Financing Your New Home

Since all loan approvals are credit driven and your interest rate is determined by your 'FICO Score' checking your credit report in advance is a good practice. The link below will give you your 'FICO Score' and a copy of your credit report on-line in just minutes. A 'FICO Score' is a number between 300 and 850, which is assigned by the credit reporting agencies (there are three). The better your credit history is, the higher the number or score. The higher the number, the lower the interest rate.

The minimum score for a "conforming" loan is 620. These are the "good" loans. With higher scores there are additional terms and less qualifying conditions. The higher tiers kick in at 680 and 720 currently. For example with a score of 720 or higher, lenders will be able to offer you options like 100% financing and stated income qualification (no income verification required). Loans can be obtained for scores below 620 at a slightly higher cost or interest rate. Since the amount of money you can spend on a home is determined by the Lender, this is the most important first step in the home buying process.

There are a number of new "First Time Home Buyer" loans available, with no down-payment requirements. Call us for details.

Effective December 1st, 2004, individuals living in the United States are entitled to a free copy of their credit report each year. I suggest you follow this link and learn more about your rights, as well as protecting your identity. There a number of copy cat sites that actually charge for this service, so be sure you use this link to obtain a FREE REPORT.

https://www.annualcreditreport.com/cra/index.jsp

I do recommend that you use a local mortgage broker rather than an out of state or virtual lender - they are often times far more difficult to deal with, and rarely save you any money!

We now offer loan consulting services as an additional benefit. We may be able to save you money! Please call us and we will begin to work with you on finding the right loan for your home.

Jolynne Ash 503-804-1608

Pacific Rim Mortgage

Dave Slavish
503-684-6039
Email: Dave@PacificRimLoans.com

Following is a list of the documentation a Lender may need in order to process your application:

Last two years W-2's (tax returns if self-employed)
Current pay stubs
Last 3 months bank & investment statements
Proof of Social Security & Retirement Income
Evidence of child support received for last 12 months
Rental agreements for all rental properties
Divorce decree(s)
Bankruptcy papers
Landlord's name, address & telephone number
Gift funds, name and address