It’s one thing to know your numbers. It’s another to know what those numbers mean. Guild Mortgage Inlanta Grand Rapids has just published a handy guide, “Understanding Your Credit Score,” to help consumers learn the ins-and-outs of credit scores and the impact on mortgage rates and program eligibility.
“Credit reporting is counter-intuitive. Often, it’s the solid, steady folks who are shocked to learn that while they may have managed their money admirably, their credit scores are quite a bit lower than they could be, and therefore their interest rates may be higher,” says Jonathan Arnold, Branch Manager of Inlanta Grand Rapids.
“Nine out of every 10 people we talk to can save tens of thousands of dollars in interest if they talk to us the moment the notion to buy, sell or refinance occurs to them. It’s important, and the sooner they see us, the faster we can help them boost their scores.”
Some of the Questions Answered In This Credit Guide:
- Do lenders weight your credit report elements differently?
- What scores are needed for each mortgage type?
- How do government-backed lenders use credit scores?
- How do student loans affect scores?
- How should I prepare for a mortgage?
- What are the “D0s & Don’ts” when a mortgage application is in process?