Sierra CA FHA Loan Limits and Rates
We shall cover some common questions that Sierra CA Mortgage borrowers often ask in the article:
Sierra CA mortgage borrowers looking for lowest mortgage rates in California will find the article helpful.
Sierra CA borrowers are entitled by law to get a Free Copy of credit report once a year. It is either mailed to us or if not mailed and looking for mortgage help. Simply call any bureau and ask them to e mail you a copy of credit report.
The usefulness of doing such a thing is that when discussing your mortgage and finances with a mortgage company. It’s easy for the Loan Officer to take a look at your credit report to see how you have been managing your finances and what all items are there in credit report for which he would be ready upfront even before initiating your loan process. An experienced Loan Officer does not require to make a hard credit pull that would show up on borrowers credit report as an inquiry.
Getting a copy of credit report does not make any impact on your credit scores.
You must remember that you are entitled only to get a FREE copy of your credit report and NOT credit Score. Credit Score is something completely different and if you make a request for credit score from the credit bureau, that product is billable and should cost you approx $ 10 for just one person and from just one bureau.
If you are looking for a number to call up the bureau such as Equifax. Go their web site and call the customer support.
Mortgage Credit Score
Here Sierra CA mortgage borrowers would want to understand the difference between credit report and credit score.
A credit report is a summarised financial report of the borrower while a credit score is a sort of a grading system but grades make things vague for financial institutions to make a definite decision. Hence a number system is introduced on a scale of 350 to 850 which is called credit score. Every bureau while following more or less the same system assigns different weight age points to different items being reported on credit report. Hence the credit scores are normally different with each bureau. Banks and mortgage companies thus follow the middle score.
As an example: Borrower A has a score of 600 from Trans union, 700 from Equifax and 800 from Experian. The middle score is the one from Equifax and hence that shall be considered as the credit score to qualify borrower for mortgage. NOT 600 NOT 800 BUT the middle.
Credit Score and FICO as some people refer it that ways is the same thing. Fair and Isaac were two individuals who came up with the basic design of the model of credit scores and in their name it’s also called FICO Scores or Credit Scores.
It is also important to understand that the reason behind choosing three bureaus is the fact that sometimes a particular financial company might be reporting the financial activity of the individual to just two or just one entity. So when doing mortgage your lender would like to pull credit report and credit scores from all three bureaus. So that is particular financial reporting is missing on one credit report of one bureau. It is being taken into account by the other bureau while making a decision to lend to the borrower.
Call Sierra CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
CURRENT REFINANCE RATES MONTEREY CA
Product Rate Change
30 year fixed 3.63% 0.02
15 year fixed 2.99% 0.07
5/1 ARM 3.07% 0.14
Artical by Roger Shanker
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