HOW TO GET PRE-QUALIFIED - WHAT CAN YOU AFFORD?  INFORMATION ON CREDIT SCORING

Getting pre-qualified for a loan can help you determine what you can afford. Please fill out the following information in the brief form below so along with one of my recommended mortgage specialists, we can help you determine at what price of homes you should start looking at. Things such as your credit history, your income, your outstanding debt, monthly expenses, employment history, the type of mortgage you want, and the amount of savings you have can all impact on how much real estate you can afford.

Obtaining an accurate estimate as to the price of the home that you can afford, is an important first step in the Phoenix-Metro area home buying process. By understanding the price range you can afford, you can look for real estate in the appropriate areas and really find the ideal home for you.

By working together with me and one of my recommended mortgage specialists, together, we can help you determine what the right, affordable home for you would be.

Credit Scores & What You Need to Know

In today's real estate climate, credit scores are more important than ever. They not only impact the cost of the credit you receive but may also impact whether you are even eligible for credit to begin with.

It is important to understand what makes up your credit score and what resources are available to help you monitor your credit. FICO® is the most common scoring model and is used in more than 90% of lending decisions. Your FICO Scores are calculated from different credit data in your credit report and can be grouped into five general categories:

• 35% - Payment History: Pay your bills on time! For every 30 days late, judgment, bankruptcy, or collection may cause a significant drop in your credit score.

• 30% - Amounts Owed: This determines your available credit compared to the amount you owe.

• 15% - Length of Credit History: The longer your accounts are kept open, the more positive impact it will have on your credit score.

• 10% - New Credit: Having multiple reports pulled for your credit in a short amount of time can actually negatively impact your credit score.

• 10% - Types of Credit Used: Having a mix of credit, such as a few credit cards and a car loan, exhibits to creditors you are experienced in borrowing money.

Most lenders will use a "Tri-Merge" credit report that simply takes the middle score from Experian, TransUnion, and Equifax. Even if your scores differ slightly, they are generally very close. Understanding your FICO scores is very important and can make the difference of thousands of dollars in down payment and interest expenses.

GET PRE-QUALIFIED FOR A HOME LOAN