Mooers Realty Maine Real Estate Blog
Your Character Is Important, But Your Maine Home Buying Credit Score Is Everything.
Back when you had to scrimp, save, go without to pull together a twenty five percent down payment to buy a Maine home, the process was simpler.
Cut and dry. Only local Maine banks considered by the buyer. Limited flavors and the fellow with the tie, suit sized you up by knowing who your parents were. Your reputation in a small Maine town which most population centers are in Vacationland was everything. Well known to all when fewer people in the local population.
Character assessment with your high points, weaknesses thrown together, sized up for a Maine home loan.
Helping the banker develop a gut feeling on would a Maine home loan made to you have a good chance of being paid back. No appraiser either to do the assessment of the Maine home being mortgaged either.
Same banker that decides you check out, have the quarter of the house price squirreled away in one of his savings accounts, takes a look see. At the four walls and roof. Walked the lot. And decides it's a go if the legal beagle clears the title examination. Deems it as squeaky clean. All ready to attach, bolt on a Maine home loan.
The Maine home loan mortgage with boilerplate legalese seasoning sprinkled all over the parchment in the blue wrapper. All the fine print about you pay you stay. And drop the other shoe. If you don't you won't. We are all adults in this room, Over eighteen and reminded if those monthly loan installment payments, insurance coverage and taxes are not kept current. Well, you'll be out on the lawn. Escorted off the property hanging your head low, ashamed. Having to find another place to call home you are forced to rent, not own for awhile.
So credit score, FICO, give or don't provide dog Fido a bone loan. The likelihood you will repay a Maine home loan mortgage all revolves around what your FICO score is. Being on the job more than twenty minutes or not bouncing around like someone in the witness protection program helps too. Just like not unhealthy, overweight bloated debt ratios.
Too shiny, too new a car.
Other toys that eat in to your ability to buy, pay for a Maine home. Like Vegas, the odds from filtering everything your did right or wrong in paying back credit so far in life factored in.Your spending habits that are good, bad, in between. Or considering not enough is showing up to arrive at the unknown FICO score for a brand new, not so established credit risk. That does not have bad credit, he has no none. Zip. Nada. Zilch.
And wait, you have more than one credit score, should never pay to learn what your FICO is.
What's this about more than 49 different FICO credit scores?
How does your FICO Maine home buying score impact the interest rate you should expect to be paying? In a major way.
In theory, the numbers don't lie. And the days of a character loan analysis by the local Maine banker are not the end all anymore. The Maine home loan process is a tad more extensive, complicated.
The Maine home loan could be from a portfolio, held not sold lending instrument recorded at the local registry of deeds.
But chances are the secondary mortgage market packaging involved. For a quick "see ya" sold to investors that is going to happen. Sometimes right during the closing which I have seen from Key Bank to Countrywide during the paper signing, home loan process. To cash in on the lowest rates for a Maine home loan out there. So you can pay less for the money needed to get a loan mortgage. Or complete the installment dance. Retire it earlier, end the month to month fun and games of writing a check. Making a one last transfer to own the Maine home free and clear. For the discharge of the loan. For the mortgage burning party in the front Maine home living room fireplace torching.
Learn more about Houlton Maine home loans lenders, getting a mortgage. Get a home in Maine, don't hang out, slip into the rent rut. Making mortgage payments for your landlord or putting his kids through college. Maine, big state, the locals and you will too think everyday is awesome.