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Finding the Right Mortgage Product and Terms
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Selecting a great lender to handle your financing needs is an extremely important part of the home buying process. A well-organized and experienced lender is going to counsel you about the many products that match your needs. Allow me to refer you to a local lender with good rates, a variety of products, and great communication systems to keep you well-informed through the transaction.

What are credit scores?
Each credit-reporting agency rates your credit by using a scoring system. Most mortgage companies use the middle score when determining how much loan they will pre-approve you for. A "good" credit score is anything 680 or better and a high-risk score is usually 620 or lower. Your credit score can affect many of the elements of your financing (your interest rate, the type of loan you can get, and more). It is a good idea to see a lender early in the home buying process so they can advise you on how to improve your credit before you purchase (if necessary).

The Credit Reporting Agencies
Equifax Information Services (EFX)
(800)685-1111
www.equifax.com

Experian (XPN)
(888)397-3742
www.experian.com

Trans Union Corporation (TUC)
(800)916-8800
www.tuc.com


Each year, Colorado residents are able to request one free credit report. If you are interested, please Contact Angela. I would be happy to share with you the ways to request this free report.

Prequalified VS Preapproved
When you are prequalified, it means that a lender could POTENTIALLY give you a loan for the stated amount, assuming that all of the information you gave them was accurate and true. If you are preapproved, it means that you have undergone an extensive financial background check and the lender is willing to give you a loan. Preapproval is usually valid for about 60 days. Most sellers prefer buyers that have been preapproved because there is a much smaller chance that loan commitment will fall through for the buyer.
        

      

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