Your credit score is a statistical summary of the information contained in a consumer's credit report. The most well known type of credit score is the Fair Isaac or FICO score. This score is used to track the amount of debt consumers have taken on and whether they pay their bills on time.  Typically scores range from 300 (low score) to 800 (high score).

What is a pre-qualification?
A pre-qualification will estimate how much money you are eligible to borrow before you apply for a mortgage. Be prepared to provide basic information such as income, debts and assets. A pre-qualification is not a pre-approval or loan approval.

What is an appraisal?
A home appraisal is a report made by a certified appraiser who provides a professional opinion or estimate of property value. When you apply for a mortgage loan, loanandcreditpro.com will initiate the process to get an appraisal ordered.

What are closing costs?
Closing costs cover all the fees and expenses associated with a loan transaction. Closing costs may include fees for an appraisal, credit report, title insurance, survey, and points. Closing costs vary depending upon the loan product and the fees that are required in your area.

What is title insurance and why do I need it?
Title insurance protects the lender (lender's policy) and the homeowner (owner's policy) against loss resulting from disputes over ownership of the property.

What information do I need to apply for a loan?
For all mortgage applications, we will ask you for information regarding your employment, income, assets, debts, property details, and more. Additional information will be needed depending upon your situation.

What is the difference between a Fixed Rate Mortgage and an Adjustable Rate Mortage?
A fixed rate mortgage is a loan in which the interest rate does not change during the entire term of the loan. With this type of mortgage, your monthly payments for principal and interest never change.

With an adjustable rate mortgage (ARM) the interest rate may periodically adjust on the basis of changes in a specified index. ARM loans can allow you to buy a more expensive home since the interest rate is usually lower than a fixed rate mortgage. 


Contact us for more answers to your questions - we're here to help!  Call 877-576-2300, email scott.nortman@loanandcreditpro.com, or complete a simple online contact form.