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Home Loan Application FAQ: From a MLO in Tampa, Florida
When applying for a home loan, the lender must disclose to you the score that a consumer reporting agency distributed to users and that the lender used in connections with your home loan, along with the key factors affecting your credit scores.
Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another.
In addition to credit scores, there are other factors that are considered by lenders when determining the interest rate that is offered. These factors include:
1. Amount of equity or down payment in the home.
2. Amount of the final loan amount. Small loan amounts are generally charged a premium add on to the rate by lenders.
3. Length of interest rate lock period.
4. The state that the property is located in.
5. Type of loan being sought (FHA, Conventional, Jumbo, VA)
Marc Hutchison is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, FL. He can be reached via phone at (813)-489-5566 or via email at firstname.lastname@example.org. For more information, visit Bay to Bay Lending on the web at www.baytobaylending.com.
Whether you are seeking to purchase a new home or refinancing (http://www.baytobaylending.com/