Resources

Below are some tools and information that can be useful. If you have any questions please feel free to call us for information regarding your situation.

Your FICO Score Explained:
Mortgage lenders use your mid FICO score when underwriting your loan. The FICO is made up of a number of factors. It considers your credit history (35%), your level of debt (30%), the length of your credit history (15%), new credit (10%) and credit types (10%).

So if your looking for a mortgage keep in mind that if you buy a new car or open a new credit card that is “new credit” and is 10% or your score. So your FICO score will go down in most cases. If you are considering a new home or refinancing you may want to hold off on that new car or credit card. It may help you get a better rate if you hold off.

Nine Steps to a Great Credit Score
This is a great article written by David Batch for Yahoo Finance. Give it a read and it’ll give you ideas on how to build your credit so that you will always have the best rates. Click Here to read the article

Annual Credit Report (FREE)
AnnualCreditReport.com is the official site to help consumers to obtain their free credit report and is ran by the credit reporting companies. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from Equifax, Experian and TransUnion. We highly recommend using this site over all others.

Springs Lending Mortgage Glossary:
A complete list of terms used in the mortgage process.

The Pikes Peak MLS
If your looking for a new home you can look through the Pikes Peak MLS without the help of a Real Estate Agent. Sometime you will find an agent that is willing to take a smaller commission if you have already found the house. It can save the agent time and you money.

Mortgage Rates:
Mortgage rates follow the 10-year bond for the most part. If the bond is going up rates slowly follow. Yahoo Finance tracks it live and shows you a history of rates.

Home Values:
Wondering what your house is worth? Zillow.com is site that gives estimates as to the value of your house. We have seen this site with both accurate and inaccurate estimates. Only a licensed appraiser will be able to give you a true value to your home.