Borrower

Credit Utilization

The percentage of available credit currently in use

Full Definition

Credit Utilization: The percentage of available credit currently in use. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how credit utilization applies to your specific mortgage situation.

Why It Matters

Understanding credit utilization helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.

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Frequently Asked Questions

Credit Utilization refers to the percentage of available credit currently in use. This is an important concept in mortgage lending that affects how your loan works.

Understanding credit utilization can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.

Ready to Put This Knowledge to Work?

Connect with an NMHL mortgage expert who can help you navigate the mortgage process.