Conventional, 30-yr Fixed: 4.875%/APR 5.043%
FHA or Federal VA, 30-yr Fixed: 4.75%/APR 5.586%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit and property qualifications, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
Tuesday, March 1, 2011
What Obstacle is Keeping You From Homeownership?
According to the latest survey by Fannie Mae, poor credit is the number one stumbling block keeping potential borrowers from owning a home. Recent economic hardships have caused millions of Americans to fall behind on their bills. Since lenders are now insisting on higher credit scores than in years before, what can you do to be aware of and/or improve your credit?
First, know if your credit history is ACCURATE by checking out your credit report from the three credit bureaus (Equifax, Experian and TransUnion). You can get a FREE copy (once every 12 months) of your credit reports at www.annualcreditreport.com. There is no reduction to your credit scores since you are pulling your own credit report. Paying to get your credit score is not necessary. Your credit scores will usually be different at the time the lender obtains a credit report for you. Your credit history is scored differently depending on the type of credit you are applying for.
Next, before you do anything to update your credit report or pay off any debts, contact us for an appointment to prequalify you for a home loan. This is a free service to you with no obligation to obtain a home loan at that time. We can go over your specifics and provide you with information on how to best position yourself for a home loan approval.
You may be surprised to find out that you are ready to buy a home now!
First, know if your credit history is ACCURATE by checking out your credit report from the three credit bureaus (Equifax, Experian and TransUnion). You can get a FREE copy (once every 12 months) of your credit reports at www.annualcreditreport.com. There is no reduction to your credit scores since you are pulling your own credit report. Paying to get your credit score is not necessary. Your credit scores will usually be different at the time the lender obtains a credit report for you. Your credit history is scored differently depending on the type of credit you are applying for.
Next, before you do anything to update your credit report or pay off any debts, contact us for an appointment to prequalify you for a home loan. This is a free service to you with no obligation to obtain a home loan at that time. We can go over your specifics and provide you with information on how to best position yourself for a home loan approval.
You may be surprised to find out that you are ready to buy a home now!
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