Excellent Credit Score

Excellent Credit Score Borrower Is Defined Here:

An excellent credit score borrower is someone who has a 720 or higher middle fico score.  They tend to have a lower debt to income ratio and lots of assets in the bank.  Ok credit borrowers are someone with a middle fico score of 681 to 719 range.  Borrowers with a middle fico score of 620 to 680 range are considered ok credit borrowers.  Borrowers closer to the 680 range will obviously obtain a better interest rate than a borrower with a middle fico score of 620.  Remember, your fico score now determines your interest rate.  The higher the fico score the low the interest rate which means a reduced payment for you.  Therefore, make sure you clean up your credit report prior to even applying for a home mortgage loan.  Do you have collection accounts on your credit report?  If yes, pay them off.  This will eventually raise your scores in time.  Do you have tax liens or judgements on your credit report?  You will need to resolve these issues and remove them from your credit report prior to even applying for a loan.  Excellent credit score borrowers do not have any of these issues.  Nor do excellent credit score borrowers have any late payments on their credit report.

For more information on our loan products go to our home page at www.azwm.com and click on contact us.

What’s the difference between a mortgage broker and a bank?  Alot.  As a mortgage broker, we have the ability to shop your loan to find you the lowest interest rate available.  We also have the ability to find a loan product for you regardless of your unique situation.  At a large bank, you either fit the box for their lending requirements or you don’t.  It’s pretty black and white.  With a mortgage broker, we write down all your unique situations.  Then, we get on the phone and start calling around to find a lender who is willing to hold your loan on their own personal warehouse line.  We don’t stop until we can find a lender for you.  To us, it doesn’t matter whether you have good or bad credit.  We still have loan solutions available to you.  It also doesn’t matter whether or not you have money to put down for your down payment or not.  We still have loan programs available depending upon whether not you meet the loan requirements.