Loannetter

Checklist for a Positive Home Loan Experience: 1. Work with a trusted advisor! Applying for a loan is a pretty personal thing. It really helps if you have someone on your side who expresses interest in you, rather than just trying to fit you in their ‘box’. If you are also buying a home, seek out a Realtor and Broker who work together for maximum effect on your behalf. 2. Borrow within your means! It is REALLY imporant to find out what you can afford before you go shopping for a home. Work with your mortgage planner to establish what you feel comfortable with in terms of a mortgage payment in context with your home ownership goals. Otherwise, you may be encouraged you to buy at the top of your borrowing power. (It's a fact that your realtor and lender make more commission the higher your purchase amount). Establish a monthly budget taking into account your personal needs, taxes, insurance and ongoing upkeep. 3. Understand your commitment! Many very sophisticated people go...

Credit Scores and Certain Propertery Issues = Risk Categories to Investors. If you apply for a home loan with a FICO credit score of 720 or over, you will most often be approved for a great interest rate with full documentation (proof of employment, assets, etc.) and the property values well. An applicant with a mid FICO score of 680 or better, depending on the specific lender's guidelines must have pretty solid income verification and be a wage earner. The litmus test for self employed persons for best terms is currently 740+ FICO and very solid tax returns and quarterly reports. Example: L et's say you can get 6% on a 30 year fixed rate for a person with 720+ middle FICO Score. If your score is 680-719, you may be offered an interest rate of 7%. If your score is below 680 expect 'hits' to your price and possibly 8% or higher for the rate. Below 600 and you will be charged even higher rates and may only qualify for much higher rates or be limited to programs. Most...