Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

Credit Report

Provided by the major credit bureaus, Equifax, Experian & TransUnion, a credit report provides a detailed account of your credit history. A Credit Report will cover your individual credit, including your history and present credit standing. The report is a very important when used in the mortgage process, so keeping a good credit rating must be a top priority for you, if you plan to buy a house.

When applying for a mortgage, all people whose names appear on the title to the property must have their credit pulled and reviewed by the lender.

Your lender will call you to review your credit report with you, and can determine which items would be most helpful to pay off using the proceeds of the loan, and those items which much be paid off as a condition of getting the loan.

In order to apply for a mortgage, you must provide your lender with your name, date of birth or dob, social security number or ssn and an authorization to run your credit.

If your balance is over 50% of your credit limit the credit bureaus consider this card to be maxed out. Ideally you should keep your credit cards under 30% of your credit limit. Having 3 credit cards all with balances of less than 30% of the credit limit will give you the best credit score. Older accounts in good standing have a positive impact on your credit score.

Your mortgage broker may pull either a single bureau report, a double bureau report or a tri-merge report when he pulls your credit. There are 3 credit repositories that they can pull your credit report from: TransUnion, Equifax, and Experian. A single credit report would simply be just one of the repositories listed, a double would be 2 of the 3 and a tri-merge is when they pull all three. Generally most lenders want a tri-merge report pulled and they use the middle score of the 3. If the lender allows a dual bureau report then they will usually use the lower score of the 2 scores pulled.

Most brokers work with someone that repairs credit, make sure to ask for a reference. Most credit Bureaus are offering mortgage brokers a program that will tell them how to improve you credit score quickly in order to get the borrower their desired loan.

Many changes can be made to a borrower’s credit to improve their score in as little as 30 days.

Your scores can take a hit if you have your credit pulled many times by different companies. They do however allow you many credit pulls within 15 days and will only count that as one pull when you are shopping for a mortgage. You might have to provide a letter of explanation for why these pulls showed up on your report.

A credit report contains a vast amount of information, most of which is very germane to the borrowers qualification for a particular mortgage program. Many consumers mistakenly believe that the only thing that matters are the scores that are generated from the report. The fact is that most often items in the "guts" of the report are just as important in the underwriting decision process as the scores.

Reducing your balances on revolving accounts can increase your credit score in a short amount of time. Make sure to ask what the balances are reporting on your credit report.


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