Mortgage Articles

How Your FICO Can Save or Destroy a Mortgage Loan

Tip! When you are on the market for a new home mortgage loan, one of the very first things you’ll look at from different mortgage lenders is every specific mortgage rate. Some companies offer a better mortgage rate than others, and you should take this into consideration when applying for your mortgage. However, mortgage rate isn’t everything. If a company offers you a good mortgage rate, but their customer service is shoddy, you probably should look for a different lender. Being friendly and considerate to customers is just as important as offering a low mortgage rate.

Credit is king in the mortgage game. It's a reflection of the borrower's habits that is real, consistent, and trustworthy. It's based on a point system that ranges on the low side of 300 all the way up to 800. Most loan programs start in the 580 range. If your credit falls below, your best bet is to find a legitimate credit repair company and begin to turn things around.

The FICO scores are based on a multitude of factors (from greatest to least): payment history, amount of debt owed, length of time credit accounts have been established, newly established credit and the types of credit used. Lenders look at these factors and your credit score to determine your rate. Hence, the lower credit score the more you're going to pay in points, rates, and payments. On the other hand, if your credit is in the 700's, you are in the driver's seat when it comes to dealing with the banks.

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Lenders know that only about one person in eight hundred with a FICO over 700 will default on their loan. Therefore, they'll loan up-to and over 100% of the loan to value of a home. On the other hand, if you have poor credit, you'll have to bring cash into the deal for a purchase or have quite a bit of equity left in your house for a refinance. Surprisingly, recent loan programs are allowing for home loans one day to 1 year after dismissal. This change has allowed people to own a home who thought it was all but impossible.

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When a lender pulls your credit from the top three credit bureaus, they take the middle score of the three and use that as your official credit score. Raise that middle score and you'll probably end up saving some money. Conversely, add debt like a new car, boat, or charge card and watch your score become to plummet. Remember, to always keep a watch on your credit as it could be the difference between a new home or the same old rental.

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