29 Dec Jumbo Loan Rates Utah
Jumbo Loan Rates Utah
In today’s world many affluent consumers would assume that they automatically qualify for a jumbo mortgage. In spite of having high incomes and lots of assets, some still face challenges when trying to qualify. 720 is a typical credit score required of most lenders for jumbo loan rates Utah. Scores below this can pose challenges for borrowers. Here are two key points that can help borrowers with their credit before they purchase or refinance.
The two best things that borrowers can do for their credit score is to;
Pay credit card payment on time
Pay the balance off monthly
New credit-reporting information may be benefit borrowers
Fannie Mae will be adding “trended credit-data reports” to its automated underwriting system this month. This new format will give the lender more information, allowing them to make better judgement on how borrowers use credit cards. The information includes the scheduled payment and the actual payment amounts such as paying off balances in full monthly or making just minimum payments. Keep in mind that this won’t change the scoring method of the credit report and the reports will still state the outstanding balance of accounts, such as credit cards, mortgages and student loans.
jumbo loan rates Utah