HomebuyingFinancial IQ May 29 2017

How Do Lenders Evaluate Credit?

No matter when you’re ready to buy a home, your credit score will be a major factor in the lender’s decision to approve you for a mortgage.The mortgage process can seem pretty daunting, but the better it is understood, the smoother your home buying experience will be. Some of the things lenders typically look at when evaluating your credit report are:

Current credit situation

  • How many revolving accounts, such as credit cards, do you have?
  • What are the balances on those revolving accounts?
  • Do you have installment loans – such as student, auto, or home loans?
  • What are the balances on those installment loans?

The last 24 months...

  • Does your report show payments made 60 days late or longer from their due dates?
  • Do you have more than one payment that was 30 days late?
  • Have you been late on a mortgage or rent payment?

Get Your Free Credit Report

There are many different factors lenders take into consideration when evaluating your score. The items mentioned above are only some of the things that can make or break your credit score. Keep in mind, there is no magic number that will get you approved for a mortgage. Every individual has his or her own unique financial profile that must be assessed before a decision can be made. The great news is that here at Eagle Home Mortgage, we believe that everyone deserves a chance to own a home and we want to be your partner along the way.

 
Contact us today to start the pre-qualification process – your dream home is waiting!

Search Results for query

May 06 2021

4 Mistakes Buyers Make in a Seller's Market

Buying your dream home in a seller's market is possible if you're able to avoid these common mistakes.

Read More

April 28 2021

Understanding Closing Costs

An important part of calculating your budget when home shopping includes considering closing costs, which are additional payments you will need to either pay upfront or roll into your loan and gradually pay off

Read More

April 21 2021

The Just-Right House

Home sizes in the U.S. have been growing steadily over the years, and with our sudden shift to stay-at-home living, new home buyers are thinking hard about what that means for them as they plan their dream homes. Here are a few factors to consider.

Read More

April 15 2021

How to Get a Mortgage When You're Self-Employed

Here are a few things you need to consider to land the best possible mortgage when you're self-employed.

Read More

April 07 2021

3 Surprising Refinancing Mistakes

When refinancing, be careful to avoid some pitfalls and traps that could cost you money in the long run. Here are some of the most common mistakes people make when they rush to refinance.

Read More

March 31 2021

10 Unexpected Spring-Cleaning Tips

Keep your home in the best possible shape with these surprising life hacks.

Read More

March 23 2021

Tax Season Tips for Homeowners

If you're a new homeowner, you might be wondering how homeownership affects your taxes. The answer is: It depends on one big thing—will you be itemizing your deductions or claiming the standard deduction?

Read More

March 11 2021

A Virtual Homebuying Helper: Lennar Homebuying Seminars

Online webinars are making it easier than ever to help buyers get educated and take the first steps toward their dream of homeownership.

Read More

March 04 2021

What is Mortgage Insurance?

Mortgage insurance may seem like just one more painful added expense when considering buying a home and how much you can afford. And it's true, private mortgage insurance, or PMI, does increase your monthly payment

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?