What is a credit score and how is it determined?
Your credit rating is based on the information in your credit report maintained by credit reporting agencies. This information is converted into a number, called your Credit Score, and is used by your lender to determine whether you are likely to repay your loan in a timely manner. The scores used in mortgage lending are typically in the 300 to 900 range. A general guide is the higher your score the better. Your 1st Source Mortgage Consultant can review this information with you.