The Truth About Credit Scores And Mortgage Borrowing

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The Truth About Credit Scores And Mortgage
Borrowing
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• When it comes to mortgage borrowing, we all know
  that a credit score is taken into accountant by
  lenders, but did you know that the credit report
  they see, is not the one you might be seeing?
• Credit scores and mortgage applications
• No matter who you get your most recent credit
  score from, when you submit your application for
  a mortgage, your chosen lender will not see the
  score that your chosen provider has given you
  these scores will not be sufficient for lenders,
  instead, they will need a comprehensive and
  entirely different credit report in order to
  satisfy their criteria. If youre working with a
  mortgage broker, they will take care of this for
  you, and will request signed consent to access
  the necessary report and send it with your
  application.

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• Fico Score 8 what is it and what does it mean
  for your mortgage application?
• The majority of mortgage brokers submit their
  clients applications along with an Equifax
  Canada credit report, and the most important
  element of this report, is the FICO Sore 8. This
  number is cited when a lender wants to know the
  credit score of an applicant, and most Canadian
  lenders, including the major banks, use it.
  However, Canadian consumers are not able to
  access their own FICO score. While mortgage
  lenders typically rely on the TransUnion credit
  report, or the Credit Vision Risk Score (or
  both), either can generate a FICO Score.

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• Experts now state that all providers of free
  credit scores, should standardize them to offer
  consumers a more practical score, especially for
  mortgage purposes, and that FICO 8 is the best of
  those on offer.
• Should you be worried about your credit score?
• Its important to care about your credit score,
  since its needed for so many different things in
  life, from financing a car or a home, to applying
  for a job or tenancy agreement, for example, but
  the emphasis should really be placed upon
  something referred to as credit hygiene. Taking
  preventative measures to ensure that your
  personal credit history is healthy, is what
  credit hygiene is all about, and its vital.

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• Always employ best practices, which see you being
  responsible with your credit, and your score and
  overall credit profile will remain optimized, and
  appear healthier in the eyes of lenders.
• Your mortgage broker will undoubtedly have a
  wealth of knowledge surrounding credit scores and
  the whole mortgage application process, so if you
  need more advice and guidance, seek their help as
  soon as you can.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is one of the best calgary mortgage brokers and
  is proud to serve clients from across Canada,
  while being centered in Calgary, Alberta. Luke is
  proud to serve his clients with a personalized
  approach to finding his clients the best and
  lowest Canadian interest rates and terms offered
  by the major banks and private lending
  institutions. If you are looking for a mortgage
  broker in calgary, with Luke Wile you can get
  fast and personal expertise for your mortgage.
  Contact us today!