You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
I help buyers pre-qualify for mortgages every day. Simply fill out the form below to get started.
Remember: I will respect your privacy! I know this is your personal information, and I will not distribute it to anyone, other than to my preferred mortgage broker. This service is also provided free of charge, without any obligation on your part. It is part of my job as a top Las Vegas, Green Valley and Summerlin real estate agent to offer services such as these.
Once you fill out the form, I will quickly process your information and get right back to you!
Taking the Mystery Out of Credit
WHAT IS A CREDIT SCORE?
In the 1980’s, Fair, Isaac and Company devised a mathematical model to predict the credit risk of consumers based on the data collected from an individual’s credit report. Today, the Fair, Isaac (or FICO) system is the scoring model most widely used y lenders. The score ranges from 300 to 850, with a higher score indicating a lower credit risk. Potential lenders will usually review your credit report and use various methods to determine your credit risk. In other words, they will determine your ability and likelihood to repay debt.
WHAT MAKES UP A CREDIT SCORE?
FICO scores are calculated from different data in your credit report, which is grouped into five categories: Payment history(35%), Amounts owed (30%), Length of credit history(15%), New credit(10%), Types of credit used(10%)
WHAT IS NOT IN YOUR SCORE?
Things that are not calculated in your score are the following: race, color, religion, national origin, sex, age, marital status, salary, occupation, title, employer, date employed or employment history, where you live, interest rate being charged on other accounts or credit cards, child/family support obligations or rental agreements.
WHAT CAN AFFECT MY SCORE?
High outstanding debt- keep balances low on credit cards and other “revolving credit”, Delinquent payments- be aware that paying off a collection account will not remove it from your credit report. It will stay on for seven years unless you get a letter of deletion from the collector, New accounts- if you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
HOW TO IMPROVE A CREDIT SCORE…
1.)Pay down balances on revolving accounts. Credit scores are more negatively affected by delinquencies on revolving than installment credit. In addition, high outstanding balances on revolving accounts can have a major impact on the score. By reducing the balance, but not closing the account, the borrower will improve their balance/high credit ratios and positively impact his/her score. It will take the bureaus at least 45 to 60 days to reflect a lower balance.
2.)Pay past due accounts current.
3.)Avoid credit surfing. This is the practice of shifting revolving credit balances from one card to another, usually to take advantage of low introductory interest rates. The combination of inquires and newly opened balances, especially since new balances will show on a credit report before old ones are reported as paid, can make a consumer appear to be in search of new credit.
4.)Avoid finance company credit. New credits in the form of cash loans from a finance company have more of a negative impact on a borrower’s score than other installment or revolving debt. Borrowers should also avoid 90-day 12 months same-as-cash finance company transactions in the months preceding their loan application.
5.)Have erroneous information corrected or updated. Borrowers should pay particular attention to the accuracy of the credit history, such as the dates of last activity and/or delinquency, since recent information has the greatest impact on credit scoring.
6.)Avoid creating numerous inquires. Each inquiry can lower your score.
7.)Have your scores corrected as soon as possible
INFORMATION PROVIDED COURTESY OF: METRO VISTA MORTGAGE
- NUMBER1EXPERT™ 
