Credit/Mortgage

Rocklandhomebuyers.com

                       STEPS TO OBTAINING A MORTGAGE

   Today's stricter lending environment means that processing a mortgage application is more complex than ever, given the number of steps that lenders,
underwriters, and mortgage insurers must all complete before home buyers truly have their financing in place.

                           1. Evaluate Affordability
                           2. Discuss Your Options
                           3. Interview Lenders
                           4. Get Preapproved
                           5. Commit to a Lender
Reprinted from Real Estate Buyer's Agent Council (REBAC)

CREDIT/MORTGAGE

        FACTORS THAT DECIDE YOUR CREDIT SCORE

Credit scores range betwen 200 and 800. Scores above 620 are considered desireable for obtaining a mortgage. These factors will affect your score:

1. Your payment history. Whether you paid credit card
     obligations on time.

2. How much you owe. Owing a great deal of money on
     numerous accounts can indicate that you are
     overextended.

3. The length of your credit history. In general, the longer
     the better.

4. How much new credit you have. New credit, either
     installment payments or new credit cards, are
     considered more risky, even if you pay promptly.

5. The types of credit you use. Generally, it's desireable
     to have more than one type of credit-installment loans,
     credit cards, and a mortgage, for example.

For more info, http://www.myfico.com
Reprinted from Realtor Magazine Online by permission of NAR

                                 Joan Snow ABR GRI SRES SFR
                              Advantage: Buyer Realty
                              39 Maple Avenue
                               New City, NY 10956
                                845-634-5900: Direct 845-641-1579

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