Working with Judah Realty to Buy Your Next Home
Exceeding your real estate expectations with service and excellence!
Judah Realty is a Real Estate company located in Bellevue Washington that provides Innovation, Strategy, Dedication and Results to its clients. We are currently working directly with buyers, sellers, asset companies and representing banks with distressed properties, short sales and foreclosures.
Frequently Asked Mortgage Lending Questions
What is a Fico Score?
our Fico score is one of many factors that lenders consider to determine if they should lend to you. Scores from three different national credit bureaus are used to calculate your Fico score, Equifax, Experian, and TransUnion. You’re entitled to a free credit report once every year.
Fico scores range from 300-850. A higher FICO score could qualify you for a better interest rate.
How can I improve my Fico score?
View your credit report – review your report for any errors or mistakes that were reported. If you find any errors, notify the credit bureau and the reporting agency to get them corrected.
Reduce your credit card debt – Consult a reputable, licensed credit counseling agency to guide you in removing your credit card debt. Ask them about why canceling any credit cards can have a negative effect on your score.
Make payments on time – If you have trouble remembering when to make payments, set up reminders or electronic payments. Make sure that you are paying your account balances down, not just moving your debt around from one account to another.
What should I do and not do during the mortgage application process?
Here are a few things to be sure to keep in mind when you begin the mortgage application process.
Be sure to do the following
Stay at your job– make sure that your employment status stays the same. We recommend not taking a leave of absence, switching to part-time, accepting 100 percent commission positions, or becoming self-employed.
Provide all documentation requested – even if you feel the lender doesn’t need an item, make sure to provide it to them anyway. This will help to ensure that you close on time.
File your taxes – file your taxes on time or if you aren’t ready to file, apply for an extension. If you owe money to the IRS, pay them or work out a payment plan.
Keep your down payment money before closing – make sure that your down payment is safe and is not spent before closing.
Be sure to avoid the following
Do not overdraft your bank account– this is a red flag that you may be less than responsible with money.
Do not forget to source deposits and/or funds to close. Money for closing cost has to be sourced with a paper trail. Sourcing 9copy of, check, bank account showing withdrawal, deposit slips, etc.) of any large, non-regular deposit will be needed. This also applies to monies transferred between accounts.
Do not open new accounts or make large purchases on your credit cards- it is safe to buy furniture or appliances after your home loan closes. Opening new accounts or charging on your credit cards can lower your credit score and affect mortgage rates.
Do not co-sign on a loan– your credit rating is affected when you co-sign and this can impact how much you can borrow.