“Congratulations! You’ve been pre-approved for a $200,000 mortgage to buy a house.” Many people receive a lot of junk mail that reads like the above paragraph, and it can get annoying. It doesn’t apply only to mortgages, though – car dealerships, credit card companies and more.
My previous column detailed three common myths that I hear about credit reports and their effects on financing a home. Having worked in the mortgage industry for a while, I’ve heard a lot of them. Since last month, I received a couple more questions about this topic. Here they are:
Working in the mortgage industry, I hear a lot of myths floating around about credit reports. Here are some common ones I find interesting.
Did you know that your level of income is not a consideration for your credit score? Many people think that your score improves with higher income, however, your level of income is not even considered in the FICO scoring models. If you have any other credit/mortgage topics you would like to see, please send an […]