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Scott Voelkel
RMLO NMLS 297779

o: (614) 946-1706
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921 Chatham Lane, Suite 101,
Columbus, OH 43221
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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 Nationwide Lending 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

Scott has 15 years of mortgage lending experience as a loan officer. Being licensed federally and state wide, he has been trained to determine the best loan program for your needs. In addition to experience and training, he is a specialist in working with first time homebuyers. Scott specializes in the state bond program OHFA, the City of Columbus ADDI grant, the Franklin County grant, the Ohio Trust Fund grant, and more.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

After dealing with a shady mortgage lender who cost us one home deal and almost cost us the one we ended up buying. I got in touch with Scott Voelkel and he managed to get the deal done in a unique situation. Thanks Scott, we will be sending everyone we know to you.

Doug B.

I am a real estate agent and I've been working with Scott Voelkel since 2002. We have made a very successful partnership with Scott as a lender to my clients. When I have needed Scott to expedite a loan because my clients have had specific needs, Scott has always delivered! Even when we have had challenges, Scott has risen to the occasion and helped in every capacity that I have ever needed. We have done some home buyer seminars together, and would welcome the opportunity to do more! Scott's ability to find creative financing and help with grant programs is second-to-none compared to other lenders with whom I have worked. I highly recommend this hard-working, top-notch professional, and I am not only honored to call him a colleague, but I am thankful to call him "friend".

Trina W.

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