All Posts Tagged: lender

Countdown to success: Managing your credit during the lending process

Victor Polich
Mortgage Banking

Your credit history and credit score go a long way toward determining the loan amount you’re eligible for, the cash down payment you’ll need, and the interest rate you’ll pay. Knowing what to do — and what not to do — before and during the application process can help you avoid bumps in the road.

Business woman in a cafe as seen through the window outside as she checks a credit transaction on your tablet.6 months before completing a mortgage application:
  • Avoid opening or applying for credit cards. Lenders look at credit inquiries, which show that other lenders have asked for your credit record and may indicate you are about to take on new debt that has yet to be reported—potentially making it harder to pay your bills, including a mortgage – on time.
  • Keep your credit cards open. Your FICO score is based heavily on the amount you owe compared to how much credit you have access to. Closing a card lowers your overall available credit and may increase your percentage of credit in use—which could hurt your credit score.
  • Check your credit report and question any inaccuracies. Misinformation can impact your credit score, which may result in a declined loan application. If you find an error, alert the credit bureau and provide proof of the error to get the mistake removed from your report. (Visit to request a free report.)
2 months before completing a mortgage application:

Pay down any credit card balances. Lowering your balances is one way to improve your score. Doing so a few months before applying for a loan is important because changes in credit card balances may not always appear on your credit report right away.

After your mortgage is approved:

Keep your credit use consistent. Many lenders order a second credit report a few days before closing. Don’t open new accounts or charge up your credit cards while you wait for closing day. Any recent activity could result in your mortgage loan being rejected at the last minute.

Top Tip: Protect your credit rating when loan shopping

Credit bureaus permit you to shop for rates, but to help make sure this activity doesn’t harm your FICO score, Experian suggests limiting your loan shopping to a 14-day time frame. During this period, you can have your credit checked by an unlimited number of lenders without negatively impacting your credit score.

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Why an appraisal may be a good idea for buyers

Posted by
Man in gray shirt looking up close at the exterior side of an off-white house.

While the appraisal process can vary by state, there are three main parts you should know about.

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Useful refinance program made permanent to help businesses grow

Don Mercer
Posted by Don Mercer
Small Business Banking
Asian-American woman working in flower shop talking with a customer.

The bedrock of the SBA 504 program is it offers long-term, fixed-rate loans with very competitive rates.

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What is title insurance, and how can it help?

Victor Polich
Mortgage Banking
Man in living room standing at a large window, looking out at a bright, tree-filled landscape.

With title insurance, you’re getting an assurance that you really own the property.

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New mortgage forms are coming: 8 tips that may help buyers

Stew Larsen
Posted by Stew Larsen
Mortgage Banking
Closeup of man

If you buy a home later this year, you will likely see new disclosure forms that will make it easier to understand the costs of a home loan.

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