Get Good Mortgage Advice?

There are lots of great deals in today’s lending environment. Before you take one, compare your offers and ask questions. The loan that appears be your “best deal” may be worse than you expect upon closer inspection. Mortgages are available from many sources but with very different mortgage terms. Rates and fees can vary by lender along with your own customizations. For this reason, when you’re applying for a loan, it’s important to work with knowledgeable mortgage professionals who will help you find the most suitable loan fit that you qualify for based on several key factors.

KEY FACTORS

CREDIT SCORES

• For most mortgage loans, the rate you get from the bank is linked first to your personal credit score. Your credit score reflects the likelihood of your loan defaulting and your home going into foreclosure.
• Home buyers with high credit scores get access to the lowest rates available since their loans represent less risk to the lender.
• As a general rule, the higher one’s credit score, the lower the rate the borrower can be offered. For example, a 720 mid credit score will get the best lowest rates versus a credit score below 660.
• You can order a credit report here on this site on our home page under TOOLS, to get your real credit score that lenders will use for qualification purposes.
• A free credit report, or a credit report you pull yourself, cannot be used for qualification purposes because these report do not yield an accurate credit score.
• Why? Credit reports pulled from any source except the mortgage lender will not reflect accurate credit scores due to how the major credit bureau’s analyze the reason for the report.

• In other words, a free credit report says, “you’re just checking in”, whereas a lender pulled credit report says, ” I’m seriously considering taking on additional debt obligations”.

Big Question to ask your lender: What steps can I take to raise my current credit scores?