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Are You Credit Worthy? by Greg EllingsonLenders take
various criteria into account when determining whether an applicant is credit worthy, but it
generally comes down to...
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 Roger Monger  
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For all your real estate needs in Harrisonburg, Rockingham and Augusta County, and the Central Shenandoah Valley of Virginia, see Roger Monger and Roger4Realty.com. Let me list your property or find you a property to buy, lease, or rent. If there is any way I can be of service to you in your real estate needs or wants, give me a call at 540-476-4644, or e-mail me.
Roger is a licensed salesperson with Old Dominion Realty.
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ROGER MONGER 540-476-4644 Roger is a life long resident of the Harrisonburg area. He has eight children (two biological, three adopted, and three foster), eight grandchildren, and two great grandchildren. He is a graduate of James Madison University with both a Bachelor of Science degree and a Master of Business Administration degree. He is a member of the Massanutten Presbyterian Church, Elks Lodge 450, VFW Post 9292, and Moose Lodge 2172 National Siteof the National Association of Realtors State Siteof the Virginia Association of Realtors Local Site of the Harrisonburg Rockingham Association of Realtors. |
Lenders take various criteria into account when determining whether an applicant is credit worthy, but it generally comes down to three important points:
Credit History: Every time you pay a bill, this action is tracked by a credit bureau. They note whether it was paid on time, whether the minimum payment was made, as well as the total amount of debt you have accumulated. The effectiveness of your ability to pay this bill results in a credit or FICO score between 300 and 850.
Income: A lender will look at your income, how long you've been doing your job, if you bounce from job to job and how long you've been working in your particular profession. All of these criteria go toward creating a profile of stability and ability to pay the debt. They compare your income to the cost of your mortgage, credit card bills, car payment or any other outstanding debts and use this figure to create a debt-to-income ratio. Generally this number is kept under 36 percent.
Loan to value ratio (LTV): This is the difference between what you owe on your house and what it's actually worth; for instance if your home is worth $100,000 and you have an outstanding balance of $80,000, your loan to value ratio is 80 percent. Lenders usually keep this total at about 80 percent or less.
How can you improve your odds: A consumer can obtain a copy of their credit report, either by purchasing it directly from Fair Isaac Corp. (Federal law entitles you to one free credit report per year). This will provide you with separate credit scores from 3 national credit bureaus and includes an explanation of the factors affecting your scores. The reports will outline all your debts, creditor info, opening balance, payment history and current balance. Obtaining the report will not affect your credit score, but it will open your eyes as to your credit history and what you can do to improve it before applying for a mortgage.
You will see how your credit score is affected when you do any of the following:
When you apply for a loan or mortgage, make certain you provide complete records, especially for your proofs of income. These may include W-2s, tax returns, or other earnings.
Less than perfect credit does not necessarily mean you will be denied the loan, but your interest rate may be higher.
Turn to Golden Realty for all your Brevard County FL real estate needs. Get the professional advice you need from The Greg Ellingson Team of Florida Realtors. Search the various surrounding communities including the listings for Rockledge FL real estate.
Turn to Golden Realty for all your Brevard County FL real estate needs. Get the professional advice you need from The Greg Ellingson Team of Florida Realtors. Search the various surrounding communities including the listings for Rockledge FL real estate.
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