FREQUENTLY ASKED QUESTIONS

WILL GETTING PRE-QUALIFIED HURT MY CREDIT?

No! I use a Soft Pull credit service to provide my pre-qualifications, which means you will never have to worry about a mortgage inquiry hurting your credit.

WHAT DOES IT MEAN TO GET "PRE-QUALIFIED"?

Getting pre-qualified means a knowledgeable loan officer has reviewed your income, assets, employment and liabilities in order to come up with a maximum purchase or refinance amount.

DO YOU OFFER DOWNPAYMENT ASSISTANCE?

YES!
With down-payment assistance you can purchase a home with as little as $1,000 down! Reach out to me or pre-qualify to find out if you qualify for Colorado Down-payment Assistance.

WHAT MORTGAGES DO YOU OFFER?

Conventional: minimum down payment 3%, mortgage insurance required for less than 20% down that falls off, credit score of 620+

FHA: minimum down payment 3.5%, mortgage insurance required for less than 20% down that does not fall off, credit score of 580+

VA: minimum downpayment of 0%, must be able to provide a DD-214

USDA: minimum downpayment of 0% down, monthly fees for less than 20% down, must be in a USDA approved area, income limits apply

WHEN SHOULD I CONSIDER A REFINANCE?

Refinances can be beneficial to lower monthly payments by lowering interest rates or removing or decreasing mortgage insurance. 
Refinances can also be used to take cash out for renovations, debt consolidation, a big purchase, and much more

For questions not answered above, or for direct advice about home loans or refinancing, don’t hesitate - get in touch!

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See below for additional mortgage information, tips and tricks!

 
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  • Jamie Laskie
    • Jul 1, 2019
    • 2 min read

Credit Scores: The 411



WHAT IS A CREDIT SCORE?

Your credit score is a three digit number that rates your likeliness to pay debts back.Banks and Lenders use it to decide if they'll approve you for a credit card or loan. Your credit is tracked by 3 main bureaus: Equifax, Experian and TransUnion and scores range from 300-850. Because not all lenders report to all three bureaus, you may have a different score at each. Watch this video from credit karma for a deeper understanding on credit!



WHAT FACTORS DETERMINE YOUR SCORE?

  1. Your payment history

  2. How long you’ve had credit

  3. The types of credit you have (credit cards, auto loans, student loans, mortgages, etc.)

  4. Your credit limits and how much of those limits you’re using

  5. How much debt you have

  6. Hard inquiries on your credit report









SOME HELPFUL TIPS FOR A HIGHER SCORE

  • Once you pay off a credit card, don't close it. Closing a credit card will lower your account number, your overall credit limit, and possibly your credit history, which can lower your score.

  • Try not not miss payments, payment history makes up 35% of your credit score so try setting all lines of credit on autopay so you never miss a payment.

  • Try and keep your overall balance at or below 30% of your overall limit. This shows lenders that although you use credit, you don't push it to the limit.

  • If you can pay off your balance every month.

  • Use credit cards for NEEDs not WANTs

  • Have a mixture of credit types, and only open new accounts when you need them.


HOW CAN I CHECK MY SCORE WITHOUT LOWERING IT?

There are many online resources that will obtain a credit score for you, without a hard inquiry or fee. Credit Karma and Mint by Intuit are some. Additionally, every time your credit is pulled by an institution you can request a copy of your credit report within 30 days of it being pulled without a fee or an additional pull of your credit.

I can also pull your credit for free, using a soft pull, which does not affect your credit score. Ask me how!




Jamie Laskie

NMLS 1641628

970-581-4811

Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274


Jamie Laskie is a licensed Loan Officer in Colorado for Guild Mortgage Company; Regulated by the CO Division of Real Estate. Licensed in the state of Colorado, NMLS #1641628. The postings on this blog don't necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

The information provided herein has been prepared by a third party and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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©2018 by Jamie Laskie. 

Guild Mortgage Company is an Equal Housing Lender; Company NMLS #3274. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.  Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. 

Privacy | Licensing | Consumer Access NMLS

Jamie Laskie NMLS #1641628, is licensed to do business in the states of Colorado. 

Jamie Laskie

970-581-4811

jlaskie@guildmortgage.net 

https://www.guildmortgage.com/jamielaskie 

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