The best combination of interest rate and points requires a higher credit score than in the past. Before the crisis, the best mortgage loans came with credit score of 720. Then the industry went back to basics. Now the best deals often need a 740 credit score.
Tip #2 - Protect and preserve your credit
Tip #2 - Protect and preserve your credit
Multiple credit inquiries will cause your credit score to fall. For that reason, some would-be borrowers are wary of shopping around for a mortgage loan. But when mortgage lenders make multiple credit inquiries within a few weeks, those multiple inquiries are treated as one. Yes, it will cause the score to drop. But the hit is likely to be minor because multiple inquiries are treated as one.
Tip #3 -Talk to Your Lender
Depending on the lender or mortgage broker, it may be possible to pursue a loan before negative items on your credit report are removed. Talk to your lender about outstanding things (like unpaid parking tickets that you've paid) and they might be understanding.
Tip #4 - Check Government Loans
Check government loans if you have bad credit. They are more forgiving.
Tip #5 - FHA Loans
No credit at all ? Everyone has to start somewhere. FHA loans are insured by the government and require a lower down payment than many conventional loans. They target first-time homebuyers.
Tip #5 - Free Credit Reports
Beware of companies that promise free credit reports, but really want to sell you services to fix your credit. Remember, three credit bureaus are required to give you the report free.
Loan Forms
Please download loan forms and a list of required documents, fill them out and return your loan application to us. We will determine if you qualify for a Loan Pre-Approval Letter. There is no cost for a loan pre-approval and no obligation to do a loan with us.
Timing is everything when financing or refinancing a home / property.
Click LOAN INFO REQUEST to tell us about your Loan Need.
Please download loan forms and a list of required documents, fill them out and return your loan application to us. We will determine if you qualify for a Loan Pre-Approval Letter. There is no cost for a loan pre-approval and no obligation to do a loan with us.
Tell Us
Please call 408-923-8951 for more information.
Please call 408-923-8951 for more information.
Timing is everything when financing or refinancing a home / property.
Click LOAN INFO REQUEST to tell us about your Loan Need.
