Your Mortgage lender analyzes these five “steps” when considering your loan application and you can help the likelihood of being approved for a loan by knowing them.
#1) Payment History: The Good can outweigh the Bad… pay your bills on time. Pay even if you are late – do not wait until it goes to collections. The older a delinquent payment is the less it impacts your score.
The highest Credit score rate is 850. The best interest rates are given to those with scores above 740; a score under 620 is not
likely to get approved through a traditional mortgage lender.