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The
credit information that we can provide you will help you secure your
home loan. The information below will assist you in understanding your
credit history and the affects it may have on your ability to secure a
home loan.To find out more about your home loan click here for our on-line application.
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Every
mortgage company determines the credit worthiness of a borrower in a
slightly differently manner. In many cases, mortgage lenders use
several different measures to determine a borrower's eligibility for a
home loan. Some of the aspects of your credit that will be considered
include payment history, amount of debt payments, bankruptcies, equity
position, and credit scores. Your mortgage lender will help you help
you further understand your credit rating and the impact it will have
on your ability to obtain a home loan.
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Due
to the Fair Credit Reporting Act, only you and those businesses that
have a "legitimate business need and a permissible purpose" can view
your credit profile. Unless you have given written consent individuals
such as family members, neighbors, and co-workers are not allowed
access to your credit profile. The businesses that generally have
access to your credit information are credit grantors, collection
agencies, employers, and insurance companies. Any company that receives
a copy of your credit profile will be listed under the "Inquiry"
section of your report.
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Your
credit profile provides mortgage brokers with information that will
assist them in determining if you are eligible for a home loan. While
this profile provides lenders with plenty of valuable information it is
important to know that your race, religion, health records, criminal
records and political preferences are not included in this report. Your
credit profile provides information only about your employment history,
credit information, public record information, and other inquires that
have been made in the past.
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All
home loan lenders evaluate the risk associated with loaning a borrower
funds and many factors will determine a borrower's risk. One important
factor is an individual's FICO score. Your FICO score is a numeric
representation of your financial responsibility and this number is
based on your credit history. A scale is used to measure FICO scores
and the number can be anywhere between 300 and 850. The higher the
number the less risk associated with extending credit to that borrower.
FICO scores are provided to mortgage lenders by the three major credit
reporting agencies: Equifax, Experian, and TransUnion. The scores from
these agencies are used when evaluating your home loan application.
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Learning about mortgage credit and understanding your credit score will
help you secure a KANSAS CITY home loan. KANSAS CITY mortgage lenders
use your credit score to evaluate your credit worthiness. 360 Mortgage
Inc. in KANSAS CITY for more information on your credit score.
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