Understand these facts in home buying and increasing your home purchasing power.

Sponsored by:
Al Bingham at Momentum Loans (NMLS 229002)
Abingham@momentumloans.com
(801) 261-9300

Paul Willden at Influence Realty and Relocation 
PaulWillden@gmail.com
(801) 580-0600

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1. What Credit Score model do all mortgage lenders use to determine loan approval, interest rates, and loan fees?

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2. What is currently your best resource to help you with credit issues / questions / concerns?

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3. How long does a "Hard Inquiry" lower your lenders' credit scores?

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4. A home buyer can have his / her credit report pulled by multiple mortgage lenders within how many days in order to have all the mortgage inquiries count as only one hard inquiry for his / her FICO Scores?

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5. There are two borrowers on a mortgage application. John has FICO scores of 650, 681, and 693. Shelly has FICO scores of 696, 701, and 713. Which FICO score is used by their mortgage lender to determine their loan approval and interest rate?

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6. Mortgage purchasing power (or lower interest rates and fees) is determined by increments of how many FICO score points?

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7. With the same financial information except for credit scores, Becky and Conner have credit scores of 765 and 630 respectively. How much more home does Becky qualify for (than Conner) while applying for a 30 year, 5% down conventional mortgage?

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8. A potential homebuyer increases his / her FICO score from 679 to 680. Appplying for a 5% down, 30 year fixed rate mortgage, how much more by percentage can that improve the homebuyer's purchasing power?

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9. Experian, Equifax and TransUnion were all fined by the Consumer FInancial Protection Bureau a total of $27.1 million in 2017 for what?

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10. Which credit score improvement program has proven superior results with an average of a 44-point improvement within 45 days?

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11. Address

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