How to Get the Lowest Rates

By
Mortgage and Lending with The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. NMLS #241555

Credit scores of 740 and above get the best interest rates for conventional loans.  How do you get a score above 740?  The number one way, of course, is to pay your bills on time. However, another way to get higher scores is to pay down the balances on your credit cards.  If the balance is above 70% of the credit limit, that's the worst.  If the balance is between 50% and 70% of the credit limit, that's better.  If it's between 30% and 50%, that's even better, and if it's below 30%, that's the best.

 

Not sure whether to pay down the balances or save your money for a down payment?  Give us a call and we can lead you in the right direction.

 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

 

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!! Call us if you want to use the best lenders in Colorado!  

 

Make sure you check out our web site:

www.mtgsupportservices.com

 

And check out all our great tips on our blog at: 

http://TheMortgageExperts.blogspot.com  

 

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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Rainmaker
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Carla Harbert
www.LorainCountyHomeSales.com - Avon, OH
RE/MAX Omega: Lorain-Medina County Area

I have wondered about credit scores and the recent changes. Is it now true that if a customer has paid off a bad debt, it can no longer have an ill effect on the score and their credit history? Just wondered ... but if it was a charge off - it is still treated as the same?

Nov 20, 2014 10:33 PM #1
Rainmaker
130,195
Chris Thomas
The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - Denver, CO

Carla - Collection accounts and charge-offs are treated the same as they were before.  They count against you until the date of last activity shown on the credit report is two years old.  A paid collection will count against you a bit less, but it's primarily the age of the account that matters.  For instance, if you have a 3-year-old collection on your credit report, and you pay it off, your scores will go down because the date of last activity is now today's date.  The moral of the story is to NOT pay off old collection accounts unless the underwriter says you have to pay it off to get approved for the loan.  If the lender already has a credit report, and the underwriter says a collection account has to be paid, they do NOT need to pull a new report (and count the lower scores) to show that the account has been paid.  All they need is a credit supplement, which does not include scores.  Hope this helps!

Nov 21, 2014 02:06 AM #2
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Rainmaker
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Chris Thomas

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