Questions that need answers? Call now (401)-252-0000
Example of a Rate Sheet - https://onlineapps.fremontbank.com/Affiliates/Documents/Rates/Wholesale%20Rate%20Sheet.pdf
Annually you should review your credit score, no matter who you are. People make mistakes, companies make mistakes, and not having a correct credit report can cost you money.
www.annualcreditreport.com is the site run by the 3 largest credit reporting agencies, that provide you a FREE full check on an annual basis of your credit report.
This is step 1 of applying for a loan. Any discrepancies should be addressed with the reporting party. Reach out to your bank, your store, utility or whoever has report either a missed payment, derogatory report or any default that are not correct.
If you're thinking about buying a home in the next 12 months, you need to protect your credit score:
We've talked about what to avoid. So what should you actually do before applying for a mortgage loan? The opposite of everything listed above, of course. Here's a checklist of smart choices:
Mortgage application information
Income verification
Assets and debts
Credit verification
There are benefits to working with a mortgage broker. A broker can save you time by doing a large portion of the work when it comes to finding lenders. Nevertheless, there are some drawbacks you should be aware of when working with a mortgage broker.
Brokers earn their profits by arranging the deal between the lender and the new homeowner. The wrong broker could set you up with a lender that offers them the highest profit, but not necessarily the best mortgage for you. Should you decide to go with a broker, it’s important to take the time to do a little research. Ask for references and learn from other homeowners what their experience working with the broker was like. Brokers who are hesitant to provide references from past clients should be a huge red flag.
Do you prefer a small lender or a large lender? If you are someone who prefers more personal customer service and a lender who knows your name, you would likely want to go with a smaller lender. If you care more about getting the right interest rate, a larger lender may be your best option. Researching the differences between larger lenders and smaller ones will help you decide which fit is best for you.
A broker is not the only way to find mortgage lenders. Ask your friends, family members or coworkers who have purchased a home within the last few years about their lenders. Getting referrals from those close to you can help you cut through the sea of prospects to find someone you know you can trust.
A good agent will not limit recommendations to his or her in-house lenders, and smart loan officers take especially good care of customers recommended by real estate agents. Use this to your advantage, and make sure the lender you speak with knows you came to them through a recommendation from your agent.
No matter how you hear about a lender- whether from a family member or a website- it is imperative to do a background check. If you can get names of past clients, make sure you speak with them. Check online reviews and don’t hesitate to bring up any questions you have with a potential lender.
From the time you submit you're application for a loan, you want to ensure that nothing changes. Here are some examples of things that might cause you an issue with closing your loan.
1. Applying for a credit - Any application for credit will change you're credit score or raise questions from you're lender. Wait till after you close.
2. Do not provide your SSN to anybody in between the time that you apply for a loan, and the closing. Its likely they will be pulling a credit inquiry, and you need to be sure this won't impact your score.
3. Changing Careers - Changing employers or even more impactful, becoming self employed can have a big impact on your credit application
4. Be ready to answer questions that may arise on your documentation from the underwriter.
5. Final checks will be done on all Loans. including employment verification, soft credit check.