Wednesday, June 18, 2008
Today's Mortgage Environment
The mortgage market remains in turmoil with home values continuing to decline and product availability dwindling. Full documentation, high credit score (>720) and loan-to-values under 80% are the new standard. If your mortgage profile detracts from this standard, expect to pay .50% to 1.00% more in rate than the current market (6.5% as of this writing).
You should consult a mortgage professional to discuss available loan options before you begin the mortgage process. In addition, purchasing a credit report upfront is a good way to understand your qualifying potential at a minimal cost. If there exist any credit issues, most mortgage companies can get them resolved and your credit re-scored on an average of 3 days versus 30 days for the consumer. Credit report cost range from $10 to $35.
You can, however, get one free once every twelve months, as required under a federal law, The Fair Credit Reporting Act (FCRA), from each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.
The knowledgeable mortgage loan consultants at TLC Lending can further assist you with product selection, qualification, and credit reporting. Please visit http://www.tlclending.com/.
Source: www.ftc.gov
You should consult a mortgage professional to discuss available loan options before you begin the mortgage process. In addition, purchasing a credit report upfront is a good way to understand your qualifying potential at a minimal cost. If there exist any credit issues, most mortgage companies can get them resolved and your credit re-scored on an average of 3 days versus 30 days for the consumer. Credit report cost range from $10 to $35.
You can, however, get one free once every twelve months, as required under a federal law, The Fair Credit Reporting Act (FCRA), from each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.
The knowledgeable mortgage loan consultants at TLC Lending can further assist you with product selection, qualification, and credit reporting. Please visit http://www.tlclending.com/.
Source: www.ftc.gov
