Wallinder Mortgage Loan Basics

Your Home Town Mortgage Store®
Locally owned .... helping home owners for over 20 years

Almost all home loans are now first approved by an underwriting automated system. These systems give you your credit report and approval, at the same time…you can be credit approved at application! But, if you don’t fit into the lending “box”…been in your job over 2 years, have cash in the bank, have perfect credit, and are not buying the perfect home, the automated system may not like what it sees and deny your loan. This does not mean you can’t get a home loan!

We advise all future Home Buyers to get Pre-approved for your home purchase …even if you can’t buy today… find out what you need to do, so you can buy! Pre-approvals are good for 120 days. If you need to save money, find out how much you need. If you have credit problems, find out what you need to “fix”.   Fill out an application today so we can get started!

Get your FREE credit report at annualcreditreport.com

Here’s how to contact three major credit bureaus:

Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

800-685-1111

www.equifax.com

Experian

P.O. Box 2104

Allen, TX 75013-0949

800-682-7654

www.experian.com

Trans Union Corp.

760 W. Sproul Road

Springfield, PA 19064-0390

800-888-4213

www.tuc.com

Why your credit report is so important

Lenders evaluate your request for a mortgage in light of the risk they take by funding your mortgage. In particular, lenders look at these aspects of your credit record:

  • Delinquent Payments. If you have failed to make payments in the past, or if you have been late making payments, lenders expect you to act similarly in the future.
  • Past Credit Usage. If you are close to the limit on a credit card, you are considered a greater risk than someone who has lots of credit available.
  • How Long You Have Used Credit. The most-used scoring system assumes that you are a better risk if you have been using credit wisely for a number of years.
  • How Often You Apply for New Credit. It’s not a good signal if you have applied for many new credit cards or other loans within a short period of time. A lender evaluating your credit worthiness does not like to see a lot of new indebtedness right before you apply for a mortgage.
  • Your Credit Mix. Credit card accounts, car loans, student loans and revolving credit accounts all concern lenders when evaluating credit risk.

Other factors considered by a lender

The stability of your job and the price of the house are major factors in the equation. Your ability to make your down payment and cover closing costs also is evaluated. If your credit score and other aspects of your file meet or exceed what the lender expects, loan approval can be almost automatic, considerably speeding up the closing process. That is one reason why credit scores are so important in the mortgage industry — the more they process can be objective, the faster and more efficient the process becomes. Ultimately, that translates into less cost to you, the consumer.

We have answers for all your questions! We would be delighted to advise you about questions concerning your personal financial situation so you can buy the home of your dreams. Contact Wallinder Mortgage Brokers today  — we’ll respond quickly and professionally to help you protect your best interests right through closing!

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Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

800-685-1111

www.equifax.com

Experian

P.O. Box 2104

Allen, TX 75013-0949

800-682-7654

www.experian.com

Trans Union Corp.

760 W. Sproul Road

Springfield, PA 19064-0390

800-888-4213

www.tuc.com

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