Tag Archive for: credit scores

Six Factors That Can Impact Your Mortgage Rate in California

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Every borrower wants to get the lowest mortgage rate when applying for a mortgage loan. JVM is proud to offer our buyers some of the lowest rates in the industry. But, few buyers are aware of the many different factors that could affect the mortgage rate they are given in California.Read More

When Character Doesn’t Count – Lending in 2017

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There may be murderers and bank robbers with 800 credit scores who are eligible for the best mortgage financing available. This is b/c financing is available for anyone who can […]Read More

Our Interest Rates vs. The Other Guys’ Rates; Rate Comparisons

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I wrote Monday about the debacle Heejin and I endured after we chased interest rates in Texas (the bank lost our file for 17 days). Interestingly, the bank is now […]Read More

Consumer Credit Scores Are Different From Mortgage Credit Scores

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As we explain from time to time, most mortgage lenders pull credit scores from the three major bureaus (Transunion, Equifax and Experian) and they correlate to the middle of the […]Read More

Multiple Credit Inquiries; New Home Checklist; Doormat

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Borrowers often come to us from other lenders and are overly concerned about credit inquires. Two reminders: (1) Multiple inquiries from mortgage lenders within a 30 day period only count […]Read More

Credit Info to Know; Mortgage 101 Seminar on Tues, Oct 25th

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Here is some credit information everyone in real estate should know. Mortgage companies pull credit from three bureaus and correlate to the middle of the three scores. For multiple borrowers, […]Read More

Comparing Rates Among Lenders – Factors, Considerations, Yelp

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Sometimes other lenders (usually big banks) buy the market and quote very low rates. But, more often than not, many loan officers misquote rates b/c they do not have all […]Read More

What If Spouse Has Horrible Credit?

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We frequently get husband/wife borrowers where one spouse has stellar credit and the other has awful credit. Most people know that the solution is simply to do the loan in […]Read More

Credit Score Under 700 And Less Than 20% Down – FHA’s Better Deal

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We have a borrower with a 670 credit score and 5% down payment who is comparing interest rates on the web, and getting severely misled. Borrowers often do not understand […]Read More

“80/10/10” HELOC Lender Now Requires 720 FICO In CA Only

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Our Home Equity Line Of Credit (HELOC) Lender, that offers the “10%” second mortgages in conjunction with “80/10/10” financing, increased its minimum FICO from 700 to 720. This applies to […]Read More

“Inquiries On Credit Reports” Much Ado About Nothing?

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We have many borrowers who are probably overly-concerned about Credit Inquiries from mortgage companies. Mortgage credit inquiries affect credit scores much less than most people realize. The better one’s credit […]Read More

Loans/Rates Not a Commodity; Vary by Source, FICO, LTV, Loan Amount

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Loans and Rates are not commodities. We reiterate this b/c so many borrowers ask us what “the” rate is. Or, they demand that we match an advertised rate they find […]Read More

Property Type and Fico Score Can Significantly Affect Rate

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We recently had a borrower request a verbal rate estimate after telling us her credit was perfect and that she was buying a townhouse/PUD. We estimated her “no points” rate […]Read More

Don’t Pay Credit Cards Down to Zero Balance IF You Want High Scores

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We recently had wealthy borrowers who needed a higher credit score to qualify for the financing they desired. Hence, we told them we were going to assist with a rapid […]Read More