AZ Lending Experts | Phoenix Mortgage AZ Lending Experts

Phoenix Mortgage AZ Lending Experts

Phoenix Mortgage AZ Lending Experts

There are several important factors to getting a home mortgage.  The lending institution will take into consideration your income, debt to income ratios, home appraisal, your credit score, as well as other factors.  If you live in Phoenix, Arizona, you may want to consult an experienced Phoenix mortgage company like AZ Lending Experts.  An experienced Phoenix Mortgage AZ Lending Experts can help explain different options for obtaining a home mortgage.  They will know lenders who are less stringent on certain aspects of the loan criteria, allowing you to get approved for a loan, whereas other lending institutions would turn down your application. 
In looking to get a home loan in Phoenix, AZ, you should work on getting yourself ready for the home loan.  A credit score is a number based on a statistical analysis of a person's credit files.  According to theory, it represents the creditworthiness of a borrower - the probability they will pay their bills. For the most part, a credit score is based on credit report information, typically from one of the three major credit bureaus: Experian, Trans Union, and Equifax. Income is not considered by the major credit bureaus when calculating a credit score.
There are different methods of calculating credit scores. The most widely known type of credit score, the FICO score, is a rating devised by FICO (Fair Isaac Corporation). Many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations use this credit score. All credit scores must be subject to availability. The credit bureaus all have their own credit scores. For a borrower looking for a Phoenix mortgage, AZ Lending Experts can efficiently and expertly navigate the credit score mine field.
Studies have shown credit scores to be an accurate predictor of risk in the underwriting of both loans and insurance. Some studies suggest that, because of the use of credit scores, many consumers may be the beneficiaries of lower credit costs and insurance premiums.
Americans are entitled to one free credit report in every twelve month period from each of the three credit bureaus, but are not entitled to receive a free credit score. The three credit bureaus run Annualcreditreport.com, where users can get their free credit reports. Credit scores are usually available as an additional paid feature of the report. If the consumer disagrees with an item on a credit report obtained using the free system, under the Fair Credit Reporting Act, the credit bureaus have forty five days to investigate, rather than 30 days for reports obtained otherwise.
However, consumers or borrowers that want to obtain their credit scores can, in some cases, purchase them separately from the credit bureaus or can purchase their FICO score directly from FICO. Credit scores are also available free by subscription to one of the many credit report monitoring services available. It is a good idea to know what is on your credit report, so that if there is any inaccuracies that are causing you to have a lower FICO score, you can challenge this information and hopefully get it removed, which will raise your FICO score and possibly make more mortgage options available to you, or allow you to enjoy lower interest rates on your mortgage.
Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report (not a free credit score) within sixty days of any adverse decision taken as a result of their credit score. This would include being denied credit, or receiving substandard credit terms from a lender. Under the Wall Street reform bill passed in July of 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score. The generic or classic FICO credit score ranges from 300 and 850, as does a Vantage Score credit score.
Credit scores can be a tricky proposition when applying for a mortgage loan. For expert assistance for a Phoenix mortgage AZ Lending Experts can help.

Don’t forget that the most detailed information about AZ Lending Experts you can always get on the official web-site, in the company’s office or by calling by phone↓

Website: www.azlendingexperts.com

Address: 4500 S. Lakeshore Dr., Suite 650, Tempe

Phone:4806493825

Other means of contact: info@azlendingexperts.com, 

                                                rsimon@azlendingexperts.com