Financing

Mortgage Calculators

Credit Score:

Know your FICO® scores, improve your FICO scores, save money

How FICO Credit Scores Work

• When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they'd take by loaning money to you.
• FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.
• Your 3 FICO credit scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
• Taking steps to improve your FICO scores can help you qualify for better rates from lenders.

Savings Example

The higher your FICO scores the less you can expect to pay for your loan. For example, on a $216,000 30-year, fixed-rate mortgage:

If your FICO score is	Your interest rate is	...and your monthly payment is
760 - 850	5.98%	$1,293
700 - 759	6.2%	$1,323
680 - 699	6.38%	$1,348
660 - 679	6.6%	$1,379
640 - 659	7.03%	$1,441
620 - 639	7.57%	$1,521
Actual National Interest Rates - Updated Daily

As you can see in this example using today's national rates, a person with a FICO score of 760 or better will pay $228 less per month for a $216,000 30-year, fixed-rate mortgage than a person with a FICO score of 620 – that's a savings of $2,736 per year. You can see how essential improving your credit scores can be if they are low, and also how important it is to keep them high if they are good.

Lenders

Visit Our Preferred Financial Partners

No charge for credit reports.  No junk fees.  That´s the pledge from lenders we have hand selected to earn ‘preferred’ status to offer mortgage services to Liz Moore & Associates´ buyers.  And adding up the dollars NOT spent on extraneous fees results in an amazing amount of money our buyers now have to spend on their new homes!  When it´s your home, everything counts.

Pre-Qualify

*fields must be completed

Reason for your loan
Reason for your loan:	Purchase Refinance Equity Line Other
Down Payment (if Purchase):
Down Payment From:	Savings Sale of Home Gift
Property Information
Property location and how you intend to use it :	Primary Residence Second Home Investment Property
Term you prefer:
Property City:
Property State
Are you currently working with an agent?
Agent you're working with :	Aleece Hill Andrea Fegley-Pavlak Andrea Wallis Angie Thomas Audrey Bell Barbara Mocnik Becky Howell Beth Pinder Bonnie Atwell Brian Sklute Bridget Crowley Carol Davanay Caroline Remillard Cindy Sorrells Colleen Starr Crystal Sullivan Dan Bowers David Jackson Deb Glowacki Debbie Smith Debi Braswell Warren Deborah Scott Deelyn Neilson Dewey Hutchins Diana Rondinelli Diane Cahill Don Pegram Donna Moyer Elaine Roberto Erik Colson Fred Whittaker George Thompson Grace Lacey Greg Duncan Greg Loper Ingrid Bayne Janet Culotta Jay Bland Jennifer Holland Jenny Edgerton Joanna Ward John Womeldorf Julie Henke Kara Cooke Karen Reinthaler Kathi Morgart Larry Tiffany Lee Bonds Linda Burton Lisa DeVore Lisa Genakos Liz Moore Lori Jeltema Lynnette Tully Margaret Labus Nyman Mario Naranjo Maurice Hadley Melanie Whitehead Melissa Gilliland Milta McLean-Dennis Nicole Krug-Galindo Patrick "P. J." McQuade Paula Tenenbaum Peggy Todd Phyllis Whitley Renee Lamury Richard Roane Robert Young Sandi Hudgins Sean Hyland Sean Reid Shannon M. Patterson Sheila Rivera Sherry Meis Shirley Hammond Stephanie Bohanon Sue Wallisch Susan Krancer Ted LaRose Teresa Cline Teresa Romesburg Terry Kearney Todd King Tracey Holland Velvet Trull Verle Melz Wendell Sparrer Yvette Smith
Contact Information
First Name:
Last Name:
First Name Co-Borrower:
Last Name Co-Borrower:
Social Security Number:	(Social Security Number)
Social Security Number Co-Borrower:
Email:	(E-mail)
Email Co-Borrower:
Home Phone:
Home Phone Co-Borrower:
Work Phone:
Work Phone Co-Borrower:
Fax Number:
Fax Number Co-Borrower:
Street Address:
Street Address Co-Borrower:
City:
City Co-Borrower:
State:
State Co-Borrower:
Zip:
Zip Co-Borrower:
How long at this Address (since month / year):
How long at this Address (since month / year) Co-Borrower:
Own or Rent:	Own Rent
Own or Rent Co-Borrower:	Own Rent
Married Status:	Married UnMarried Seperated
Married Status Co-Borrower:	Married UnMarried Seperated
Employment Information
Employer:
Employer Co-Borrower:
Start Date:	(Date m/d/yyyy)
Start Date Co-Borrower:	(Date m/d/yyyy)
Gross Monthly Income:
Gross Monthly Income Co-Borrower:
Previous Employer:
Previous Employer Co-Borrower:
Date Employed:	(Date m/d/yyyy)
Date Employed Co-Borrower:	(Date m/d/yyyy)
Gross Monthly Income:
Gross Monthly Income Co-Borrower:
Financial Information
Other Income Souce:
Other Income Souce Co-Borrower:
Recieved How Long:
Recieved How Long Co-Borrower:
Gross Monthly Income:
Gross Monthly Income Co-Borrower:
Checking Balance:
Checking Balance Co-Borrower:
Savings:
Savings Co-Borrower:
Certificate of Deposit:
Certificate of Deposit Co-Borrower:
Stocks / Bonds:
Stocks / Bonds Co-Borrower:
Revolving Credit Balance:
Total Montly Payment:
Installment Debt Balance:
Total Montly Payment:
For Refinance loans only, information on your existing mortgage(s)
Refinance Type:	FHA VA Conventional
Refinance Lender:
Monthly Payment:
Balance:
Property Value:
Account Number:
Second Loan / Mortgage Information
Second Mortgage Lender:
Second Mortgage Payemnt:
Second Mortgage Balance:
Second Mortgage Account Number:
Do you currently pay Private Mortgage Insurance?	(Check if Yes)
If Yes, PMI Amount:
Please read and agree to the following before you click on "Submit"
If otherwise allowed by state law, information contained in this worksheet may be communicated to affiliates of this company for use in soliciting you for other financial products. If you do not wish this information to be made available to our affiliates, please enter your initials in the space provided:
Borrower's Signature (Enter Name):
Co-Borrower's Signature (Enter Name):
Borrower's Signature Date:	(Date m/d/yyyy)
Co-Borrower's Signature Date:	(Date m/d/yyyy)

Glossary

Download the Mortgage Terms Glossary

Adjustable Rate Mortgage (ARM) -

Interest rates on this type of mortgage are periodically adjusted up or down, depending on a specified financial index.

Amortization -

repayment of a mortgage debt with equal periodic payments of both principal and interest, calculated to retire the obligation at the end of a fixed period of time.

Annual Percentage Rate (APR)

the actual finance charge for a loan, including points and loan fees, in addition to the stated interest rate.

Application Fee -

a one-time fee charged by the mortgage company for processing your application for a loan. Sometimes called the “origination fee.”

Appraisal -

an expert opinion of the value or worth of a property.

ARM -

see “Adjustable Rate Mortgage.”

Broker -

an individual who acts as the agent of the seller or buyer. A real estate broker must be licensed by the state.

Buy-Down Mortgage -

a mortgage with a below-market interest rate made by the lender in return for an interest rate subsidy in the form of additional discount points paid by the builder, seller or buyer.

Buyer’s Market -

economic conditions in which the supply of housing exceeds demand. Sellers may be forced to make substantial price concessions.

Cap -

limit on how much the interest rate can increase in an ARM.

Closing -

“Closing the deal,” the meeting where the deed to the property is legally transferred from seller to buyer.

Commission - fee (usually a percentage of total transaction) paid to an agent or broker for services performed.

Comparative Market Analysis -

a survey of attributes and selling prices of comparable homes on the market or recently sold; used to help determine pricing strategy for a seller’s property.

Condominium -

type of real estate ownership where the owner has title to a specific unit and shared interest in common areas.

Contingency -

a condition in a contract that must be met for the contract to be binding.

Contract -

binding legal agreement between two or more parties that outlines the conditions for the exchange of value.

Cooperative (Co-op) -

real estate ownership where all shareholders own the whole property, but each has proprietary occupancy rights for specific units.

Counteroffer -

when the seller or buyer responds to a bid. If you decide to offer $100,000 for a home listed at $150,000, the seller might counter your offer and propose that you purchase the home for $140,000. That new proposal, and any subsequent offer, is called a counteroffer.

Credit Report -

a credit report lists all of your credit accounts such as charge cards, and provides detail on payment history. Lenders use this information in determining eligibility for loans.

Down Payment -

percentage of the purchase price that the buyer must contribute with their own funds.

Earnest Money -

a deposit paid when the sale contract is signed before the closing. In some locations, it’s called the “Binder.”

Equity -

the difference between the market value of the property and what is owed on the property.

Escrow -

a fund or account held by a third party custodian until conditions of a contract are met.

Fee Simple -

the most basic type of ownership, under which the owner has the right to use and dispose of the property at will.

Fixed Rate Mortgage -

interest rates on this type of mortgage remain the same over the life of the loan term. Compare to “Adjustable Rate Mortgage.”

Foreclosure -

the legal action taken to extinguish a homeowner’s right and interest in the property, so that the property can be sold in a foreclosure sale to satisfy a debt.

Graduated Payment Mortgage (GPM) -

monthly payments start low and increase at a predetermined rate. Compare to “ARM.”

Hazard Insurance -

compensates for property damage from specified hazards such as fire and wind.

Homeowner’s Insurance -

coverage that includes hazard insurance, as well as personal liability and theft.

Home Warranty -

a service contract that covers appliances (with exclusions) in working condition in the home for a certain period of time, usually one year.

Interest -

the cost of borrowing money, usually expressed as a percentage over time.

Lien -

a security claim on property until a debt is satisfied.

Loan-to-Value Ratio -

the ratio of the loan amount compared to the value of the property. Referred to as “LTV.”Market Value - the price that is established by present economic conditions, location and general trends.

Market Price -

the actual price at which a property sells.

Mortgage -

security claim by a lender against property until the debt is paid.

Multiple Listing Service (MLS) -

a system that provides to its members detailed information about properties for sales.

PITI -

principal, interest, taxes and insurance, forming the basis for monthly mortgage payments.

Point -

one percent of the loan principal paid up front to reduce the interest rate on the loan.

Prepayment Penalty -

a fee paid by a borrower who pays off the loan before it is due.

Prequalification -

informal estimate of how much financing a potential borrower might expect to obtain. Completed before the borrower pays substantial loan application fees.

Principal -

the amount of money borrowed, for which interest is charged

Mortgage Insurance (MI) -

special insurance that protects the lender in case of borrower default. It’s typically required when the borrower makes less than a 20% down payment.

Realtor® -

a member of the National Association of Realtors.

Title -

document that indicates ownership of a specific property.

Title Insurance -

protects against loss from legal defects in the title.

Title Search -

detailed examination of the entire document history of a property title to make sure there are no legal encumbrances.

Financing Checklist

One of the most important steps you will take when you prepare to search for your new home is to determine how much home you can afford, and then to secure a loan pre-approval for that amount.

At Liz Moore & Associates, we’ve tried to take much of the stress out of this process by providing experienced guidance on the pre-approval process, the numerous mortgage products available and even help you select the lender that will best meet your specific situation.

There are several documents you will need to gather in advance to expedite your loan application. At a minimum, you should have the information listed on our Home Financing Checklist.