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You'll need established credit and a down payment to purchase a home. The better your credit score, the easier it may be to get a loan. Your first impression to mortgage lenders will be your credit history. The websites of the 3 major credit reporting agencies are listed below: Equifax, Experian and TransUnion. Study your credit report and question anything that may be incorrect. We can help you prepare for the mortgage process.
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(800)685-1111 |
(888)397-3742 |
(800)888-4213 |
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If your credit score has been negatively affected by late or unpaid bills, or you need help managing excessive debt, you should consult a free or low-cost credit counseling agency. These agencies can assist you in getting your credit back on track, and they may help you reduce your monthly payments and/or interest rates on your debts.
To find out how credit scoring works and find tips for improving your credit, you can visit Fair Isaac Corporation (www.myfico.com) or The National Foundation for Credit Counseling (www.nfcc.org) Now let's take a look at some quick tips to improve your FICO score.
- Pay off debt rather than moving it around.
- Pay your bills on time
- If you are a short timer managing credit, don't open a lot of new accounts too rapidly.
- Apply for new credit accounts only as needed.
- Re-establish your credit history if you have problems and pay responsibly.
You may be able to qualify for a mortgage loan with a down payment of just 3-5% of the home's cost or less. However, if you plan to make a down payment of less than 20% of the home's purchase price, you may also have to add additional amount for private mortgage insurance (PMI). With today's many creative financing program, you may be able to avoid PMI by using a 80-10-10. Let us help you for your mortgage needs.
There are many creative mortgage options out there in the marketplace to help homebuyers to qualify for a loan. The most common terms are Fixed-Rate and Adjustable.
Fixed Rate Mortgage: Interest rate and principal payments are the same for the life of the loan.
30-year fixed (Long-term, stable loan)
20-year fixed (pay the loan off quickly and less interest. Shorter term will result higher payment each month
15-year fixed (Build equity more quickly and pay less interest. Ideal if you can handle higher payment each month.
Adjustable Mortgage(ARM): Interest rate can change over the life of the loan. Initial rate is lower than a fixed-rate mortgage. ARMs are amortized over 30 years.
10, 7, 5, 3/1 Adjustable-rate mortgage (Fixed rate for 10, 7, 5, 3 years)
If you already own a home, you can refinance your mortgage loan if interest rates fall below your loan's existing rate. You may want to refinance for a lower interest rate in order to possibly lower your monthly payments. Refinancing may save you several thousand dollars in interest over the life of your loan plus keep more money in your pocket each month. Contact us today to receive a weekly rate sheet.
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