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I am hoping to be able to purchase a home within the next 90 days and I just put my two cents in on fico vs trimerge. I had just pulled my fico a few days before I paid someone for a Kroll Factual Data Trimerge credit report.

My Fico scores


EQ 584

EX 644

TU 633



EQ 585

EX 645

TU 644 Middle Score

So I was told that I could actually start looking for a house (kinda shocking)

and now I am trying to figure out mortgage company or banker or broker, sooo confused lol, alot of research to do still, but wouldnt even be this far if it wasnt for all the great advice I have received from everyone on this board.

Fico beginning of journey


EQ 514

EX 523

TU 541

So everyone hoping and dreaming of becoming a homeowner, I am proof it can happen and happen relatively fast, so keep your head up and pay everything on time...that truely is the key in my opinion

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My advise to you - get that score higher before you go shopping for a mortgage. The higher the score, the better the loan....

Your question between a banker vs brokers vs banker/broker.-

Going directly to a bank, you can get low interest rates and low closing costs. But your limited to a few different loan programs (it's different from bank to bank). If you start working with that bank, sending paperwork, paying for the appraisal, etc.. Then three weeks into the loan something comes up preventing it from closing. Your loan is dead, you wasted your time, your lose your earnest and appraisal money, you broke contact and lost your bid for the home.

The difference with brokers - if your loan died at one bank, they can take your loan to another bank. The appraisal is made out in the brokers name, so you don't have to pay for another appraisal.

Talking with a banker/broker (best option) - they can broker your loan or do your loan and most likely sell your loan right after you close. You can get low interest rate, low closing costs, and have a varity of diffrent loan programs.

Brokers get paid through the loan origination fee - thats the charge to keep small. However if the charge is too small, most likely they are getting paid on the backend (meaning they charging you a higher interest interest rate).

Be prepaired to make a down payment. The more you put down the better the loan.

Another suggestion - ask for a seller's concession. The seller up's the selling price to include some of the closing costs. This helps you at the closing table with less out of pocket.

When you get ready for your purchase - post here what you are being offered. Me and others can comment if it's a good deal.

Take it easy...

my $00000.02....:cool:

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What is Trimerge? I did an internet search and it didn't come up with much, and trimerge.com is just a re-direct to another company.

Not a stupid question - some people don't know.

Tri-merge credit report - term used in banking, merging three credit reports together into one report. Normally Tranunion, Experian, & Equifax C.B.'s.


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No problem

Understand the people you owe money to, it cost them time and money to have a person report on your payments, debts, etc, to the credit bureaus. Knowing this, not all companies report to all three.

So by only obtaining a single merge you could be missing some debt, accounts or information that you would see on a tri merge report.

FYI - when you are doing a mortgage, a title seach and an in-depth Landsafe credit report is normally done as well.


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2nd, i am looking to purchase a home, 1st time, what would be a good score for me to look to achieve in order to get a good rate and possibly qualify for some programs and grants?

When your looking to buy a 1st home, three things are looked at right away when applying for a loan. Credit, Work/Income, and The amount of equity (downpayment) you are putting you front.

Before you begin house hunting, you need to know what price range you sre looking for. It is good to talk with a banker/broker, to see how much you can get prequaled for. The next step is finding a home.

When you find the home you reallly like, then you want to negoicate (barter) the price down. 1st offer, second offer, third offer price based on the appraisal. This is an important step - loan officers fail to tell home buyers.

Have you consider getting pre-approved for an FHA loan. Your FHA mortgage down payment can be as low as 3 percent of the purchase price. Then you can apply for a 3% Hart grant for 100% financing.

There is a low and max loan amount, it's different between countys from state to state.

With FHA loans, it's ok with low credit. However your report can't show alot of lates, collections, etc... These type of loans require full documentation, 1st time buyers need able to prove on time rent payments for up to 24months. Also your income has to be 50% more then your month bills.

...:) :) :)

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