FICO Score

Important to Home Mortgage Loans

Information about how your FICO score is calculated. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

How does the FICO score work?

When you apply for a mortgage, the prediction of your credit performance is measured by a numerical score. Although there are slight differences among the systems used by major credit reporting agencies, the FICO model is the most popular. The FICO scoring system was developed by Fair Isaac and Company, with the goal of filtering out non-relevant factors, such as race or gender. This single rating score sums up your credit history, projecting the likelihood of meeting future payments and indicating your level of credit risk. Higher scores indicate a better credit risk . These scores not only may qualify you for a mortgage, but possibly better mortgage rates also. As with the other major scoring models (BEACON and EMPIRICA), FICO takes into account the statistics available in your credit report. Each item of data is assigned a weighted value, resulting in a single score that ranges from 300 (low likelihood of repayment) to 850 (high probability of repayment).

A typical rating for a home buyer might fall within the range of 600 to 800. These credit scores particularly evaluate:

  • Payment History - Have your payments been timely?
  • Credit Card Balances - What balances do you still owe?
  • Credit History - What credit have you maintained and for how long?
  • Credit Types - What type of credit have you obtained?
  • Credit Inquiries - How often have you had your credit checked?

As most of these factors cover a timeline of credit history, there is not much you can do to change your score at the time of applying for a mortgage. However, you can begin to monitor your credit rating, know what your score is and ensure that the history is correctly recorded.

For information and tools to help you, Fair Isaac has created a web site (www.myFICO.com ) that lets you access your FICO score from all of the three major reporting agencies (Equifax, Experian and TransUnion), along with your credit report. The FICO site and each of these reporting agencies’ sites (http://www.equifax.com , http://www.experian.com , and http://www.transunion.com ) offer services to help you determine the best way to impact your FICO score. When you have access to pertinent information, you will be in a better position to obtain the optimum mortgage available to you.

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Testimonials

Joe Stiles walked us through our home financing process with patience and attention to detail. He was available to us for questions and provided honest feedback. We appreciate Joe and his diligence to see us through this potentially overwhelming step into home ownership. We highly recommend Joe Stiles!

Bo & Laurie T.

A big thank you to Joe Stiles who was so helpful in our recent home-buying experience. He was very pleasant to work with and made the process enjoyable with his friendly, humorous manner. We found him to be very knowledgeable as he helped us navigate through this process successfully. His helpful guidance enabled us to hit our target closing date. Thank you Joe.

Jay and Kathy S.

Joe Stiles had been nothing less than wonderful during my loan process. He helped me purchase my first home and it closed in less than 30 days. He's definitely a notable person to work with.

LaShawnda J.

As a first time home buyer I was worried. I've heard horror stories of how stressful of a process it can be. Joe was GREAT! He was always ahead of the game. He gave good pointers of what I could do to help things run smoothly. He truly made buying my first home that much more enjoyable of an experience. Thanks Joe!

Rachael M.

We have refinanced our home many times. Joe Stiles is the best loan expert we have come across in this crowded market place. He takes great care of his clients by following thru his commitments. I would recommend Joe to anyone who needs a mortgage loan.

Satish & Uma S.

It was a long arduous road to travel, on the journey to owning my new home. I could not have asked for a better companion than Joe Stiles.There were points I was ready to throw in the proverbial towel. Joe's assurances that everything would work out, were comforting. With so much new regulation, it is so important, now more than ever, to work with a Professional who knows all the ins and outs of the mortgage process. Thank you Joe!

Brian D.

My wife and I recently closed on the purchase of our home, needless to say one of the most important decisions in life and at the same time one of the most stressful experiences to go thru. However we were very lucky in having worked with Joe Stiles to secure our mortgage loan. Mr. Stiles was very professional, very knowledgeable and also very patient in explaining everything we needed to understand, while at the same time very mindful of timelines to meet and keeping us informed at all times. I would certainly work with Mr. Stiles again and would verify his excellent professionalism and industry knowledge to anyone who is looking to secure a Mortgage Loan.

Michael & Vicki

After my divorce I had to refinance my house to put it solely in my name. Mr. Stiles helped me out by walking me through all the necessary steps. He was very patient and willing to work with me to get the best possible refinance that I was able to get.

Alex L.

A little over 10 years ago, Joe Stiles guided us through the process of buying our dream home. This year, he walked us through re-financing our home and made it painless. We appreciate his attention to the details, which made it all possible. Joe brings a personal touch and really cares about his clients

Tom & Amanda S.

During a stressful time in becoming a new home owner, Joe Stiles was there to help me through out the whole process. He was very knowledgeable and had great advice along the way. He instilled a confidence and reassurance in me that I'm afraid another lenders may not have taken the time to do. I am now loving my new home and could not have done it without him. I have already recommended him to several friends and co-workers!

Audrey C.

If you are looking for a trustworthy, economical and fast loan expert, look no more because you have just found him. Joe Stiles, a man of integrity and commitment to his clients, as well as the most patient man is a phone call away. As this is my 1st time buying a home I was clueless to most of the process but his detail oriented self got me through this process with much confidence. Thanks Joe! You did an outstanding job of getting my loan process done and I appreciate you so much. You have helped make my dream come true!!

Hannah H.

Tom and I cannot being to thank you enough for making our mortgage process so painless. To be honest, I was dreading that part of our move as we're both so busy and it's so time consuming. But your professionalism and thoroughness were evident throughout the process and resulted in a seamless closing. We really appreciate you and your guidance!

Jennifer & Tom L.

Joe Stiles and the team at Premier Nationwide Lending are great to work with. Joe and the team were there for me throughout the whole process. If anything arose they jumped right on it and that helped the loan process move along very smoothly. I would highly recommend Joe Stiles and the PNL team to anyone!

Travis G.

Buying a new home in the right area takes a lot of time and research. Getting our loan approved was the easiest part of this major transition because Joe Stiles was quick, efficient and flexible to meet our needs. Not to mention he got us a super low interest rate. He showed up at closing with a gift for me! I felt like we should have had a gift for him!! Thank you Joe Stiles!

Anji & Josh M.

Joe Stiles came highly recommended and rightfully so. Joe's expertise and attention to our needs provided us with the confidence and competency needed in the complicated world of financing a property. With Joe's help we not only purchased a house but a home

Rene & Eleanor

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