There are a number of factors that affect getting approved for a mortgage the interest rate of the loan. One of the biggest factors in the actual interest rate, is your credit score. The higher the credit score the better in terms of the interest rate and consequently the monthly payments to be made for your mortgage.
A credit score is a number that generally indicates your ability to meet your financial payments. It’s based on your outstanding debt, payment history and other factors. Generally a tri-merge report is ordered with any new mortgage loan and they will use the middle score.
If you aren’t sure of your score, you can order an annual score for free at AnnualCreditReport.com. You can see if there are any errors and we can help with some recommendations to lower your score as well.
If you would like more information, please go to our website to schedule a free consultation.

You may have heard that in the most recent meeting of the Federal Reserve Board, they voted to increase the federal funds rate by half a percentage point.
While fixed rate mortgages are not directly connected to the Fed’s rate (rather the 10 year Treasury rate, the fed rate is directly tied to short term loans such as credit card borrowing and adjustable rate mortgages) mortgage rates are influenced by the rate as well as other Fed monetary policies.
The Fed is focused on lowering inflation and has indicated there may be more rate increases in the next year, other factors such as the war in the Ukraine affecting oil prices as well as lock downs in China affecting the supply chain will be closely watched.
If you are looking at applying for a mortgage, you may want to lock your rate in, give us a call or apply on our website and we can see what best fits your needs.

It’s almost required to get pre-approved for a mortgage when house shopping in many of today’s markets, many realtors will actually ask for a pre-approval in advance.
Its also good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises!
So here are 5 things you’ll need to get pre-approved
1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony.
2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them.
3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan.
4. Employment Verification Lenders may call your employer to verify employment, or if you are self-employed you may need to supply additional paperwork.
5. You Verification You may need to supply a copy of your drivers license and social security number as well. Now that you know the basics, use our online prequal and see how much you can get approved for!