Howco Financial Group
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Credit ScoresAs you are aware, lenders now look at credit scores when making their decision to lend money. We previously mentioned that the lender will be looking at the cash flow of the property. This proves your ability to repay the loan. In addition, the lender will want to know your willingness to pay back the loan and that will be determined by your credit report but in an easier manner for the lender's decision-making process, they will look at your credit score.
Your credit score is determined by five different factors. They are as follows:
If your credit scores are above 700, then you will not have an issue with getting the best interests determined by that factor. If your credit scores are below 620, then you most likely will see a higher interest rate to make up for the lender's perceived risk.
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