Pre-Approval & Pre-Qualification

Posted by Omar Khamisa on April 26th, 2012 03:36

For many new homebuyers, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one.

When you get pre-qualified, I perform a quick check to determine generally how large a home loan you can afford. Essentially, when a buyer is pre-qualified, the lender is saying it would most likely approve the buyer for “x” amount.
Pre-Approval & Pre-Qualification


Credit scores affect your life — beyond just mortgage interest rates.

Posted by Omar Khamisa on April 26th, 2012 03:01

Credit scores are often used in determining prices for auto and homeowners insurance. Employers have also begun using the scores as part of background checks when making hiring decisions. The practice of using credit scores in nontraditional ways is expanding. It’s more important than ever to educate yourself about credit. If you have more questions, I can help you find local resources to provide you with credit counseling and more in-depth information.

Check your credit score at least once a year.... Read Full Post: Credit scores affect your life — beyond just mortgage interest rates.


How can I correct mistakes or dispute information on my credit report?*

Posted by Omar Khamisa on April 26th, 2012 03:36

It’s not easy, but it can be done. Credit bureaus are legally required to investigate disputed information by contacting the creditor that originally supplied them with the information. The three major credit bureaus usually have the same information for each consumer file — but not always. You need only contact the bureau that actually shows an error.

Factual information cannot be removed from a credit report, and the credit bureaus will not automatically remove information from your reports just... Read Full Post: How can I correct mistakes or dispute information on my credit report?*


How can I improve my credit score?*

Posted by Omar Khamisa on April 26th, 2012 02:57

In addition to not paying your bills on time, there are other factors that can lower your credit score. If you are at or very near your credit limit on your credit card(s), or if you have multiple revolving credit accounts (like department store or gas credit accounts), your credit can suffer. Creditors also look at your employment record to see if you’ve switched jobs frequently or if you’ve maintained steady employment. These days, many people have late mortgage payments, a short sale or a foreclosure... Read Full Post: How can I improve my credit score?*


What is a tri-bureau merged report and why should I get one?

Posted by Omar Khamisa on April 26th, 2012 03:37

You should get a complete picture of your overall financial health before you go out to make a big purchase that requires you to apply for credit or a loan. Your score will impact the interest rate you are offered, so knowing your score will give you a sense of what you may qualify for. The best way to gain a clear picture of your financial health is through a tri-bureau credit report.
The tri-bureau credit report gives you a score from each of the three major credit reporting agencies on one report.... Read Full Post: What is a tri-bureau merged report and why should I get one?


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W.J. Bradley Mortgage Capital, LLC is a privately held independent mortgage lending firm, founded in 2003 and headquartered in Centennial, Colorado. We are a boutique lender, backed by private... Read More


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