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The Tampa Bay Areas' Favorite Source for Real Estate and Financing Needs |
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Getting Started IT DOES NOT MATTER WHAT PROFESSION YOU ARE IN OR WHAT EDUCATION YOU HAVE; MOST PEOPLE DO NOT UNDERSTAND THE LOAN PROCESS. READ THROUGH THIS SECTION AND THE VARIOUS CATEGORIES ABOVE TO BE BETTER PREPARED TO GET THE BEST LOAN RATE POSSIBLE. The loan process can be a relatively easy experience if you understand a few things and prepare ahead of time. FICO SCORES: Lenders look to your ability to pay a loan back (do you have enough stable income?), and what is your credit rating (FICO score). FICO scores run from a low of 300 to a high of 850 (best score). The rates quoted by most lenders are normally for the highest FICO score applicants (760-850 range). If you are anywhere under this score your mortgage interest rate could be up to three percent HIGHER than the premium rate. WHAT'S IN YOUR FICO SCORE: This is the breakdown for your total score:
WHAT DO YOU DO FIRST: Order your credit report and credit score. You can purchase a three agency credit report with a FICO score for $39.00 or less from any of the three major agencies listed below.
HOW DOES YOUR FICO SCORE RATE WITH LENDERS?
620 and lower will usually be in a "sub-prime" loan rate category with a higher interest rate and fees. (The number rating categories can vary slightly from lender to lender) DON'T BUY THAT NEW CAR OR FURNITURE: When you're applying for a new home loan or refinancing a home loan do not add any additional debt to your credit report. In most cases this will lower the overall amount of credit (dollars) a lender will lend you. To understand this clearly go to my Financial Calculators section and look at the "Mortgage Qualification" calculator. There you will see what happens to the amount you can borrow before and after adding extra debt! So, if you're planning on financing a new car, furniture for your home or a vacation, hold off until after your loan "closes". Call 813-265-2494 or Toll Free 1-877-478-5794 Superior Service to one Satisfied Customer at a Time!
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