Bank of Internet Tells How Credit Scores Affect Home Loans

Credit scores are used to determine the likelihood that a home loan recipient will pay back the money owed to the lender. Bank of Internet offers affordable low mortgage interest rates on home loans. For a prospective buyer to receive one of these home loans, they must submit their credit score during the application process. If the recipient's credit score is not where they want it to be, there is hope. 

Credit scores are determined by the credit bureau, not by the lender. It is calculated by taking into account money owed to various institutions in a person's life, and how that debt is repaid over time. The credit bureau then compares the person's credit history to millions of other people in similar situations. 

Mortgage loans are typically granted to credit scores ranging from 300 - 900. Generally speaking, the higher the credit score, the less risky the loan recipient is considered. Bank of Internet offers home loans based on the entire financial picture, though, not just the credit score.