Mortgage

What Realtors need to know about credit scores

Know which scores mortgage lenders depend on to fund loans
Published on Sep 3, 2014 | Updated on Jul 23, 2015

Realtors often first direct their clients to get approved for a loan amount through their favorite lender. However, many of these clients feel betrayed, cheated and at times embarrassed to learn that the credit scores they counted on, in some cases paid for or obtained for free are not used by mortgage lenders.Informed consumers considering a home purchase today want to do the right thing and plan ahead. Many do not seek immediate professional guidance from a Realtor or a mortgage loan officer. Instead, they hunt for hours online, looking at numerous websites for available homes for sale. They also consult websites to find the best interest rate and terms for future monthly mortgage payments.When shopping for a good mortgage interest rate, consumers also need to know their credit score, and utilize an online mortgage calculator to compute future monthly mortgage payments. The client might Google “credit score” and find a site that offers a free credit score. They instantly...

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