What's My Credit Score? When do I find out?
If you are wanting to buy a home, you need to check your credit score now. If you are not sure what it is the site below is presented by FICO which invented the credit score. This will give you a starting point. If you have questions or want to improve your score let us know. There are many factors that go into the calculation and some things affect it in ways that might might surprise you. If you do not use a revolving credit card for 6 months it is not included in calculating scores. Three credit cards is better than two but 4 is not better than three. Having no revolving credit cards is better than a couple that are maxed out. All credit inquiries in the last 30 days do not count against you on your score.
So educate yourself, maximize your credit score before getting a home mortgage- it can save you a lot of money.
Current statistics show it is often cheaper to buy than to rent. After the real estate downturn of 2010 a lot of distressed residences were purchased by large entities with the intent to fix up and rent. Now that inventories for sale are low in most areas, rents are increasing in a lot. Lower mortgage rates are making homes more affordable though the prices have gone up. With more and more families working from in Southern Arizona, a larger living space is looking attractive. As inventory is low it is best to get pre-approved so sellers will accept your offer. Purchases can be made with as little as 3% down, though a larger down payment will give you a better rate on conventional.
Let us know if you have questions or need assistance.
How can you use a rate in the 2's?
Add on a new bathroom
Pay off debts
Lower your monthly payments
Pay off sooner
Add a Home Office
Call and see if you can do what you want-
After a brief exit from availability Jumbo loans are back, and unlike Wells Fargo most do not require a $1,000,000 in new deposits. Purchases, refinance and cash-out refinances are now available at rates comparable to conventional loans. Loan amounts up to $3 million and cash out to 80%. Give us a call or email if you have questions.
FHA Streamline 2.75% Apr 3.549
If you have an FHA with rate 3.75% or higher, not in Forbearance you will qualify. Call or apply online.
Based on 690 Fico Loan amount $185,000 , purchase price $190,000
Lending Arizona, llc NMLS #174095 MB 0909242
3531 N Pantano Rd
Tucson, AZ 85750
Choose a cash-out refinance and you can easily consolidate high-interest debt into one new primary mortgage using the equity from your home. Use it to pay off high-interest credit card debt or student loans, and you can improve your overall monthly finances. Contact us, and we’ll get you started. NMLS#XXXX
Recent events with a national lockdown have enabled the mortgage process to become more touchless. You can apply online , get approved and even have your house appraised without live contact.
Mortgage rates are at historic lows and it is a good time to buy or refinance. If you do not have to utilize forbearance make your payment , otherwise your ability to get a new mortgage will be delayed , likely by 90 days after you have started making payments again. if you have a mortgage of 3.5% or higher you should check to see if refinancing will help.
Call or email if you have questions.
Lending Arizona, llc