Lending 101

Updated: May 19

People ask me about offering on homes and how much it would make their monthly payment higher each month if there were to go up in purchase price on a home they are offering on.

I tell them for every $10,000 up in purchase price is $60 more per month.

Some clients are worried about what their past debt or credit will look and affect them with trying to buy a home. It’s pretty well known that the more risky of a client you are, the more interest you will have on your loan.

Don't worry! There are ways to repair and fix your credit to not have it affect your rate. The only downside is that sometimes that means holding off your home search (which is completely okay).

I’ll be prepared for when you’re ready to begin your search again whether that be in a month, 6 months, a year… you get the picture ;)

If someone approaches me and they've never gone through the pre-approval process, or don’t really have an idea of who they’d like to use as their lender, I always suggest taking a week or two to “shop lenders”

Within a 120 day period after your credit is pulled for the first time, you are able to keep pulling your credit without it ringing your score!

Finally, many people ask if there is a way their lender can give them advice on repairing their credit. The answer is absolutely! Most lenders have ifty tips and tricks to see what actions to take in order to prepare you for a home loan!

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