Home Loan Application FAQ: From a MLO in Tampa, Florida

When applying for a home loan, the lender must disclose to you the score that a consumer reporting agency

distributed to users and that the lender used in connections with your home loan, along with the key factors

affecting your credit scores.

A credit score is a computer generated summary calculated at the time of the request and based on

information that a consumer reporting agency or lender has on file.  The scores are based on data about

your credit history and payment patterns.  Credit scores are important because they are used to assist the

lender  in determining whether you will obtain the loan.  They are also be used to determine what interest

rate you may be offered on the mortgage.  Credit scores can change over time, depending on your conduct,

how your credit history and payment patterns change, and how credit scoring technologies change.

Because the score is based on information in your credit history, it is very important that you review the

credit-related information that is being furnished to make sure it is accurate.  Credit records may vary from

one company to another.

In addition to credit scores, there are other factors that are considered by lenders when determining the

interest rate that is offered. These factors include:

1.       Amount of equity or down payment in the home.

2.       Amount of the final loan amount.  Small loan amounts are generally charged a premium add on to the

rate by lenders.

3.       Length of interest rate lock period.

4.       The state that the property is located in.

5.       Type of loan being sought (FHA, Conventional, Jumbo, VA)

Marc Hutchison is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, FL. He can be reached

via phone at (813)-489-5566 or via email at marc@baytobaylending.com. For more information, visit Bay

to Bay Lending on the web at www.baytobaylending.com.

Whether you are seeking to purchase a new home or refinancing your current Tampa Mortgage, let us

show you the way. Bay to Bay Lending is associated with the nation's unsurpassed pricing leaders. The Bay

to Bay Lending team of Tampa Mortgage Brokers will make the mortgage process as simple as possible.

We pride ourselves on offering a premier level of customer support and we look forward to getting you the

best financing available.