Luis and wish to express our sincere thanks for all you did for us in making it possible to secure a mortgage and become First-Time homeowners. Your dedication and concern on our behalf is deeply appreciated. The professionalism and knowledge in handling our many questions, your endless patience with our repeated phone calls and visits provided the guidance we needed to allow us to purchase our home. We could not have done it without your constant attention to detail and making us aware of the many steps that had to be taken to secure the mortgage. You were the ink that put it all together! Once again, our many thanks and deep appreciation for all your efforts and the efficient manner that our application was handled by you and your very dedicated staff. Sincerely, Anmol K. Deol
Update
Wholesale inflation was reported higher than expected this morning reflecting the rise in energy and commodity costs. The Producer Price Index (PPI) rose 1.2% in July versus expectations of 0.6% while the core PPI, which excludes food and energy, rose...
As a key component in evaluating you as a credit risk, lenders use this information to see if you have missed payments, carry high balances, or are in other ways over extending yourself financially.
The following categories are a general guideline to borrower creditworthiness (these are general guidelines only - other factors may be included in your credit evaluation and the approval process):
Excellent Credit
Credit scores of 720 and above
5 trade credit lines (credit cards, auto loans, mortgages) each having been open for at least 24 months
All accounts have been paid as agreed
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
Low current credit balance relative to maximum available credit limit
Minimum number of credit inquiries
Very Good Credit
Credit scores between 680-719
5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
All accounts have been paid as agreed
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 7 years
Low current credit balance relative to maximum available credit limit
Minimum number of credit inquiries
Good Credit
Credit scores between 620-679
5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
Most accounts have been paid as agreed, with only occasional late payments
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years
May have significant current credit balance relative to maximum available credit limit
Several recent credit inquiries
Fair Credit
Credit scores between 580-619
3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months
Most accounts have been paid as agreed, with only occasional late payments
No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years
May have significant credit balance relative to maximum available credit limit
Several recent credit inquiries
Poor Credit
Credit scores 579 and below
One or more accounts have not been paid as agreed
May have had a bankruptcy, foreclosure, serious past due accounts or collections
High number of recent credit inquiries
Proportion of revolving balances to revolving credit limits is too high
Bankers Mortgage Corporation
255 Old New Brunswick Rd S210
Piscataway, NJ 08854
Fax (732) 562-9385
