Who would have thought that home financing would have been so complicated. Are you ready to buy a home and get into a home mortgage or would it be better to lease now or maybe do a lease to purchase and effectively get the home you want to keep but delay obtaining a mortgage for a period of time. A lot of us don't quite understand what the mortgage options are for a purchase agreement or how our credit score can make a huge difference.

Take a look at the article on types of mortgages that are available. If your credit is very poor consider a lease to purchase program. Once you have made the decision to get a mortgage be sure and work with a highly qualified mortgage broker. One of the excellent brokers I work with has provided some mortgage programs for you to review and of course to contact the mortgage offer.  I also work as a part of the Lending Tree Broker Network. They offer incentives and if you are a member of Costco, Lending Tree has mortgage companies you can work with and take a look at their incentives to use their member brokerages.  Lending Tree Mortgage.

Finally, use the mortgage calculator in this section of my web site. Don't forget that if you calculate only principal and interest you will also need to add in taxes and insurance. Get as much information as you can to make a good decision for buying your new home. After you have signed the papers it may be too late to fix a bad mortgage.

Suburban Mortgage, Inc.               Your Mortgage Banker Hi, I’m Margie Johnson and a Senior Loan Specialist with Suburban Mortgage. There are some great materials for you to review about mortgage loans and how your credit can impact that loan on this page. If you have any questions in general or would like to work with your specific financial needs please contact me. There is also an online application you can fill out. I am looking forward to helping you obtain your new home or refinance.      Loan Programs For Primary Residence, Land and Vacation Homes                                BK10123 Direct line: 602-606-6817                        Direct Fax: 602-343-6817                  email: mjohnson@submort.com

Financing your home seems like it should be so simple. Just go to a lender with connections to thousands of dollars, tell them when you need it and at close of escrow it appears in the escrow agents hands. Maybe your loan will go that simply, most likely is will be more involved. In fact many of the homes that "fall" out of escrow at the last minute have to deal with loan problems. Look at some of the data in this section and get the information you need to reduce the stress and issues in getting your loan.

Credit Scores - How do they impact a home purchase.

When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you. FICO scores are the credit scores most lenders use to determine your credit risk.

What is in your FICO Score?

Credit History Length	15%
New Credit	10%
Credit Type Used	10%
Payment History	35%
Amounts Owed	30%

Example Interest Rates

760-850	6.25%	$1,282
680-759	6.375%	$1,368
620-679	6.50%	$1,430
<620	7.5%	$1,510

 [This chart is for illustrative purposes only and does not reflect actual interest rates]

A person with FICO scores of 760 or better will pay $228 less per month for a $216,000 30-year, fixed-rate mortgage than a person with FICO scores below 620 – THAT’S A SAVINGS OF NEARLY $2736 A YEAR.

You can see that it pays  to improve your FICO scores.  This editorial is for informational purposes only and does not replace professional legal or financial counsel.  Reference:        http://www.myfico.com