(636) 898-0888 Toll Free: (877) 456-2900
Lenders look at certain items before approving a loan.
1. Your current financial situation (Click Here to use our budgeting tools)
2. Your Credit Standing or History
Lenders need to assess the risk of lending money to you. They do this by looking at your credit history. These can include histories on:
Many lenders use a type of credit scoring based on FICO (Fair,Isaac, & Company) guidelines. This scoring method, although beginning in the early 1980's, has really grown in popularity since 1994. Your credit score is based on the following factors:
Scores may be between 300 and 900 with 700 being the dividing line. A score of 700 or better means that you are most likely a good credit risk. This does not mean that you are not a good credit risk if your credit score is below 700.
What can I do to improve my score or standing?
3. The Collateral
Is the home you want to buy worth the money you are asking for? When you purchase a home, the home itself is used as collateral. It is important that the lender feel secure about the purchase. The value of your home is determined by an appraisal being performed. A licensed appraiser estimates the value of a home by comparing the home to similar homes that have sold recently in your area.
16647 Chesterfield Grove Rd
Suite 115
Chesterfield, MO 63005
Phone: (636) 898-0888
Fax: (636) 898-3701
Toll Free: (877) 456-2900
Equal Housing Lender © Frontier Financial, Inc. dba Frontier Mortgage. |
All Rights reserved. Rates and Terms Subject to Change without notice. Currently licensed in: Florida, Illinois, Iowa, Missouri, Nebraska & Texas Florida Mortgage Lender License # MLD1564 Illinois License: MB.0006528 Iowa Mortgage Banker License # 2018-0013 Nebraska Mortgage Banker License Date: 03/21/2018 Texas Mortgage Banker Registration Date: 06/04/2010 Consumers wishing to file a complaint against a mortgage company or a licensed residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage company residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s web site at www.sml.texas.gov. NMLS# 12182 |