Copy of Do You Know these Facts about Your Mortgage and Home Buying Options?

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

Question Title

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

FICO 8 Credit Score (Discover Card)

Vantage Score (CreditKarma.com)

FICO 9 Credit Score (Experian.com)

Classic FICO Score (501-c-3 Non-Profit / MyCreditPlan.org)

Question Title

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

Your knowledge

Credit repair company

Loan officer

Internet

Certified credit counselor

Question Title

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

90 Days

6 Months

12 Months

24 Months

Question Title

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?

7 Days

14 Days

30 Days

45 Days

Question Title

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?

691 - The average of the middle of the three FICO scores from both John and Shelly?

701 - The highest middle score (of the three scores) from both John and Shelly?

650 - The lowest of all FICo scores from both John and Shelly?

681 - The lowest middle score (of the three scores) from both John and Shelly?

Question Title

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

5 Points

10 Points

20 Points

30 Points

Question Title

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?

7% More

14% More

23% More

38% More

Question Title

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?

There is no difference

1.7%

5.1%

7.7%

Question Title

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

Charging consumers for their free credit report.

Deceiving consumers about their credit scores.

Failing to investigate credit report inaccuracies.

Providing credit scores that were aged.

Question Title

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

Experian® Boost™

Credit Assured™ (Formerly Creditxpert)

My Credit Plan™

Lexington Law

Question Title

11. Address

Name

Email Address

Phone Number

Copy of Do You Know these Facts about Your Mortgage and Home Buying Options?

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

Question Title

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

Question Title

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

Question Title

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

Question Title

* 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?

Question Title

* 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?

Question Title

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

Question Title

* 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?

Question Title

* 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?

Question Title

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

Question Title

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

Question Title

* 11. Address

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

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

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

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?

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?

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

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?

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?

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

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

11. Address