Pre-Qualifying & FICO Scoring
A pre-qualification is an immediate analysis of your position as a borrower. This analysis will give you a guideline of your purchasing power.
When applying for a new mortgage, knowing your credit score is very important..
Understand How Credit Scoring Works!
The cost of obtaining a tri-merge credit report is about fifty dollars. A tri-merge credit report is a combination of reports from all three credit bureaus. When applying for a mortgage, a single credit report is not sufficient; a tri-merge credit report is required. Mortgage lenders evaluate the three credit scores and use the score which ranks in the middle as your final credit score.
Prior to talking to lenders it is a good idea to know your FICO score when comparing rates and fees with different lenders. Each time your credit is checked a record is added to your credit report. If there are too many checks on your credit in a short period of time your score may be negatively impacted. When you are shopping for rates and fees instead of allowing each lender pulling your credit report ( inorder to get an accurate quote ) you can provide them your score yourself to avoid multiple inquiries and effectively compare rate and fees among different lenders with your specific credit score.
Credit scores range from about 375 to 900. A score of 700 or above is normally required for the lowest interest rates available. 620-699 for average interest rates. And 500-619 for B&C loan programs.
Free FICO® Credit Score Estimator
Get All 3 FICO Scores and Credit Reports!
Pre-Approval
A pre-approval is the lender’s analysis of you as a borrower without specific property information.
Once your loan is approved your closing will be quick and subject only to a satisfactory appraisal and title report on the home.
To begin the process you need to make some assumptions for your purchase price, loan amount, and loan program. Any of these assumptions can change once you’ve found your home.
Ideal Location, Inc and the Buyers Utopia Real Estate service encourages all our clients to shop around for the lowest rates and fees among mortgage lenders and to get Pre-Approved prior to making an offer on any property.
For clients who want immediate assistance with their mortgage Pre-Approval Ideal Location, Inc has partnered with LoanWorks a division of IndyMac Bancorp, Inc. (NYSE: NDE) (Indymac®) to provide our clients with the best rates and fees and our Close On Time Guarantee
Start Loan Application
Ideal Location, Inc. and LoanWorks® guarantee that our borrowers’ loans fund on time, or we pay the borrower $250 every day the loan goes beyond the closing date for a maximum of 10 days. Borrower must have their opening documentation submitted to LoanWorks within 10 business days. Guarantee is for purchase transactions only.. Guarantee valid for the product selected at the time of loan submission.
This guarantee does not apply if any documentation, including, but not limited to, income, assets, appraisal, title, loan amount, and product, changes from the date of submission. This guarantee will not apply on transactions where the closing date is less than 30 days from date of submission. LoanWorks is not accountable for delays caused by third parties.