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- What are the factors that impact your credit score? Luchechko team is here to help you with any of your mortgage needs. 1. Payment History 35% Impact Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Missing a high payment will have a more severe impact than missing a low payment, and delinquencies that have occurred in the last two years carry more weight than older items. 2. Outstanding Credit Balances 30% Impact This factor marks the ratio between the outstanding balance and available credit. Ideally, you should make an effort to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. 3. Credit History 15% Impact This portion of the credit score indicates the length of time since a particular credit line was established. A seasoned borrower will always be stronger in this area. 4. Type of Credit 10% Impact A mix of auto loans, credit cards and mortgages is more positive than a concentration of debt from credit cards only. 5. Inquiries 10% Impact This percentage of the credit score quantifies the number of inquiries made on a consumer credit within a six-month period. Each hard inquiry can cost from two to 25 points on a credit score, but the maximum number of inquiries that will reduce the score is ten. In other words, 11 or more inquiries within a six-month period will have no further impact on the borrower credit score. Note that if you run a credit report on yourself, it will have no effect on your score. On a similar note... Get a Rate Quote Mortgage Rates Come Up
- Get Pre-approved for a Mortgage. Luchechko team offers an easy way for a mortgage process. It’s obviously a good idea to get your paperwork prepared ahead of time so that the pre-approval process is as thorough as possible.In order to get a pre-approval letter, you’ll start by filling out a loan application and submitting a few documents for the loan officer and / or underwriter to review. Common Loan Pre-Approval Documents: Income / Assets for Wage Earner: Last 2 year W2s and Tax Returns 2 most recent Pay Stubs 2 most recent Bank Statements, 401(K), Liquid Assets, Investment Accounts Income / Assets for Self-Employed: Last 2-year Tax Returns – Business and Personal Last Quarter P&L Statement Letter of Explanation For: Employment Gap or New Line of Work Late Payments / Judgments / Bankruptcy on Credit Report Other: Bankruptcy Discharge Child Support Documentation Lease Agreements (If own other Rental Properties) Mortgage Payment Coupons (If own other Real Estate
- Whether you are a first time home buyer, looking to buy a second home or an investment property, the first step in the process is to get pre-approved. What is a pre-approval? A pre-approval is a process where a lender reviews your income, employment, credit and assets. After reviewing the credit qualifications, the lender will issue a pre-approval letter mentioning how much home loan you might qualify for. Why should I get pre-approved? There are several reasons: You will know how much loan you qualify for. You will know how much your estimated payments would be. Sometimes, even if you qualify for more, you would like to keep your payments lower because of other obligations. Most real estate agents (especially the good ones) will not show your properties till they are sure you are pre-approved for a mortgage. Sellers won’t consider your offer to buy, till a pre-approval letter is attached to the offer. If there are any red flags, it gives you time to work on it and correct it before you buy a house.
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- Close in 30 days or less Our goal is to help you feel educated about the process and to have the time to plan and decide before signing a contract
- Plan for your future You may want to pay off debt, send a child to college, or use the money for home improvements. Regardless of your reasons for wanting to refinance your existing mortgage, we can help you make a decision that works best for you.
- Use the equity you've establish A cash-out refinance allows you to tap into the equity you have built up in your home. And, if you are currently paying for mortgage insurance and your loan-to-value has decreased, you may qualify for a loan without mortgage insurance.