Mortgage Basics
What Makes Up a Credit Score?
The FICO score generally ranges from 300 to 850, and a higher
score indicates a lower credit risk. FICO scores are calculated
from many sources information in your credit report, which
is based on the importance of the following five categories
for the general population:- Payment History 35%
Were Payments Made on Time?
- Amounts Owed on Accounts 30%
Is the balance owed close to the limit?
- Length of Credit History 15%
How long have your accounts been open?
- New Credit 10%
How many new accounts have been opened?
- Types of Credit Used 10%
Mortgage, auto, consumer finance accounts, revolving and installment loans.
Equal Housing Lender. Metrocities Mortgage, LLC, Massachusetts Mortgage Lender License #MC2011. This is not an offer for extension of credit or a commitment to lend. All calculations are approximations. All rates, fees, and programs are subject to change and/or withdrawals from the market without notice. Neither Keller Williams Realty nor its affiliated companies warrant any product or service delivered under this program. All products and services are provided by Metrocities Mortgage.