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1st Hand Mortgage, Inc.


A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan, which is normally, the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
 
Most people applying for a home mortgage need not worry about the effects of their credit history during the mortgage process. However you can be better prepared if you get a copy of your credit report before you apply for your mortgage. That way, you can take steps to correct any negatives before making your application. A Credit Profile refers to a consumer credit file, which is made up of various consumer credit reporting agencies. It is a picture of how you paid back the companies you have borrowed money from, or how you have met other financial obligations.
 
The mortgage industry tends to create its own language and credit rating is no different. BC mortgage lending gets its name from the grading of one’s credit based on such things as payment history, amount of debt payments, bankruptcies, equity position and credit scores. The score looks at the following items past delinquencies, derogatory payment behavior, current debt levels, length of credit history, types of credit and number of inquires.
 
The Company scores are simply repository scores meaning they only consider the information contained in a person’s credit file. They do not consider a persons income, savings or down payment amount. Credit scores are based on five factors 35percent of the score is based on payment history, 30percent on the amount owed, 15percent on how long you’ve had credit, 10 percent on new credit being sought and 10percent on the types of credit you have. The scores are useful in directing applications to specific loan programs and to set levels of underwriting such as Streamline, Traditional or Second Review, but are not the final word regarding the type of program you will qualify for or your interest rate.

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