Home Purchase Information
Get prepared
Know what you are getting into before beginning the home-buying process.
There are a few simple things you should do to be sure you’re
completely prepared. Follow these guidelines to avoid pitfalls that
can cost you time, money or even the home you want to buy.
- Make sure you’re ready
Do some basic personal accounting to figure out if now is the right
time to buy a home.
- Get the scores that lenders use to evaluate you
Take the time to understand what your FICO scores are, and more importantly
how they influence the offers you’ll receive – get all
three scores now.
- Organize your paperwork
Waiting until the last minute to organize your paperwork can delay
the application process or even cause you to miss out on a home you
have your eye on.
- Make the time to get preapproved
Preapproval might be the only difference between you and another prospective
buyer – make that difference work in your favor.
Choose your loan
Now that you’ve taken the steps to get prepared, you’re
ready to choose the loan that’s right for you. Today there are
so many loan options that it’s easy to be confused and lenders
may push loans that sound great but might not be in your best interest.
How can you spot the right loan?
Everyone’s situation is different, so we’ll help you find
one that suits your specific needs. Think of buying a car – wouldn’t
it be nice if the dealership gave you the base price and then a checklist
of every option along with a summary of what each option was and who
would really benefit from it? Well, just like choosing a car your loan
needs to have the right set of options for you. The difference is when
you get stuck with a set of extra floor mats, you’re only out
a hundred dollars. But a bad home loan can cost you thousands or even
tens of thousands of dollars and leave you feeling the pinch each month.
The two big choices are the type of loan and the options for your down
payment. We’ll help you make sense of both so you can tell the
lender what you want and how you want it even if they’d prefer
to be the one setting the terms.
- Choose the loan type that makes sense for you
- Choose a down payment option that you can live with
Shop around
Loan prices vary from seller to seller – even for products that
are essentially the same. You would probably shop around to find the
best price on a car, right?
Do the same when shopping for a loan. Scrutinize the person selling
you the loan – do you get a good feeling when talking to her?
If not, move on to the next lender. There are lots of lenders out there
and they want your business. Keep the following things in mind when
shopping for a loan.
- Get offers from several lenders
You don’t have to make a decision based on just one offer. In
fact, you’ll probably make a better decision if you can compare
multiple offers.
- Make lenders compete for your business
We’ll show you how to compare offers and use them as bargaining
chips with lenders.
- How myFICO makes it quick and easy for you
To get some offers right now, just choose your state and you’re
on your way. In just a few minutes you can begin receiving offers.
Evaluate offers
After you receive offers, you should evaluate them to determine which
is the best for you. The evaluation process takes into account your
specific situation and needs. We’ve listed a few crucial things
to look for when sizing up each loan.
- Is this a fair loan for you?
Compare the rates you’re being offered to the rates other people
with similar FICO scores are getting – make sure you know all
3 FICO scores first.
- Know your payment outlook
We’ll give you tools to see what your monthly payments will
look like. You can also change numbers and options to find opportunities
to make the loan more affordable.
- How you can avoid costly penalties and hidden closing costs
We’ll help you estimate your closing costs and show you ways
to reduce your overall mortgage payments.
- Which loan works best for you?
Still not sure which is the best loan? We’ll give you a tool
that lets you plug in the terms of two loans to determine which is
better.
Home Refinance Information
Get prepared
Know what you are getting into before beginning the refinance process.
There are a few simple things you should do to be sure you’re
completely prepared. Follow these guidelines to avoid pitfalls that
can cost you time and money.
- Make sure the time is right
Do some basic personal accounting to figure out if now is the right
time to refinance.
- Get the scores that lenders use to evaluate you
Take the time to understand what your FICO scores are, and more importantly
how they influence your loan offers – get all three scores now.
- Organize your paperwork
Don’t create unnecessary delays during refinancing because your
paperwork isn’t in order.
Choose your loan
Regardless of your reason for refinancing, choosing the right loan will
affect the way you live. Finding a better interest rate can put more
money at your disposal each month. Switching from an ARM to a fixed-rate
loan might help you sleep better at night.
You’ve probably been through the loan process when you purchased
your home. But were you as prepared as you should have been? Most first
time home buyers aren’t ready for all of the choices they need
to make. This time around, let’s make sure you’re prepared
to make smart and informed decisions.
- Choose the loan type that makes sense for you
Shop around
Loan prices vary from seller to seller – even for products that
are essentially the same. You would probably shop around to find the
best price on a car, right? Do the same when shopping for a loan.
Scrutinize the person selling you the loan – do you get a good
feeling when talking to her? If not, move on to the next lender. There
are lots of lenders out there and they want your business. Keep the
following things in mind when shopping for a loan.
- Get offers from several lenders
You don’t have to make a decision based on just one offer. In
fact, you’ll probably make a better decision if you can compare
multiple offers.
- Make lenders compete for your business
We’ll show you how to compare offers and use them as bargaining
chips with lenders.
- How myFICO makes it quick and easy for you
To get offers right now, just choose your state and you’re on
your way. In just a few minutes you can begin receiving offers.
Evaluate offers
After you receive some offers, you should evaluate them to determine
which is the best for you. The evaluation process takes into account
your specific situation and needs. We’ve listed a few crucial
things to look for when sizing up each loan.
- Is this a fair loan for you?
Compare the rates you’re being offered to the rates other people
with similar FICO scores are getting – make sure you know all
3 FICO scores first.
- Know your payment outlook
We’ll give you some tools to see what your new monthly payments
will be. You can also change numbers and options to see if there are
opportunities to make the loan more affordable.
- How you can avoid costly penalties and hidden closing costs
We’ll help you estimate your closing costs and show you ways
to reduce your overall mortgage payments.
- Which loan works best for you?
Still not sure which is the best loan? We’ll give you a tool
that lets you plug in the terms of two loans to determine which is
better.
Home Equity Information
Get prepared
We’ll help you determine if using your equity makes sense for
your specific set of circumstances.
- Know why you’re using your equity
We’ll help you determine if using your equity makes sense for
your specific set of circumstances.
- Get the scores that lenders use to evaluate you
Take the time to understand what your FICO scores are, and more importantly
how they influence your loan offers – get all three scores now.
- Organize your paperwork
Don’t cause unnecessary delays during the application process
because your paperwork isn’t in order.
Use your equity
If you’ve built equity and have good FICO scores, you’ll
have options for using your equity. Often the main choices are how much
you can afford to borrow and what type of loan you want.
But before asking the lender these questions, it’s a good idea
to know your choices. We’ll supply you with the information to
make smart and informed decisions. It’s always better to tell
lenders what you want instead of asking with they’re selling.
- HELOC or equity loan – which one is right for you?
You may have more choices than you think and depending on what you
want to use the money for, some options make more sense than others.
We’ll help you figure out the right choice for your situation.
- Choose the loan type that makes sense for you
Lenders sell all types of loans and not all of them will be right
for your situation. We’ll go over the home equity options and
help you figure out which one makes sense for you.
Compare loans
Loan prices vary from seller to seller – even for products that
are essentially the same. You would probably shop around to find the
best price on a car, right? Do the same when shopping for a loan. Scrutinize
the person selling you the loan – do you get a good feeling when
talking to her? If not, move on to the next lender. There are lots of
lenders out there and they want your business. Keep the following things
in mind when shopping for a loan.
- Get offers from several lenders
You don’t have to make a decision based on just one offer. In
fact, you’ll probably make a better decision if you can compare
multiple offers.
- Make lenders compete for your business
We’ll show you how to compare offers and use them as bargaining
chips with lenders.
- How myFICO makes it quick and easy for you
To get a few offers right now, just choose your state and you’re
on your way. In just a few minutes you can begin receiving offers.
Evaluate offers
After you receive offers, you should evaluate them to determine which
is the best for you. The evaluation process takes into account your
specific situation and needs. We’ve listed a few crucial things
to look for when sizing up each loan.
- Is this a fair loan for you?
Compare the rates you’re being offered to the rates other people
with similar FICO scores are getting – make sure you know all
3 of your FICO scores first.
- Know your payment outlook
We’ll give you tools to see what your new monthly payments will
look like. You can also change numbers and options to find opportunities
to make the loan more affordable.
- How you can avoid costly penalties and fees
There are penalties and fees you can avoid if you know where to look
for them. We’ll give you a checklist that you can use to evaluate
HELOCs.
- Which loan works best for you?
Still not sure which is the best loan? We’ll give you a tool
that lets you plug in the terms of two loans to determine which is
better.
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