Buying a home in Chalfont PA? Your mortgage loan choices hinge heavily on your credit scores. If you have a long, lengthy credit history and pay your bills on time, you probably have great credit. If you’ve paid your bills late and maxed out your credit cards, your credit scores may be low.
If you’re planning on purchasing a home and living in Chalfont PA, understand which credit reports mortgage companies use.
There Are Three Credit Bureaus
TransUnion, Equifax, and Experian are the three main credit bureaus. Mortgage companies generally pull all three bureaus and use them in approving or denying your loan application. These bureaus are competitors, so one doesn’t share the information they gather on you with the other two. This is why there might be a line of credit showing up on one that isn’t seen on the others.
Scores Can Vary Greatly
Each bureau uses its own mathematical formula to weigh the different pieces of your credit history. This is how scores are calculated. Since the bureaus have different formulas, and often different types of information, the three scores are rarely the same. They can even vary by 100 points or more!
Mortgage Credit Scores Differ from the Ones Pulled Online
If you use one of the many websites to check your credit, the scores you see may not be the same as the ones your mortgage lender sees. That’s because mortgage credit scores weigh your history differently than, say, an automobile credit score. So, even if online scores look good, that doesn’t mean you will automatically be approved for a loan.
The best path toward home ownership is to talk with a professional mortgage lender, have her pull your credit, and attempt to get pre-approved. Good luck on your journey!
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Copyright 2017 Federated Lending. All Rights Reserved
Privacy Policy
Licensed Mortgage Banker in PA and NJ
NMLS Company License 112272
NMLS Individual License 134755
Licensed by the PA Department of Banking and Securities
Licensed by the NJ Department of Banking and Insurance
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
All employees are Bonded and Insured
