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.

Residential Mortgage Loan Originators

At Tyler Home Mortgage we have the right home loan for you. Whether a refinance, first- time homebuyer, VA, USDA, FHA or new home purchase, we have the right home mortgage for you. We specialize in teachers loans, health professionals, & firefighters, Homes for Heroes. We service all areas in East Texas; Tyler, Bullard, Athens, Lindale, Mineola, Canton, Van, Terrell, Arp, Flint, Whitehouse, Chapel Hill, Winona, Big Sandy, Liberty City, Kilgore, Gladewater, Longview, White Oak, Overton, Henderson, Rusk, Diana, Tatum, and Marshall. Utilizing our website, Tylerhomemortgage.com, you can start the process from your computer. Once we receive your loan app, our team will follow up and simplify the process for the first time home buyer or a repeat buyer. Our goal is to help you navigate thru the process and to bestow upon you the best customer service in the area.

It’s never a dull moment when Jeanna is around. Her enthusiasm and genuine ability to help everyone who comes to see her, makes her the best in the business for home mortgages in Tyler, Texas. Jeanna started in the Mortgage business 22 years ago. She loves meeting new people and getting to know them and their families. Her commitment is un-parallel, she will help you steer thru the loan process with ease.

Be sure to stop by tylerhomemortgage.com to get your loan started, Jeanna Hill will love to help you, We are your road to living the American Dream of home ownership.


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Testimonials

Jeanna, I just want to thank you and Premier Mortgage Associates for closing and funding my loan in just 5 days. You all saw my need and worked a real miracle. I was impressed with your honesty and professional attitude while making me feel like family. My home is one of my biggest investments and I'm glad it was in your hands. Keep up the good work in Tyler, Texas!

Sans H. - East Texas Radio Group

Consummate professional is the best way to describe Jeanna Hill and Premier Mortgage Associates! She carefully walked me through my home loan process. Always had an answer when I needed one. Listened to my concerns and rested my fears. Jeanna held my hand and made my home loan experience an enjoyable one! I work with Jeanna on a professional level as well. She has never failed to meet a customer’s need, because she has the ability to understand and meet every individual’s financial needs. If the financial situation requires adjustment and improvement, Jeanna will instruct them how best to improve their situation with direct kindness. If you are any where near Tyler, Texas and need a home loan, I recommend and trust Jeanna Hill as a lender and a friend!

Holly E. - New Home Owner

I have been doing business with Jeanna Hill and Premier Mortgage Associates for about 5 years now. She has assisted me both on a personal and business level during this time period. Jeanna has processed several transactions related to refinancing my personal residences and has helped in securing permanent financing for investment properties. Jeanna has also provided my company, Cannon Realty, Inc., with unparalleled professional support. When we market our single family residences near the completion of the project, Jeanna is always available to assist prospective buyers in obtaining financing necessary to purchase one of our homes. She exhibits a genuine concern for her clients’ needs and offers professional service unmatched in the industry. Working with Jeanna has been an absolute pleasure and I look forward to a long and lasting business relationship.

Mike C., President - Cannon Realty, Inc.

I have been doing business with Jeanna Hill for 12 years now. I consider Jeanna not only a lender but a dear friend. She values her commitment to God, her family, and her customers, and it shows in her everyday walk. Jeanna has always taken good care of my customers and holds their hand through the loan process. She builds a personal relationship with each one. She takes every loan personally, and that speaks volumes! Jeanna goes over and beyond the call of duty. She even pre- qualified one of my customers on Easter Sunday afternoon a couple of years ago. I will continue to trust Jeanna's knowledge and professionalism with my customers for years to come. Jeanna and Premier Mortgage Associates are home loan experts of choice in Tyler, Texas!

Terri L., Broker-Associate - Choice Properties

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