Each of the three major credit bureaus is going to give you a credit score.  This credit score is calculated differently by each of the bureaus. 

A company called Fair Isaacs invented the FICO credit scoring system. Each credit bureau has their own credit score; Equifax calls their score Scorepower, for instance. Each bureau also sells the VantageScore credit score, a competitor to FICO. Regardless of the system used, the credit score takes into account how much credit you have, how much you use it, how fast you repay your bills, if you have any legal or tax judgments recorded against you and so on.  Even though all three bureaus use VantageScore, credit scores will not be the same for all three. This is because they each track different information.

Not all scoring systems are the same so if you go to get your credit score from Fair Isaacs at FairIsaacs.com, the score will be higher than when you get a score from the credit bureaus.  A mortgage lender will look at all three credit bureau scores and select the middle of the three as the best measure of your current credit.

For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs.  “Simple answers to home ownership questions”.

First, you need to know that there are three major credit bureaus to whom your creditors report – Equifax, Experian, and TransUnion.  Some creditors may report only to one, some may report to two and some may report to all three.  When a mortgage investor (bank) looks at your credit, they want to see a report from all three bureaus.  This is because they can then look at ALL your credit.  This type of report is called a “three bureau merged report” because all three credit bureaus are reported on it and all your credit is “merged” on it.

For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs.  “Simple answers to home ownership questions”.

 If your plans are getting bogged down in budgets, you should know that all you will need to buy a house is about 5% of the purchase price for the down payment. 

• Did you know that the services of a Realtor are FREE to home-buyers?  By tradition, the Buyer’s Realtor’s fee is paid by the broker listing the home that you buy.  You will never write a check to a Realtor as a buyer.
• Negotiating other items “for free” is a part of what Realtors are skilled at doing.  A good Realtor can save you thousands on the purchase of a used  or new home by making sure all standard items are included in the price.

Even your closing costs can be FREE.  Your Realtor can request that the Seller pay these fees for you, keeping your front end costs low.

For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs.  “Simple answers to home ownership questions”.

At How to Buy A Home MN we feel it’s important that you have all the information that you want and need to learn how to find the home that you truly want. That’s why we offer free no-strings-attached classes to help you! No pressure, no stress. Just helpful personalized answers to your questions.

If you decide that you’d like us to help you buy your home too, then great, but that’s up to you.

Our classes are our way to help you find what you need and to get to know us a bit. Our clients are our family, in the best sense of the word, and we’d like you to join us and learn everything you need to know!

For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs.  “Simple answers to home ownership questions”.