Faqs - Family Mortgage and Investment

WHY USE CREDITPLUS PRIOR TO A LOAN APPLICATION?

Lenders base their rates on a borrower's credit score. Each of the three major credit agencies score your credit based on your past credit history. The middle credit score is used as the benchmark score to determine your rate and the programs available to you.

Even if you know that you have excellent credit, we recommend that you check your credit through CreditPlus to make sure that the information reported is accurate not only as far as your credit is concerned but also to verify that your employment and residency information is correct. When you check your credit, this same credit report can be used by us for processing your loan. Unlike other options, this one time credit review used by you is also used by us, saving you the cost of pulling credit again. When you check your credit on the "free" websites, they provide you with a copy of a consumer's report but that report does not give you your actual credit scores and does not report the information on your employment or residency history. Again, lenders price your loan based on your credit score so you need to know exactly what that score is before you shop for a loan or ask us to do it for you.

If you believe that you may have credit issues on your report or that your overall credit may be lower than acceptable for the conventional market, CreditPlus has a feature called Score Wizard which can help you identify ways to increase your score and improve your credit. In a matter of weeks, you may be able to qualify for a much lower interest rate by applying the recommendations made through the Score Wizard!

Please be aware that each time your credit is pulled by a creditor, including loan companies, it lowers your score. Please be careful not to allow multiple companies to pull your credit. Once you have the report from CreditPlus, you will know what a lender will see on your credit and what your middle score is so that you can advise them of issues and the score without allowing them to pull credit until you know that you will be using them. While we hope that Family Mortgage will be your choice in mortgage brokers, we also care that you not lower your opportunities for better credit if you decide to use another company by allowing multiple companies to pull your credit.