Loan Officers

A credit bureau is a company that gathers information on customers who use credit and sells that information in the form of credit reports to credit grantors, such as banks, finance companies, and how regularly these debts are repaid.

What is a Credit Score?

A credit score assigns a numerical value to the various items of information wee consider in evaluating a credit report. These numerical values are based upon the analysis of repayment histories of large numbers of consumers.

Various factors are used to determine the borrower’s credit score number, including, but not limited to, length of credit history, derogatory credit history, proportion of available and current credit balances, number of open accounts, number of recent inquiries, and number of recently opened accounts.

There are several types of credit scores available and a borrower’s score may vary depending on the type of score a lender requests. Generic credit scores were created for general use in making lending decisions and are based on credit data only.

Generic Credit Scores

FICO (Fair, Issac, & Company) Scores are one type of generic credit score. FICO scores range from approximately 400-900. The lower the score, the greater the risk of default. Examples of FICO scores include Equifax BEACON, Trans Union EMPIRICA and

Experian/FICO (formerly TRW/FICO).

Benefits to the Consumer

Credit scores speed up loan approvals to borrowers with high credit scores.

Good Faith Estimate

Consists of 3 section

1- Closing Cost

2– Prepaids (Hazard Insurance &

Property Tax)

3– Title Charges & Legal Fees

Yes we do VA Loan

Yes, we are Licensed Mortgage Brokers