How Can I Find Out Information About My Credit History?

 

Watch this video and take a few notes! There are three major credit reporting companies:

  • Equifax – www.equifax.com 1-800-685-1111
  • Experian – www.experian.com 1-888-397-3742
  • Trans Union – www.transunion.com 1-800-916-8800

Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port

How Are Pre-Qualifying And Pre-Approval Different?

 

Watch this video and it’ll make sense.

Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port

What Disclosures Are Used For Loans Not Covered By TRID?

 

Creditors must continue to use the Good Faith Estimate, Truth-In-Lending Disclosure and the HUD-1 form for reverse mortgages, HELOCs, mobile home or other non-attached dwelling loans and others NOT covered by TRID.

Housing assistance loans for low- and moderate-income consumers are partially exempt from TRID disclosures, and have specific rules.

Creditors are not required to provide Loan Estimate and Closing Disclosure forms and related booklets and statements for these loans.

Suncoast One Title has offices in Punta Gorda, Port Charlotte and North Port Florida

Can Creditors Revise TRID Loan Estimates?

 

Creditors are generally bound by the initial Loan Estimate. They are permitted to provide a revised Loan Estimate only under certain changed circumstances. These include circumstances that:

a) increase settlement charges beyond the legal tolerance limits

b) affect YOUR eligibility or change the value of the loan security.

Also,

c) if the interest rate was NOT locked and the new rate changes points or lender credits

d) for settlement delay on new construction loans within the stated revision window – typically 60 days, or

e) if YOU indicate an intent to proceed more than 10 business days after the Estimate or request loan term revisions.

Changed circumstances are extraordinary events beyond the control of you or the lending parties, OR changes or inaccuracies revealed in the information the lender used in preparing the Loan Estimate, OR new information on you or the transaction that the creditor did not use in the Loan Estimate.

Suncoast Title One has offices in Punta Gorda, Port Charlotte and Punta Gorda Florida

What Is A Credit Bureau Score And How Do Lenders Use Them?

 

As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable to repay a loan.

Lenders use it to determine your ability to qualify for a mortgage loan.

The better the score, the better your chances are of getting a favorable loan.

Know your score and ensure that lenders have current information about it.

Suncoast Title One has offices in Punta Gorda, Port Charlotte and Punta Gorda Florida