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YOUR CREDIT SCORE:
Credit reports will be requested from the three major credit reporting agencies, and these will play a major role in determining your financing. Each agency calculates a credit rating number, called “FICO”score. The most common factors that hurt FICO scores include:
Late payments
Balances on credit cards over 50% of the credit limit.
Recently acquired credit (reduces the average age of credit accounts, with negative effects).
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ESTIMATED CLOSING COSTS:
A pre-qualification analysis will include a rough estimate. In addition to the down payment, there are various fees related to the purchase transaction. They are classified as either “Recurring” (pre-paid expenses and reserves for items such as property taxes, insurance and Homeowner’s Association fees) or “Non-recurring” (one time loan fees or title fees associated with your loan).
You will receive a formal estimate of all closing costs at the time of your loan application. There is no obligation to proceed.
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