Getting best possible mortgage rates and terms
If you are a home buyer and want and need to get a mortgage loan, you would need the services of a banker or mortgage broker/banker. I strongly recommend that you consult with a mortgage professional as soon as possible. If you are dealing with a licensed real estate agent, they can refer you to mortgage lenders. Realtors and mortgage lenders refer each other clients and if you are comfortable with working with your realtor, he or she will refer a mortgage lender your realtor has worked with in the past.
Getting best possible mortgage rates and terms by boosting your credit scores
Just because you are pre-approved for a mortgage loan does not mean you have the best mortgage rates and terms. This has nothing to do with which mortgage lender you use, whether it is a bank, mortgage banker, or mortgage broker. This is Fannie Mae’s mortgage lending guidelines.
For example, if your credit scores are at 615 and your mortgage lender has pre-approved you for a mortgage loan at 4.5%, that does not mean you have the best possible terms and rates. In general, your mortgage rates will be higher if you have credit scores below 620 FICO. Your mortgage lender can approve you for a rate of 4.5% but if he can help you improve your scores by a mere 5 points, your mortgage rates will plummet to 3.25%. That is a 1.25% difference in mortgage rates. That is HUGE!!!!!!!!!! 🙂
Getting best possible mortgage rates and terms by repairing your credit
When a home buyer comes to me for a pre-approval, I will can approve him or her for a mortgage loan. However, I will give the mortgage loan borrower an option if they are on a borderline credit score cutoff for a better rate and help them with improving their credit scores. Improving your credit score can be as simple as paying down some credit cards, taking an them off as an authorized user if that is a case, or getting one other secured credit card. I help repair mortgage loan borrower’s credit all the time and help them improve their credit scores so they qualify for the best possible mortgage rates and terms.
If the mortgage loan borrower wants me to help them boost their credit scores so they qualify for a better mortgage rate, it normally takes a month or in some cases 45 days. If it is paying down credit card debts or getting another secured credit card to boost their credit scores up, we need to wait 30 days so the credit reporting agencies report the new balance or credit tradeline on their credit. After the credit reporting agencies have updated the mortgage loan borrower’s new credit profile, we can then proceed with the mortgage application.
Getting best possible mortgage rates and terms in California, Illinois and Florida
If you are seeking a mortgage loan for a home purchase or a refinance loan in California, Illinois or Florida, I can help you getting best possible mortgage rates and terms and will help you repair your credit and improve your credit scores. Please contact me at 262-716-8151 or email me at firstname.lastname@example.org. You can also subscribe to our daily mortgage and real estate newsletter at www.gustancho.com .