You can expect that when you do apply for a new mortgage or are even refinancing a mortgage you will be asked to jump through hoops. The amount of paperwork and background checks you will go through is endless. It can be a very difficult process but unfortunately is a necessary evil to make sure the right borrowers are selected to get loans.
As a 1st time buyer one of the things you may want to investigate before you actually apply for a loan is to check on your credit report. Often times you may find something that is not correct and may need to fix a credit report error. This becomes incredibly important because if there are credit report errors they can have a negative impact on your credit score. One of the factors in determining what interest rate you will get for you mortgage is the FICO credit score.
FICO scores can range from a low of 300 to a high of 850. Anything over 800 is considered exceptional and would put you into a select group of individuals with outstanding credit. According to the FICO scoring system there are five factors that determine a borrowers score. The factors include a borrowers payment history which carries the most weight, a borrowers credit utilization, the length of credit history, types of credit used and lastly a recent search for credit or amount of credit obtained recently.
If your credit report history check out with no errors you will want to find a reputable lender to work with. Of course looking around for an attractive program should be at the top of your list of priorities. A word of caution though don't be fooled into thinking the lender who has the best rate is necessarily the best option.
What you need to pay close attention to in addition to the interest rate is the fees, points and closing costs that you are going to be charged! Getting the best mortgage loan often times depends on really analyzing all the charges and costs of obtaining the mortgage.
If you need a recommendation on a terrific mortgage broker who has competitive rates and exceptional service don't hesitate to get in touch as I would be happy to provide his contact information.
About the Author: The above Real Estate information on Getting a Massachusetts Home Mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.
Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge, Northboro, Shrewsbury, Bellingham and Uxbridge MA.
1 comment:
I recently came across your blog and have been reading along . i thought i would leave my first comment .Very nice blog and thanks for sharing useful information....
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