Mortgage Advice

Save Money. Save Time. Take Control.

Mortgage Disclosure

How Does A Lender Use Your Credit Report?

• Before You Apply

What to do to prepare up to a year in

advance of your mortgage application.

• Can You Trust Your Loan Officer?

Who does your loan officer really work for, and how do you find the best one?

• Lender, Broker, Or Bank?

What type of loan Provider is right for

you?

• Types of Mortgage Loans

The types of mortgage loans and

their advantages and disadvantages.

• Types of Documentation

Your options for disclosing how much

you make and where it comes from.

• Underwriting

What does an underwriter look for

when analyzing your loan application?

• Pre-Approval

What it is and isn't and how it saves you

time and heartache.

• Credit

What it is, and how it affects your life.

• Income & Employment

How much you need to make and for

how long in order to qualify.

• Assets/ Down Payments

How much, where from, and what kind

of money will work.

• Down Payment Assistance

Short on funds? Learn about your

options and explore these resources.

• Processing

What happens to your application after

you sign it and before you close?

• Title

What is it, what does it mean, and how

does it work?

• Appraisals

What is your home worth, why you

should bother to find out, and how

does it affect your loan?

• Alternate Financing

Facing rejection? Time to get creative.

• FHA

Low down payment, forgiving

qualifications. A great loan option.

How are credit scores used?

Though lenders take many others things into consideration

when an applicant applies for credit, such as income and

employment, the credit score is central among them. The

credit score is basically a fast, easy, and fair way of

determining whether an applicant is a safe bet for repaying a

loan.

Most lenders will only grant credit if the score is above a

certain number, and most also place an applicant in low or

high-risk loans depending on their score. An applicant with a

low score will be placed in a loan with a higher interest rate in

order to cover the cost of default among all borrowers of that

risk category.

The score will also determine, in instances of auto credit and

mortgages, what percentage of a down payment will be

required.