Your ‘beacon score’ is an indicator for a lender as to whether a client is likely to make payments on time and in full.
The credit score is also referred to as a FICO Score and is a mathematical formulae created by Fair Isaac and Company. The credit score is used by most companies to see if you are a good credit risk or not. Equifax and Trans Union will crunch the numbers from the credit report, and spit out a number somewhere between 300 and 900, or even no number or R for Reject.
A score over 680+ is considered excellent.
Each time a creditor (potential lender) checks your credit report, a record is created of this event. There are two types of inquiries, soft and hard. A soft inquiry occurs when you pull your own credit report. (Worth doing on an annual basis and FREE via mail at either Equifax or TransUnion.)....
What a great way to finish the week off: another great testimonial from a valued client of mine! What else can I say except that I simply love what I do, and nothing makes me more happy than knowing I’ve achieved my goal: providing the right information so my clients can make an informed decision!
If you haven’t used the services of a mortgage broker before, you might be asking yourself, “what does a mortgage broker do anyway”? If you are anything like 99% of my clients, you might say you just want to make the right financial choices for your family, and you want to be able to afford your home and get the best rate available.
But I would assume you’ve already got car loans, student loans, credit cards, lines of credit, and so on, the whole picture changes. If you choose the wrong mortgage product, and with insurance, property taxes and utility bills on top of all that, you might stay in mortgage land for the rest of your life.
But, what if there was someone who could help you choose the mortgage product that best fits your needs now and into the future, with the lowest rates in the market, who explains all your options in plain and simple language? Well, an experienced mortgage agent is all you need! Someone like me - well, couldn’t help but mention it!
Since I don’t work for any particular bank you will get my independent unbiased advice. Just because I don’t work for a lender doesn’t mean I can't access the same well-known lenders and mortgage products. I regularly deal with some of the big banks, plus I have access to some innovative broker only lenders who offer even more attractive rates and features....
You Found Your Dream House?
You’ve finally found the house to call home, and you are about to make an offer to purchase? There are some things to remember and keep in mind when you are purchasing a home or waiting for your mortgage to fund. It is very important that you consider all of the following since your application may be declined:
1. Assuming Your Pre-Approval is All You Need
Run away from the “non pre-approval”. A full approval means your credit’s been checked, your lender has reviewed the type of income you have, and where your down payment is coming from.
I’ve had clients come to me after they had a pre-approval and waived their financing condition, and it turned out the bank had declined their application when their credit bureau was pulled. I always tell my clients that I need to have a full disclosure, that way we can select the most appropriate lender, and make sure there are no surprises down the road.
2. Quitting Your Job, Changing Employers or Starting a Business
Undeniably, some job changes are out of our control and inevitable. But if you can, wait to change jobs or quit to start a business until AFTER your closing date....
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