What it Means to You as a Prospective Home Buyer

You've probably heard of the term "FICO Score" or "Credit Score." Credit Scoring is a means of applying a sophisticated mathematical model to your credit behavior, and the behavior of others like you. It's a way to more accurately gauge how great of a risk you represent to a lender.

Your Credit Score is especially important for two reasons:

1. In many cases your Credit Score can make the difference between getting a loan approval or not. Borrowers with higher scores are more easily approved, while borrowers with lower scores represent a greater credit risk and are therefore more likely to be declined.
2. In almost all cases your Credit Score will determine just how good of an interest rate you will enjoy. This is commonly referred to as "risk-based pricing" and it makes sense that low risk borrowers should be rewarded with better interest rates.

Although there are a number of scoring models being employed (and more on the way), it is important for you to know your credit score, and what it means to you as a prospective home buyer.

I encourage you to order a FREE credit report and Download your FREE copy of "Your Credit Score - What it Means to You as a Prospective Home Buyer".

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