Credit Score

At Ross Mortgage, we recommend that you obtain a mortgage pre-approval. By doing so you will know how much of a mortgage you can afford before you start your search for a home. This helps you narrow your options and only search for homes that fit within a price range that you can afford.

Your credit score is a significant factor in the pre-approval process. It helps the lender determine whether you qualify for a loan and how much you are able to borrow. The higher your score, the more likely you will be approved for a loan.

Your credit score is determined by several factors, including past payment history, percentage of credit limit used, length of credit history and the types of credit you have used. Bankruptcy, foreclosure, court judgments and tax liens negatively affect your credit score.

While an important part of the lender’s decision, your credit score is not the end all, be all. If you are looking to pre-qualify for a mortgage and have questions, regardless of your credit score, we will be glad to walk you through the process. Please call us today.