MORTGAGE 911!!! PRE-QUALIFY!!!

Every day we hear horror stories relating to real estate problems, mortgage difficulties and economic recession. The best advice for getting a mortgage is, and always has been, to be Pre-Qualified before you need to purchase or refinance. Stated income, low credit score, 100% financing is a thing of the sub-prime past. Please contact us to verify your qualifications for not just a mortgage but how much of a mortgage. We will pull your credit, verify its accuracy and help to improve it if you can give some lead time (4-6 weeks for credit re-scoring). Most folks are aware that lenders qualify using debt to income ratios of 40%.+or-. However, you might not know that debts such at auto loans with less than 9 months remaining are not counted in the overall ratios. Another thing to consider is credit card debt and it's effect on your credit score. A credit card with less than 60% available for usage will bring your score down. Keep those balances low. Another thing for pre-qualifying is the amount of down payment for purchase and/or equity for refinancing. These days, most lenders want at least 20% as mortgage insurance programs have become very limited. This doesn't count FHA, which is still lending upwards of 97% for qualified borrowers.