Start a Green File
Credit scores range between 400 and 800. 620 + is considered “good”. 680 + is considered “premium” and may possibly help get you a lower interest rate.

Check Your Credit Rating
A Green File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.

Savings & Debt
If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.

Toe The Line
Now is not a good time to change careers, move your money around, or buy big ticket items. Lenders like stability. So if you are considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes!
If financing, a pre-approval will establish your ‘high end’ or “preferred monthly payment” so we can narrow our search. You should get this pre-approval in approximately 20 minutes over the phone. Below are a few local lenders.

• Rocket Mortgage by Quicken Loans – Karlene Smith: 814-688-0329
• Finance of America – Pat Flynn: 814-826-3330 (specializes in FHA, VA, and Rural Housing loans)
• Erie Bank – Terry Swanson: 814-726-9000
• Northwest Savings Bank – 877-672-5628

(Each bank has its own requirements, so if one doesn’t give you pre-approval, call another.) You can use any mortgage company, as you should always shop for the best rates and type of loan that fits your needs. We will discuss loan options prior to scheduling appointments since different loans require different criteria that the house must satisfy.

Contact us with any questions you may have.