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What is a FICO™ score and why does it matter?

Your FICO credit score is a number generated by each of the three main credit bureaus (Experian, Trans Union & Equifax) that determines part of your creditworthiness. By seeing how you have paid your debts in the past, we can get an idea of how you will pay them in the future. The higher your score, the better terms you will get on your mortgage.

We want to help you buy your dream home or refinance your existing home, but we want to make sure we do that responsibly. After all, we are trusted to be good stewards of our depositor's money. A mortgage loan will probably be the single biggest loan you will have in your life and we want to make sure you will repay your debt obligation. Since we do not have a crystal ball to look into the future and determine that, we rely on your FICO score and look into your past to see your repayment patterns.

When determining your FICO score, we will run a report from all three (3) credit agencies and we will use the middle number of the lowest scored person to set your mortgage rate.

For example: John and Jane Doe are applying for a mortgage

John Doe's scores = 726, 732 and 750

Jane Doe's scores = 707, 741 and 748

Their mortgage loan rate will be based on a score of 732.

We always suggest getting your free credit report through www.annualcreditreport.com and make sure there are no mistakes on it before applying for your loan. Once you apply it will be too late to make any changes. The CFPB www.consumerfinance.gov has a great Credit Report Review Checklist on their website that will give you tips on what to look for and instructions on how to make changes.

New Britain Mortgage, LLC.
335 West Butler Avenue, Suite 115
Chalfont, PA 18914
215.996.3737

NMLS #396614
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