It has been completely documented that to effectively negotiate a real estate transaction, you should obtain a real estate loan pre approval before you commence looking at properties. In addition, the three major credit bureaus (TransUnion, Equifax and Experian) use a credit rating FICO score developed by Fair, Isaac & Co.). The mid score in most cases governs the loans that are available to the consumer. The scores range between the 300's to the high 900's and a higher score makes it easier for the consumer to get their loan approved.

E.F.M. Financial Center has a multitude of mortgage programs that provide up to 100% financing to customers with excellent credit scores. Even though we have an Easy Loan Application, we advocate that our customers call us at 818.260.9983 and provide us with their name, address and social security number and we can instantaneously determine their FICO score credit rating. This will maintain confidentiality between the customer and our firm.

According to Fair, Isaac & Co.:

	35% of your score is determined by the payment histories on your credit accounts, from
	Visa cards to department store and car loans. The model assigns greater weight to recent
	missed payments than late payments years ago.
	30% of your FICO score is based on the amounts you owe creditors. This includes the
	total of what you owe on all your accounts, and whether you carry an unpaid balance on
	certain accounts like credit cards. Interestingly, the statistical model sometimes gives
	slightly higher scores to people who show an unpaid balance on a credit card, with no
	late payments, than to those who run no balances.
	15% of a FICO score is attributed to the length of time you've been a credit user. The
	longer, the better, assuming you pay on time.
	10% of your score is based on whether you appear to be loading up on new credit. In
	other words, have you been applying for and receiving new loans in recent months? The
	more you've done so, the lower goes your score.
	The final 10% of a FICO score is governed by the types and "mix" of your credit uses.
	Though the Web site doesn't say so, consumers who borrow money from finance
	companies may be penalized slightly because the FICO models associate higher default
	risks with such lenders' customers.

Once the client submits the Easy Loan Application with the documentation required, E.F.M. Financial Center can issue a complete loan pre approval only contingent on the appraisal report of the property they are going to purchase. The client now becomes a "cash buyer" because the financial institution has pre approved their loan and set aside their "cash".

"A CASH REAL ESTATE BUYER WILL SAVE TIME AND MONEY"

Back to Home Page

Want more information? Please E-mail Frank at EFM Financial Center.