At West Coast Mortgages we believe in giving our clients all of the information that they need to make an informed decision… and then some. Below you will find a number of informative videos and a couple of mortgage calculators.* But first, a note about credit:
Credit scores are an integral part of your ability to qualify for mortgage financing. If you have had credit problems in the past or are working through a credit challenge currently, we can always help. Credit scores are like a grading system and lenders often require minimum scores to be eligible for specific products. Beacon scores, as they are often referred to, typically range from about 400 to 900. Most lenders who offer discounted rates are looking for scores in the mid-600 to mid-700 range as this is considered to be comparable to getting a B or B + on a school report card. If your score is under 600, don't worry, there are several ways to help increase your score.
- Make your minimum credit payments by the due date - credit companies like to have their payments made on time and if a payment is not received within 30 days of the due date, the creditor will mark your credit as having a late payment. If the payment is not received for 60 days, the mark will show the payment as 2 months behind. This will significantly decrease your beacon score.
- Always keep your account balances under the credit limit - If your credit card has a limit of $1000, keep your spending on that account well under $1000. By over-extending your limit and borrowing money you have not been approved for, your credit score will decrease. As a rule of thumb, try to keep you balance at 50% or less of your limit.
- Don't shop for credit - if you apply for several credit cards or loans in a short amount of time and allow each of the creditors to pull your credit, it will appear that you are credit shopping and your score may decrease. Be careful when agreeing to have your credit pulled! By working with a mortgage broker, we are able to pull your credit bureau only one time regardless of how many lenders we shop to. This prevents your credit score from being damaged.
If you have been through a bankruptcy, this does not mean that you will not be approved for a mortgage. We have several major lenders who will finance a home with discounted rates for a person who has been bankrupt. The lender may require that bankruptcy be discharged for at least 2 years and that credit has been re-established. If you have credit questions, we have credit answers. Our advice is free, so call us today to find out where you stand.
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A note about Mortgage Loan Calculators – they sort of work. There are a great number of criteria that are used to qualify for a mortgage, and they vary by lender. So, mortgage calculators are never going to give you the most accurate information, however, they are a tool. Like any tool, how you use it will make a difference, accurate input will improve the likelihood that the tool will work. In this case, we are providing this tool, not because it’s perfect, but because people like to play with the numbers. So, here they are, play away! When you are ready to move forward, go on over to the “Apply Now” page and we will do an accurate assessment based on your specific information and the lender that will work best for you.
We would love to hear from you and see how we can help