the information contained in a consumer's credit report. The most well known type of credit risk score is the Fair Isaac or FICO score. This form of credit scoring is a mathematical summary calculation that assigns numerical values to various pieces of information in the credit report. The overall credit risk score is highly relative in the credit underwriting process for a mortgage loan. All lenders today use credit scoring as a mortgage-underwriting tool. The nation's major credit rating agencies all calculate a borrower's risk factor based on an analysis of credit reports. Credit scores normally range from about 400 to 800, with something in the area of 620 being required for mortgage approval.

%Because your credit score is an index of risk, lenders will offer many different types of mortgage loans geared to different levels of risk. Your credit score is based on five main categories of information found within your credit information. The following categories will carry the most weight. Late payments, collections and bankruptcies account for the largest portion of the score - about 35%. The length of a person's credit history accounts for about 15%; inquiries and applications for new credit and the type of credit used (e.g., revolving vs. financial company accounts), each accounting for approximately 10%.

If you think that you might have a low credit score it is wise to request a credit report from one of the major credit reporting companies (Equifax, Trans Union or Experian.) If you find an error, or incorrect information has been reported, you must dispute the error or incorrect information in writing to the appropriate repository. According to the Federal Credit Reporting Act, the repository must notify the creditor within five days concerning the dispute. The creditor must then complete a review and report findings back to the bureau within 30 days. Overall, the time to clear legitimate grievances can range from 30 to 90 days. So, the mortgage process should be scheduled with this fact in mind.

.
Sign up to receive home listings via email! . Plan to Buy a Home?
Get on Steve's Hot List!

Sign up to receive home listings via email!

.
Thinking About
Buying a House?
Selling a House?

.
Back to Top
Return to Home Page.
Contact Steve.

.
Steve Hatfield .
.
REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie.
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
eMail:


.Send a text message to Steve's pager
.
Print Steve's Business Card
Michigan Real Estate Salesperson.
Licensed Realtor® Since 1987 - #6501221773
REALTOR Accredited Buyer Representative Certified Residential Specialist e-PRO

Real Estate Internet Warning

Meet Steve |  About ABR, CRS, e-PRO | Client Testimonials | Company Profile | Steve's Home Listings | Search for Homes | Buying Guide | Buyer Agency | Agency Disclosure | Ten Steps to Buying | Buying Tips | Your Credit Score | Mortgage Application | Truth & Lending | Buying Terms | Hot List | Selling Guide | Hiring an Agent | Marketing Your Home | Preparing for the Sale | It's Show Time | Selling Tips | Offering a Home Warranty | Selling Terms | For Sale by Owner | Market Analysis | Lead Paint Guide | Home Inspection Guide | Mortgage Guide | Community / Schools | Tour of Dearborn | Home News & Views | Real Estate Update | Free Software | Local Links | Contact Steve | Home

Visit Steve's other web site at www.Steve-Hatfield.com

.
.

Steve Hatfield, Realtor® provides real estate / home buying and selling services in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Redford, Westland, Garden City, Livonia, Canton, Plymouth, Northville and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan.

.
Equal Housing Opportunity.

In accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status.


REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.

Century 21 Real Estate Corporation © and sm trademark and servicemark of Century 21 Real Estate Corporation. Equal Housing Opportunity. Each office Independently Owned and Operated.



Copyright © 1996 - Steve Hatfield
COPYRIGHT NOTICE:.

Graphics and content may not be reproduced or copied in any way with out written permission from Steve Hatfield.




Dearborn Michigan Housing Overview | Dearborn Heights Michigan Housing Overview | Your Dearborn MI Realtor | Accredited Buyer Representative / Certified Residential Specialist | Contact Steve Hatfield, Realtor - Dearborn Michigan | Steve's Clients | Get Dearborn and Dearborn Heights home listings | Century 21 Curran and Christie Real Estate | Dearborn MI Homes for Sale and Dearborn Home Listings | Dearborn Real Estate Buying | Dearborn Real Estate Selling | Lead Paint information | Dearborn MI area Home Inspections | Dearborn Schools | Take a Tour of Dearborn Michigan | Free For Sale by Owner Web site | Dearborn Real Estate News | January Newsletter | Febuary Newsletter | March Newsletter | April Newsletter | May Newsletter | June Newsletter | July Newsletter | August Newsletter | September Newsletter | October Newsletter | November Newsletter | December Newsletter | Free Loan Amortization Palm Software | Dearborn Michigan Links | Dearborn and Dearborn Heights MI For Sale by Owners |