Mortgage News:Optimizing Credit Scores & Interest Rates: A Skilled Originator Can HelpJason Yasser, Loan Center ManagerIt's a very simple equation. The higher your credit score, the better interest rate you will receive as a borrower. The reasoning behind the equation is equally simple – your interest rate not only reflects current market conditions but also your estimated ability to pay back the loan. To a lender, the latter is worth its weight in gold. Components of a Credit ScoreGenerally speaking, your credit score is based upon the following criteria in order of importance: · Payment history (this is where delinquencies will hurt you). · Responsibility regarding credit usage (how maxed out are your accounts). · Credit age (how long have you had your credit accounts). · ...
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