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Kevin Berju
Senior Mortgage Consultant
Trident Mortgage Company
530 Walnut Street
Philadelphia, PA 19106
215-440-2056 Direct
215-240-4559 Fax
kevin.berju@prufoxroach.com |
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Everyone wants the lowest interest rate available. And why shouldn't you! The economy is good, interest rates are historically low and the competition between lenders has never been fiercer. All of these factors are strong positive ones and they benefit you handsomely!
There are two primary factors that affect interest rates:
First are the financial markets. There inclusive of the national economy and the global economy as well. Unfortunately you and I don't have any control over this factor, but fortunately these factors have enabled interest rates to remain historically low.
The second factor is one that you have total control over. YOU! Yes, YOU! Your credit score or commonly referred to as your FICO Score. Several years ago, lenders developed a systematic method to analyses the information they obtained from credit reporting agencies and assigning it a credit score. Your credit score tells the lender what your risk factor is there for determining your probability of default.Your credit score combined with your income* will determine what interest rate the lender will offer you. The higher your score, the lower your rate will be.
I'm sure you have seen Credit Card ads on TV and/or the Internet where they advertise call now, or fill out this form and receive instant approval in only seconds.The reason this can happen so quickly is because the credit approval process has been automated. With in a second of receiving your application, they obtain you credit score from a credit reporting agency. If your score is within an acceptable range, you are automatically approved.
This is similar to Mortgage lenders as well. Your credit score combined with your income and liquid assets are important factors too. CALL ME and Ill be glad to answer your questions and lend you the money to buy your new home. |
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