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Mortgage Credit Score

Apr 11, 2022 Mortgage Speak

Credit scores are used to determine the risk in lending money to a borrower. In other words, how likely it is a borrower will pay bills on time. Credit scores range from 300 to 850 and reveal how well a borrower has paid bills and managed debt in the past. The higher the score, the better the chance that you will have access to credit when you need it from financial institutions.

What are the consumer scores?

Consumer scores means any score that the consumer can obtain themselves, aside from the purpose of obtaining credit. Keeping track of credit scores over time allows consumers to see how their financial decisions impact their scores. However, there are many different scoring models used to produce consumer scores, and almost all do not use the same model as those used by mortgage lenders. For example, one site provides 28 different scoring models to consumers for a cost, claiming the same ones used in the mortgage industry are included.

Why are scores different?

Many are unaware that there is a difference between their consumer credit score and their mortgage credit score. How each scoring model weighs and scores a person’s credit history and credit mix varies. In most cases, a person’s mortgage score is much lower than other consumer scores. Mortgage lenders are required to use a unique version of the FICO scores. Lenders pull from all three credit bureaus (Equifax, Transunion, and Experian) and use the middle score. Fannie Mae and Freddie Mac are the largest purchasers of mortgages on the secondary market; therefore, they mandate the single scoring model that is considered the industry standard.

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