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Understanding your credit score

Unsure of what you need to obtain financing for your mortgage? Find out everything you need to know below.

Payment History

35% Payment History If you make your monthly payments on time, your credit score may rise. Late payments can damage your credit

Length of
credit history

15% Length of Credit History The longer you can show the history of being a responsible account holder, the stronger the positive impact it will have on your credit score.

Types of credit

10% Types of Credit It is beneficial to have a mix of account types under your name, including revolving (credit card), installment (auto, student loans, etc.), and mortgage accounts.

Amounts owed

30% Amounts Owed It’s best to keep balances at or below 30% of what’s available on your credit line. It heavily determines your credit score.

New credit

10% New Credit New credit allows you to make purchases without potentially damaging your score. Credit inquiries made within 30 days of score requests are ignored when mortgage shopping

Example Monthly Payment:

Find out what your monthly payment will be - including applicable finance charges, PMI, hazard insurance, and property taxes.

$981.00

*Source: https://www.myfico.com/credit-education

*Prosperity Home Mortgage, LLC is not a credit counselor nor offers financial advice. Not all borrowers will qualify. The information displayed is not credit advice and should not be relied upon or interpreted as such.

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If you know what to expect, finding and financing your first home can be an exciting and rewarding experience!

Find out what your monthly payment will be with applicable finance charges, PMI, hazard insurance, and property taxes.

Follow these helpful tips when applying for a mortgage to help make the process go smoothly.

Use this handy checklist to gather documents for your home loan.

Wondering what to expect from start to finish when it comes to obtaining financing for your mortgage? Find out below.

Learn about the 5 components that determine your credit score and how to manage it.

Not sure what appraisal, escrow or private mortgage insurance are? Find out about these mortgage terms and more.