While considering a purchase, unless paying cash, the first step is to know the amount of mortgage dollars lenders will provide you. Determining affordability and source of financing are instrumental in knowing what options to pursue.
LENDING INSTITUTIONS:
Your credit status impacts considerations such as the percent of required down-payment, potential points charged or necessary credit repair. Qualifications for single families, multi-families, owner occupied or absentee owner investment properties may vary significantly. You should obtain a separate pre-approval letter for each property type you wish to pursue.
A poor credit rating is not insurmountable. Upon review of your credit report with a lender, request a plan of corrective actions for restoration or strengthening of your rating. As you aggressively shop around for interest rates, be mindful of the number of Tri-merge Credit Checks performed on your behalf.
This thorough examination of credit history, occurs when credit information is pulled from all three major credit reporting bureaus at the same time. The rating system regards your choice to not borrow, as a denial of your loan request by the lender. Too many tri-merges in a short period of time, may negatively impact your credit rating.
Disclaimer:
Beyond occasional joint promotions, no financial relationship exists between Logan Real Estate Network and the lending institutions above. We recognize that some lenders may prefer, specialize or perhaps demonstrate greater proficiency executing certain types of loans, more so than other lenders. To obtain a pre-approval letter, contact the accommodating lenders linked above or any lender of your choice. |
