Your FICO Score and Purchasing San Diego Real Estate

You have found your perfect piece of San Diego realcredit scores, most real estate mortgage lenders use
estate, and now you only need secure a real estatethe FICO score, which was developed by Fair Isaac.
mortgage at a great rate. Simple, right? DefinitelyThe FICO is used for several types of credit and can
not!Before a mortgage makes that real estate yours,affect terms offered for credit cards, car loans, home
the lender is going to check your credit score, whichequity loans, private mortgage insurance, the required
will determine what type of terms they offer to you,size of your down payment, and even the amount of
how much you will pay over the life of the real estatedocumentation a lender will require of you during your
mortgage, and even if you can secure a mortgage.mortgage application. Your score determines what
Your credit score tells a lender what type of credit risktype of loan for which you are eligible, as well as how
you are and the likelihood that you will repay themuch money you can borrow.
money loaned.Though there are several types of