Chief Executive Officer of E Mortgage Management, LLC
Greg Englesbe has been in the mortgage industry for over two decades. Most people need to borrow money to achieve their financial goals, such as buying a car or a home, getting a line of credit for a business, and so on. When you apply to get a loan, lenders look at your history of borrowing and repaying money to establish how likely they are to get their money back if they loan it to you. This likelihood also influences your interest rate. If a bank thinks that you are very trustworthy, your rate will be lower. If you have had some issues repaying debts in the past, the bank may want to charge you a higher interest rate because of the risk it assumes when giving you money. Detailed information about your usage of credit is contained in your credit report. Your credit report may also have information about your recurring payments, such as cellphone bills and electricity bills. A credit report contains information about when you opened your financial accounts, what the recent balance is, and whether you’ve been making payments on time. A credit report may also contain records about who has been accessing your report, thus telling the lenders about where else you’ve been applying for financing.
The score that takes all this information into account and shows your credit-worthiness in one number is called the credit score. The most common one is the FICO score. It is the score developed by Fair, Isaac, and Company. This score ranges from 300 to 850. When your score is close to 850, you can get a mortgage with a really low rate from an expert like Gregory Englesbe. Comments are closed.
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