TIPS FOR FINANCING

Lucido Real Estate is here to help you with your financing needs whether that be a real estate purchase, refinancing, or obtaining a real estate equity line of credit, the following tips will help you get started.

Check your Credit Rating: Credit scores range from 400 to 800.  620+ is considered “good” 680+ is considered premium and could possible get you a lower interest rate.Need Help? Call Us at 313-882-1010

There are three main companies that you can contact to get your credit score.
If your score is lower than you would like to see it, ask your lender for some tips on how to lower your interest rate and increase your credit score. 

 Equifax   http://www.equifax.com (800) 685-1111
 Experian   http://www.experian.com (800) 392-1122
 Trans Union  http://www.transunion.com (800) 888-4213

Start a File

Your file should contain all your financial information that you will need for your mortgage.  Regardless of the loan type your lender will need information about you.  Make copies of check stubs, past two years of tax forms, bank account information, investments, and auto loans.  This will be a real time saver when you meet with the lender.

Savings and Debt

It is best when you go to buy a house that you have been trying to pay down revolving credit and high interest rate debt like credit cards.  It is also best thatyou try to accumulate funds towards your downpayment, closing costs, and expenses such as an inspection.

Toe the Line

Now is not a good time to change careers, move your money around or purchase big ticket items.  If you need to make a big change discuss it with your lender first.

With over 175 imformative documents and interactive tools, www.mortgage101.com can help you find find the answers to all of your mortgage questions.  You will be able to view current interest rates, monthly newsletter and interactive calculators and more.  For up to date information on Mortgage Rates and Information click here.