mortgage scoring

Mortgage scoring is a numerical system that lenders use to assess your likelihood of repaying a home loan. It considers factors such as your credit history, debt levels, income, and employment stability to generate a score. A higher score indicates lower risk, making it easier to qualify for favorable loan terms, while a lower score might mean higher interest rates or difficulty in securing a mortgage. Essentially, it helps lenders quickly evaluate your financial reliability and make informed lending decisions efficiently.