What is a Mortgage Credit Score?

A Mortgage Credit Score is calculated with certain guidelines set by the mortgage industry; In fact, most Industries set their own parameters. The most commonly used for the Mortgage Industry use the following Credit Scores under the FICO® algorithm.

Equifax Beacon® 5.0

Experian®/Fair issac Risk Model V2SM

Transunion Fico Risk Score, Classic 04

Versions can be listed differently on a lender report

Equifax/ FICO® classic V5 FACTA

Experian/Fair Isaac (Ver. 2)

Transunion/FICO® Classic (04)

Buying a home is a big step and it is important to be ready and more importantly to be adequately prepared by having all the necessary documents prepared for your lender and knowing your correct mortgage score.  Most consumers track their credit scores using websites that offer free credit scores and an important thing to remember is when preparing for a home loan you want to make sure what you are tracking is your actual mortgage FICO® and not some general scoring model.

An excellent place to view the Mortgage Credit Score is through www.myfico.com. Their website is pretty user friendly and will not affect your credit score and there other products that Myfico offers that include the Mortgage Fico, Auto Fico, Credit Card Fico, etc. as well as other variations and other perks.  Choose what is best for you.

 

If you need help getting your credit report ready, please feel free to give us a call. Our consultations are always free.  You can visit our website at https://mycreditgroup.com/free-consultation/.