What kind of things can affect my credit score?
Credit scoring is based on an equation that takes into account the ratio of balances to limits on credit cards, the length of time you have had credit, late payments, collections, judgments, bankruptcies, number of credit inquiries and more. The rule of thumb is to maintain at least three open trade lines (usually credit cards or loans), keep your balances on all credit cards at 30% or less of your available credit, and never, ever make a late payment on anything.
Can I still get a loan if I have bad credit?
Currently, a minimum credit score of 680 of higher is required to obtain a mortgage.
What kind of information should I have ready to apply for a loan?
When you apply for a loan, it’s always a good idea to bring along your two most recent pay stubs, the last two years of your personal tax return and confirm your liquid assets.
What happens if my loan gets sold?
If your loan is sold you should always receive a “hello” letter from your new lender and a “goodbye” letter from your old lender.
What can I do to avoid extra costs?
We provide our clients with every option available as well as a Good Faith Estimate that breaks down all costs associated with the loan.
How long does it take to process a loan?
Allow at least 45 days to close a loan, provided that the borrower has all necessary documentation available at the time of loan application.
