Excellent Credit Mortgages and Personal Loans
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Getting the Best Mortgage If
You Have Excellent Credit -
Information You Should Know
You Have Excellent Credit -
Information You Should Know
Mortgage Refinance -
Excellent Credit
Excellent Credit
If you have excellent credit and need a mortgage, you are in a much better financial
position than borrowers with lesser credit scores. If your FICO credit score is over
760, you're considered by lenders to have an excellent credit score. Those
borrowers with excellent credit are naturally given the best interest rates on
mortgages and other loans.
With the problems in the credit industry that began in 2007, some borrowers with
good, but not excellent credit scores have even reported difficulty getting
mortgages. If your credit score is in the excellent range, you should experience no
such difficulties. Lenders will be happy to originate a mortgage for you.
Some lenders actually specialize in mortgage lending only to borrowers with
excellent credit. If you fall in this category, this is beneficial, especially in the
current credit environment. If the lender services mortgages for all credit ranges,
they incur more risk. To mitigate the higher level of risk they have to charge more.
Often they charge more in interest, fees, or both, even to borrowers with higher
credit scores.
The excellent mortgages available to borrowers with excellent credit highlight the
vital importance of actually knowing your credit score before you shop for a
mortgage. This is true if you are seeking any financing, weather for a home, car, or
any other reason. The difference between being considered to have excellent credit
and being one range down can cost you a significant amount of money every
month and slow your loan approval.
As an example, FICO considers your credit to be in the "Good" range if your credit
score is in the range of 700 - 759. In the summer of 2008 such a score will allow
you to get an average mortgage interest rate of 6.456%. You can get a significant
reduction in your interest rate if you move up into the "excellent" range. Currently
the increase in credit score equates to a drop in mortgage interest rate to 6.234%,
although interest rates change daily, it serves to illustrate the importance of excellent
credit. For some types of personal loans, you can get an even better rate, as long as
your score falls in this range.
That's why it's essential to know what your credit score is before you get a
mortgage. If you are just below the 760 mark, you can easily raise your credit
score a few points and pay a lower mortgage interest rate. In the above example,
your principal and interest (P&I) payment on a $300,000 mortgage or refinance
would be $1,888 if your score was 759 and drop to $1,844 if your score was only
one point higher, at 760. Over the life of a 30 year mortgage, the extra $44 per
month would add up to $15,840.
That single point on your credit score that brought you into the "excellent" category
was worth almost $16,000. If you were to invest this money at a fairly typical rate
of return, 8%, you would generate an even greater sum at the end of the 30 years.
Due to the power of compound interest, the seemingly measly $44 a month you
saved by getting an excellent credit mortgage would, if invested at only 8% interest,
grow to a staggering $64,599! Were you to manage a healthy, but not uncommon
10% return, your $44 monthly savings would grow to over $95,000!
That points to the importance of having excellent credit. Not only will you get the
best mortgage, but it will be faster, and easier as well. In addition, the money you
save could allow you to retire in much better style!
One way to get a fantastic interest rate is to use competition among various lenders
that know they're in a competitive bidding situation. Competition in all industries
results in a better deal for consumers, and it's no different in the mortgage refinance
industry. The leader in this business model is Lending Tree.com. They'll have up to
4 lenders bid for your business. They know the competition is right behind them, so
they're driven to offer you the best loan. Click here now to find out how low of an
interest rate your excellent credit, and lender competition can get you.
One thing that can be very beneficial if you do have excellent credit is to choose a
lender that specializes in such borrowers. You'll be well rewarded, getting the
lowest possible interest rates and fastest service on your loan.
One such lender is FirstAgain. FirstAgain originates loans for no one but borrowers
with excellent credit, so if you do fall in this category, you'll be getting a lender that
understands you and your needs, because you are the only type of borrower they
work for. If you need a loan for anything, weather it's a refinance, a remodel,
investment real estate, vehicles, business, or any other need, they bear looking into.
FirstAgain was founded by the same folks who were behind the very well regarded
People First in the 1990's. PeopleFirst was acquired by Capital One in 2001, freeing
up their highly regarded management team to move on to other things. This allowed
the founding of FirstAgain.
FirstAgain gives you:
- Unsecured loans requiring no liens or pledging of personal assets
- No fees, down payment requirements or prepayment penalties
- Completely paperless loan from application and document signing to funding and
servicing
- Apply online and receive a response within minutes via email
- Approved applicants can receive funds the very same day they apply
FirstAgain already has more than $100 million in loan originations and thousands of
happy customers. Click and fill out their very easy form. You could have your loan
approval almost instantly.
Keys choosing a lender for an excellent credit mortgage or refinance -
If you have truly excellent credit, you're in the catbird seat. Lenders are falling all
over themselves to lend money - if your credit is truly excellent. The problem for
many borrowers is that what qualified as excellent in 2007, doesn't fly in 2008. If
your FICO score is over 760, and definitely it is higher than 800, you'll stand an
excellent chance of getting a great mortgage loan however.
Any lender that specializes in loans for borrowers with excellent credit should give
you the following:
* The lowest mortgage or refinance interest rates- Remember, the mortgage
rates you pay are the largest factor in determining the size of your monthly payment
except for the amount you borrow. If you have excellent credit, your rates should
be commensurately low. After all, you've earned it!
*No Hidden loan costs - In the last few years lenders have been generating a larger
percentage of their revenue from fees. If you see phrases such as "pay no up front
costs." or "nothing out of pocket" be especially careful. Just because you're paying
nothing out of pocket does not mean that you're not paying anything. In many
cases these fees are merely added to your loan, where you'll pay interest on them
for 15 - 30 years. Go over the mortgage contract and all addendums with a fine
toothed comb.
It is common practice in the mortgage and credit industry to include additional fees
and charges. The can easily total thousands of dollars. Some mortgage firms feel
they have you with your back to the wall and you either won't notice these
additional fees, or will just go ahead and pay them. If you have excellent credit you
don't need to put up with such behavior from your lender, as borrowers with lesser
credit must often do.
Make sure your contract has no clauses that overly favor the lender or restrict your
legal rights. Hire an experienced real estate attorney to thoroughly examine it. This
can easily run up to $500 in large cities, but it will money well spent. Failure to have
competent legal counsel look at your mortgage contract can cost you thousands of
dollars later. Don't make that mistake.
* Excellent service - It's important to use a lender with an excellent customer
service department. They should be responsive, available, and ready to answer any
questions you may have during the refinance process or after your loan has been
originated.
* A comprehensive privacy policy - The safety and security of your private
information is obviously extremely important. Many firms will sell your data to
marketing or research companies, possibly putting your security at risk. It is
common industry practice, as marketing data is very valuable and for many
businesses is a significant source of revenue. Check to ensure that your lender will
not sell your personal information once you've applied for your mortgage.
position than borrowers with lesser credit scores. If your FICO credit score is over
760, you're considered by lenders to have an excellent credit score. Those
borrowers with excellent credit are naturally given the best interest rates on
mortgages and other loans.
With the problems in the credit industry that began in 2007, some borrowers with
good, but not excellent credit scores have even reported difficulty getting
mortgages. If your credit score is in the excellent range, you should experience no
such difficulties. Lenders will be happy to originate a mortgage for you.
Some lenders actually specialize in mortgage lending only to borrowers with
excellent credit. If you fall in this category, this is beneficial, especially in the
current credit environment. If the lender services mortgages for all credit ranges,
they incur more risk. To mitigate the higher level of risk they have to charge more.
Often they charge more in interest, fees, or both, even to borrowers with higher
credit scores.
The excellent mortgages available to borrowers with excellent credit highlight the
vital importance of actually knowing your credit score before you shop for a
mortgage. This is true if you are seeking any financing, weather for a home, car, or
any other reason. The difference between being considered to have excellent credit
and being one range down can cost you a significant amount of money every
month and slow your loan approval.
As an example, FICO considers your credit to be in the "Good" range if your credit
score is in the range of 700 - 759. In the summer of 2008 such a score will allow
you to get an average mortgage interest rate of 6.456%. You can get a significant
reduction in your interest rate if you move up into the "excellent" range. Currently
the increase in credit score equates to a drop in mortgage interest rate to 6.234%,
although interest rates change daily, it serves to illustrate the importance of excellent
credit. For some types of personal loans, you can get an even better rate, as long as
your score falls in this range.
That's why it's essential to know what your credit score is before you get a
mortgage. If you are just below the 760 mark, you can easily raise your credit
score a few points and pay a lower mortgage interest rate. In the above example,
your principal and interest (P&I) payment on a $300,000 mortgage or refinance
would be $1,888 if your score was 759 and drop to $1,844 if your score was only
one point higher, at 760. Over the life of a 30 year mortgage, the extra $44 per
month would add up to $15,840.
That single point on your credit score that brought you into the "excellent" category
was worth almost $16,000. If you were to invest this money at a fairly typical rate
of return, 8%, you would generate an even greater sum at the end of the 30 years.
Due to the power of compound interest, the seemingly measly $44 a month you
saved by getting an excellent credit mortgage would, if invested at only 8% interest,
grow to a staggering $64,599! Were you to manage a healthy, but not uncommon
10% return, your $44 monthly savings would grow to over $95,000!
That points to the importance of having excellent credit. Not only will you get the
best mortgage, but it will be faster, and easier as well. In addition, the money you
save could allow you to retire in much better style!
One way to get a fantastic interest rate is to use competition among various lenders
that know they're in a competitive bidding situation. Competition in all industries
results in a better deal for consumers, and it's no different in the mortgage refinance
industry. The leader in this business model is Lending Tree.com. They'll have up to
4 lenders bid for your business. They know the competition is right behind them, so
they're driven to offer you the best loan. Click here now to find out how low of an
interest rate your excellent credit, and lender competition can get you.
One thing that can be very beneficial if you do have excellent credit is to choose a
lender that specializes in such borrowers. You'll be well rewarded, getting the
lowest possible interest rates and fastest service on your loan.
One such lender is FirstAgain. FirstAgain originates loans for no one but borrowers
with excellent credit, so if you do fall in this category, you'll be getting a lender that
understands you and your needs, because you are the only type of borrower they
work for. If you need a loan for anything, weather it's a refinance, a remodel,
investment real estate, vehicles, business, or any other need, they bear looking into.
FirstAgain was founded by the same folks who were behind the very well regarded
People First in the 1990's. PeopleFirst was acquired by Capital One in 2001, freeing
up their highly regarded management team to move on to other things. This allowed
the founding of FirstAgain.
FirstAgain gives you:
- Unsecured loans requiring no liens or pledging of personal assets
- No fees, down payment requirements or prepayment penalties
- Completely paperless loan from application and document signing to funding and
servicing
- Apply online and receive a response within minutes via email
- Approved applicants can receive funds the very same day they apply
FirstAgain already has more than $100 million in loan originations and thousands of
happy customers. Click and fill out their very easy form. You could have your loan
approval almost instantly.
Keys choosing a lender for an excellent credit mortgage or refinance -
If you have truly excellent credit, you're in the catbird seat. Lenders are falling all
over themselves to lend money - if your credit is truly excellent. The problem for
many borrowers is that what qualified as excellent in 2007, doesn't fly in 2008. If
your FICO score is over 760, and definitely it is higher than 800, you'll stand an
excellent chance of getting a great mortgage loan however.
Any lender that specializes in loans for borrowers with excellent credit should give
you the following:
* The lowest mortgage or refinance interest rates- Remember, the mortgage
rates you pay are the largest factor in determining the size of your monthly payment
except for the amount you borrow. If you have excellent credit, your rates should
be commensurately low. After all, you've earned it!
*No Hidden loan costs - In the last few years lenders have been generating a larger
percentage of their revenue from fees. If you see phrases such as "pay no up front
costs." or "nothing out of pocket" be especially careful. Just because you're paying
nothing out of pocket does not mean that you're not paying anything. In many
cases these fees are merely added to your loan, where you'll pay interest on them
for 15 - 30 years. Go over the mortgage contract and all addendums with a fine
toothed comb.
It is common practice in the mortgage and credit industry to include additional fees
and charges. The can easily total thousands of dollars. Some mortgage firms feel
they have you with your back to the wall and you either won't notice these
additional fees, or will just go ahead and pay them. If you have excellent credit you
don't need to put up with such behavior from your lender, as borrowers with lesser
credit must often do.
Make sure your contract has no clauses that overly favor the lender or restrict your
legal rights. Hire an experienced real estate attorney to thoroughly examine it. This
can easily run up to $500 in large cities, but it will money well spent. Failure to have
competent legal counsel look at your mortgage contract can cost you thousands of
dollars later. Don't make that mistake.
* Excellent service - It's important to use a lender with an excellent customer
service department. They should be responsive, available, and ready to answer any
questions you may have during the refinance process or after your loan has been
originated.
* A comprehensive privacy policy - The safety and security of your private
information is obviously extremely important. Many firms will sell your data to
marketing or research companies, possibly putting your security at risk. It is
common industry practice, as marketing data is very valuable and for many
businesses is a significant source of revenue. Check to ensure that your lender will
not sell your personal information once you've applied for your mortgage.
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Note: While we believe this information to be factual at the time of
publication, it is possible the information contains errors. This
information is presented for entertainment purposes only. The
publishers of this site are in no way responsible for the use or misuse of
any information contained herein, or any problems, difficulties, losses,
or concerns arising from its use.
publication, it is possible the information contains errors. This
information is presented for entertainment purposes only. The
publishers of this site are in no way responsible for the use or misuse of
any information contained herein, or any problems, difficulties, losses,
or concerns arising from its use.