Oregon credit scoring will place borrowers in one of three general categories.

First, a borrower with a score 680 and above may be considered an A+ loan. The loan will involve basic underwriting, probably through a ""computerized automated underwriting"" system and be completed within minutes. Borrowers falling into this category may have a good chance to obtain a lower rate of interest and close their loan within a couple of days.

Second, a score below 680 but above 620 may indicate underwriters will take a closer look at the file in determining potential risks. Borrowers falling into this category may find the process and underwriting time no different than in the past. Supplemental credit documentation and letters of explanation may be required before an underwriting decision is made. Loans within this FICO scoring range may allow borrowers to obtain ""A"" pricing, but loan closing may still take several days or weeks as it does now.

Third, borrowers with a score below 620 may find themselves locked out of the best loan rates and terms offered. Mortgage professionals may divert these borrowers to alternate funding sources other than FNMA and FHLMC. Borrowers may find the loan terms and conditions less attractive than the ""A"" loans, and it may take some time before a suitable funding source is located.

As more companies utilize credit scoring, the loan approval and closing time will be compressed for most consumers. In the future, a high FICO score may be your ticket to a speedy and competitively priced mortgage loan.

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- Oregon Bad Credit

The first step in the mortgage process if you have great credit or Oregon bad credit is pulling your credit, then lenders will review and factor in your Oregon credit report. Your credit report is a history of how you have managed your finances and repaid debt. It provides information on money you have borrowed and a history of your payments.

Your Oregon credit history is pulled together into a Oregon credit report by three private companies: Equifax, Experian and Trans Union. These companies sell your credit report to banks and other creditors so they can review mortgage and loan applications.

- Oregon Bad Credit ratings are OK! - We have a Oregon bad credit loan for you!

Your interest rate might be a little higher because of your Oregon bad credit, but in most cases you can still get the loan. The first step is filling out the form above and one of our loan officers can educate you about your Oregon bad credit options.