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Jeff Thomas: Hi, I am Jeff Thomas with Family Lender Inc. in Fairfax, Virginia. Today, I am going to discuss the process that you go through to get a mortgage and the home buying process. To tell you little about myself, I have been in the Mortgage Business for about 15 years and recently co-authored a book with Todd Ballenger called Borrow Smart Retire Rich, and we are going to discuss the seven parts of the books at the end of the video, but today we are going to discuss the four parts to a mortgage loan file.
Host: How does credit fit into the mortgage equation?
Jeff Thomas: Credit is probably the largest part of the home mortgage process. Without good credit, you are not going to able to get the best rates that you read about in the papers and it's going to narrow down the number of programs that you actually qualify for. Your credit is actually is equated to a credit score and the credit comes from a Equifax, experience and TransUnion, the three large credit repositories used in the U.
S. They take five parts of your credit score and they compile them together and it comes up with one number, one number for each credit bureau and we use the middle of three. So, if you have a 600,601,602 the mortgage industry is going to use your 601 as your credit score and that s the one that they are going to base on what programs you qualify for, and which ones you don t. So, your credit score combined with those three items is really going to tell you which program you can qualify for and which ones you can t.
Expert: Jeff Thomas
Mortgage Advisor
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. With the changes in the mortgage industry, More »
About This Video
In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides More »
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Tags: Mortgage, House, Purchasing, Buying, Credit, Payment
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