With the technology we have today it is easy to apply for a mortgage online or over the phone but, experience shows that once you apply, you become just “another loan" and not the important person you actually are. It is highly recommended that you avoid the online/over the phone method and deal directly (and in person) with a Mortgage Lender/Banker. Here at Big Valley Mortgage you"are important" and will receive hands on, step by step communication from our qualified lending team during and after your entire loan process.

Your credit score is a numerical representation of what’s in your credit history file and an important part of the loan process. It’s suppose to represent how credit worthy you are. Why should you care? Well, lenders use your credit score as a factor when considering the interest rate for your loan.

Not only will a good score help you qualify for a home loan but, it will also help you get a lower interest rate. Understanding how your credit score affects your mortgage rate can mean saving thousands of dollars over the life of the loan.

The following is a basic understanding of your credit score.

Each of the three major credit bureaus (Equifax, Experian, TransUnion) all collect information on you. This is transformed into your “credit report," from which a credit score is calculated. The Fair Isaac Corporation formulas are the most widely used way to arrive at your credit score. When you hear the term FICO score, this is short for “Fair Isaac Corporation." All these scores can be confusing, so it might be easier to think of “credit score" as the numeric grade of your credit history.

As your Mortgage Lender, we will consider many variables – such as employment, salary, savings and debt-to-income ratio (how much you earn compared to how much you owe) when determining your mortgage eligibility. However, your credit score is the key component when determining the rate you will receive. The better the interest rate, the lower your monthly mortgage payment will be. This is WHY building a great credit score is extremely important when trying to obtain a good mortgage rate and at the same time save you loads of cash.

If you have any concerns or questions about your credit score, we will be happy to meet one on one with you and determine the best way for you to reach your goal and get the best mortgage loan possible.