Loans, Mortgage rates, and Credit Scores


Loans, Mortgage rates, and credit scores are all connected.
If you want a loan or a mortgage, you should first find your
credit score. If you have poor credit, or bad credit, you need
to know how bad or how poor. If you have good credit (a score
above 660), and you have some money for a down payment, you
should be able to get a loan or mortgage more easily.

When looking for a purchase loan, knowing your score will allow
you to shop for the best mortgage rate. Choosing a fixed rate or an
adjustable rate is the next issue. Adjustable loans are only best when
you (and not you loan officer) can confidently predict the future of
interest rates. 30 year fixed loans can provide stablity in your budget
and with one extra payment toward principle each year, you can have a
15-20 year loan without being locked into the 15 year higher payments.

If you have poor credit or bad credit, fix your credit before you apply
for any financing. Your rate will then be lower, and the probablility that
you will keep your investment higher. If you are undisciplined now,
you will be undisciplined after you have a nice home. It would be a
shame to loose it to poor planning. Most foreclosures happen in the
first 18 months of ownership.

The best loan officer or mortgage originator is a local one. Someone
who knows the area, the realtors, the inspectors, the appraisers, the
lawyers, and others that may be involved in the transaction can be a key
to closing your transaction. Face to face is better than an
impersonal communication with an Internet lender.

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not guaranteed, or verified by REindex.com, The Site Enginesm.
If you are a local lender, please contact us about linking opportunities.
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