Do You Know What Questions to ask your Lender?


A mortgage comes with many moving pieces and understanding them is the key getting a great deal and successfully closing. Unfortunately, studies show that few Americans have a firm grasp of how mortgages work — from mortgage types to the mortgage process.
In this back-to-basics interview on NBC’s The Today Show, you’ll learn some mortgage planning basics to help you get smarter with your next home loan in Tennesee or anywhere else — purchase or refinance.
Some of the topics covered include:
  • The mortgage applicants for whom adjustable-rate mortgages are a better choice than fixed-rate mortgages
  • Why you should include “How Good Is This Lender?”-type questions in the process
  • What a pre-approval letter is good for, and what it is not good for
There is also one of the most simple explanations of “discount points” ever offered on network television.
The video runs 4-and-a-half minutes. For first-time buyers and experienced ones, it’s worth a watch. You’ll pick up some tips to use on your next mortgage.  To Pre-approve and/or Pre-Qualify for your next home mortgage use our secure online form 24 hours a day: www.Link2approve.com


About the Author
Shawn Kaplan is an active, multi-state Licensed loan officer with Access National Mortgage. 
Email Shawn at skaplan@accessnational.com or call 615-426-3182.

Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!

How Much Does A Foreclosure, Missed Payment, And Maxed-Out Credit Card Affect Your FICO Score


The company behind the popular FICO scoring model published a "What If?" series for common, specific credit missteps.

Measure Changes To Your FICO

If you've ever wondered how your credit score would be affected by a missed payment or a maxed-out credit card, myFICO.com makes a look-up guideavailable to assess the probable damage.
Here's a few common financial difficulties and how they'll affect your credit scores, based on your "starting score".
Max-Out A Credit Card
  • Starting score of 780 : 25-45 point drop
  • Starting score of 680 : 10-30 point drop
30-Day Delinquency
  • Starting score of 780 : 90-110 point drop
  • Starting score of 680 : 60-80 point drop
Foreclosure
  • Starting score of 780 : 140-160 point drop
  • Starting score of 680 : 85-105 point drop
Not surprisingly, the higher your starting score, the more each given difficulty can drop your FICO.  This is because credit scores are meant to predict the likelihood of a loan default. People with lower FICOs are already reflecting the effects of risky credit behavior.
Also worth noting that the above is just a guide -- your scores may fall by more -- or less -- depending on your individuak credit profile.  The number and type of credit accounts you hold, plus their respective payments and balances make up your complete credit history.

What Rate Will You Get For Your Credit Score?

Protecting your FICO matters. When your credit scores are high, you get access to better, lower mortgage rates than the next guy. And every 1/8 percent matters to your household budget.
What rate will you get with your credit score? Click here to take an online rate quote.

About the Author
Shawn Kaplan is an active, multi-state Licensed loan officer with Access National Mortgage. 
Email Shawn at skaplan@accessnational.com or call 615-426-3182.

Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
Subscribe to: Posts (Atom)