Angelika M. Schlieper

    REALTOR«, GRI, SFR, e-Pro

 

 

 

 

 

 

       

 

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Florida Homes By Angelika

 

Call Me... And Start Packing!

 

(386) 846-7196

 

        Ich spreche Deutsch!   

 

                                                                     I speak German!

 


 
 

Are you considering buying a new home? Would you need a home loan to do so? Do you have questions about the financing process before you begin searching for a home? 

 

You can not only buy a home with me, you can also speak with a Mortgage Consultant we are working with at

SUNBELT LENDING SERVICES

and get pre-approved while you chat.

 

Please call Patti Rix at (386) 679-1940

 

or email her        patti.rix@mortgagefamily.com

 

 


 

7 ways to build up your credit score to get the best interest rates

Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today’s economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate.

Here are seven ways to build up your credit score so you can enjoy the best interest rates available.

  1. Request your credit reports and assess the situation. Credit bureaus (www.experian.com, www.transunion.com, www.equifax.com) are required to provide you with a free credit report every year, and nationwide consumer reporting companies get their information from different sources. The data in your report from one company may not reflect the same data in your reports from the other two companies, so request all three.
  2. Check to verify all of the information is correct. If there are any errors, contact the bureaus immediately.
  3. Your payment history accounts for 35% of your score, so make sure payments are on time every month.
  4. The amount owed is 30% of your score. A good rule is to use less than 10% of your credit available on each individual card.
  5. The length of your credit history accounts for 15%, so maintain your accounts instead of closing them. You are not penalized for available credit.
  6. New credit is 10% of your score and every time you apply for credit an inquiry is added to your report, which drops your score.
  7. Types of credit use d accounts for 10%. Installment loans like vehicle and personal loans demonstrate you can manage various long and short-term credits.

By Caitlin/Century 21 on February 18th, 2011

 

 

 

In the Know:

Prequalification vs. pre-approval: What's the difference?

When would-be homebuyers start house shopping, two terms they are likely to hear are prequalification and pre-approval. The two processes are similar, so consumers often confuse one with the other. Understanding the difference can help the home-buying experience go more smoothly.

Prequalifying for a mortgage
Prequalification provides an estimate of how much credit the borrower might be eligible for. It is a short, simple process that can often be done over the phone.

The lender reviews information about:

  • Employment/income
  • Savings and other assets
  • Debts

Prequalification does not usually require documentation and is usually free. It is not a full review of a loan. It is useful for helping the borrower determine how much he or she might be able to spend on a home.

Mortgage pre-approval paves the way
Pre-approval is a more in-depth process that increases the likelihood that the borrower will ultimately be approved for the loan.

The borrower provides:

  • Income documentation, such as W-2s, 1099s, tax returns, pension statements, etc.
  • Asset documentation, such as bank statements and retirement account statements
  • Credit explanations and documentation, including paid collection account receipts and letters of explanation

The lender reviews the information and runs a credit report. The borrower may pay a fee for the credit report. If the borrower is creditworthy, the lender will issue a pre-approval letter.

Traditional loan conditions
A pre-approval is not a commitment to close a loan. Approval is contingent on meeting conditions that would be attached to any mortgage application, including a suitable property, home inspection, title insurance, etc.

Advantages of being pre-approved for a mortgage
A pre-approval indicates that the lender is ready to make the loan based on the information provided. That may give the borrower some leverage, because it tells the seller and the seller's agent that the deal is likely to go through. And because the process is thorough, it provides an opportunity to identify credit-related issues that must be addressed before buying a home. When your buyer is ready, a Mortgage Advisor can start the pre-approval process.


 

Here are some more newly published credit resources for home buyers

on the website The Mortgage Reports:

 

The Mortgage Reports

Getting A Mortgage With No Credit

Buying Without Your Credit-Challenged Spouse

Buying A Home With Student Loans And Debt

Buying A Home With Low Credit Scores

5 Ways To Raise Your FICO Credit Score Today

 

Get today's Rates here:

Get A Free, Real-Time Rate Quote

 

 

 

The Real Estate Market Is Back  - Customers Are Here!

Buying Or Selling A Home Can Be Complicated.

Let me Take Over All The Stressful Details.

If You Are Considering Buying Or Selling A Home

Give Me A Call.

I Would Be Glad To Help You With.

You can reach me at 

 

(386) 846-7196 

 

  click here to email me:     century21angie@att.net      

 

I look forward hearing from you.

 

 

 

             Copyrightę 2017   Angelika Schlieper   All Rights reserved