A high FICO score gets you a low California refinance rate at GoldMedalMortgage.com.
(PRWEB) July 20, 2004 -- We at www.goldmedalmortgage.com have programs specifically for California residents who have a high FICO score and qualify for a low home mortgage loan rate that could potentially save you hundreds of dollars a month.
As an example on a $150,000 30-year, fixed-rate mortgage a borrower with a high FICO could pay as low as $895 a month, where somebody with a lower score could pay $1238 on the same loan.
A FICO credit score can range from 300 to 800. Remember, the higher the FICO credit score the better the home mortgage loan rate! Most borrowers fall into the 600-800 credit score range.
A high FICO score is your reward for paying bills on time. This is one of the most important factors that determine your home mortgage loan rate. A borrowers high FICO score is the best signal to the lender of how well youll make your mortgage payments.
The three major credit reporting agencies (Equifax, Experian and Trans Union) use a slightly different system to arrive at a credit score. The best known is called the FICO score, developed by Fair Isaac and Company (FICO).
FICO is used by Experian. Equifax's credit score is called BEACON, while Trans Union uses EMPIRICA.
The most important information that the credit agencies use to determine your credit score are:
- Credit History - How long have you had credit? The longer youve had good credit the higher the FICO credit score.
- Payment History - Do you pay your bills on time? One 30 or 60 day late payment can damage your good FICO credit score.
- Credit Card Balances - How much do you owe and how many accounts do you have? A person who has many credit cards even if there are small or no balances on the accounts has a greater potential to incur debt. Close out the credit cards that you dont use!
- Credit Inquiries - How many times have you had your credit checked? The fewer inquiries on your credit report the better the FICO credit score. So when you sign up for a free gift at the mall and your credit gets checked you might have lowered your FICO score even if you have no intention of using the new card!
It is very important to know your FICO score even if you are not in the market for a home mortgage loan rate. You could have errors on your credit report which are lowering your FICO score.
The 3 credit agencies have valuable information on your credit scores. www.equifax.com, www.experian.com and www.transunion.com.
We at www.goldmedalmortgage.com have programs specifically for California and Nevada residents who have a high FICO score and qualify for a low home mortgage loan rate. We also have programs for people who have FICO scores which are lower. We make many loans that banks can not. As we like to say, We make loans that banks do not"!
For more information call 866 398 4664 or please go to:
http://www.goldmedalmortgage.com
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