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A PENCIL Is Needed for Accurate Mortgage Quotes & Pre Approvals

www.chrisjenkins.remn.com To get accurate and precise mortgage interest rate quote or a proper mortgage preapproval or prequalification you need a ...

Mortgage market wrap-up: 4 things you need to know

#2 BeSmartee integrates with Fannie Mae’s Desktop Underwriter

The direct integration into Fannie Mae enables lenders to use BeSmartee's point-of-sale platform to automatically submit borrower applications directly to Desktop Underwriter to generate eligibility reports.

This will accelerate the loan origination process for borrowers and loan officers while decreasing redundancies, the company said.

"We founded BeSmartee a decade ago based on three core principles, to make the lending process faster, easier, and more transparent. Incorporating an automated submission of borrower applications directly to Desktop Underwriter is a key element in reinforcing those principles of what we sincerely believe is the industry's most advanced point-of-sale platform," said Arvin Sahakian, Co-Founder of BeSmartee.

This is part of a larger trend in mortgage lending where big data and artificial intelligence help borrowers to go from initial contact to underwriting in minutes.

Guest view: Credit scores, credit repair and obtaining a home mortgage

A clear understanding of your credit profile and what is needed to keep your credit in good standing has never been more important in achieving homeownership goals.

Current mortgage guidelines have tightened with high emphasis placed on individual credit scores.

Each credit repository/bureau (Trans Union, Equifax, Experian) assigns a score to your credit report based on your credit history. The scores are calculated by computer models that are proprietary to each repository/bureau.

Scores range from approximately 300 to 900. The higher your credit score, the better your credit, and the more likely your chances of being approved for a loan or credit card. In many cases, a high score can even earn you a lower interest rate. Your score is important in the eyes of the mortgage lender, and your history of payment is indicative of how you will pay new debts.

A score below 690 is generally considered a "low" score. Currently, if you have a score under 600, you likely will not get approved for a mortgage. Under federal law, you have the right to question any item on your credit report that you believe may be inaccurate, or misleading. Negative items in your credit file are one of the primary causes for lowering your credit scores. Removing derogatory items can improve your credit score.

How accurate are those mortgage calculators when it comes to how much your monthly payment will be?

I'm looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.


Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don't include things like PMI, homeowners insurance and other items that you will have to put in escrow.