- About Us
- Find a Mortgage Expert
Because we understand that your home is your most important investment, we not only provide you with an experienced and supportive team of experts to work with you to accomplish your real estate and financial goals, we are also dedicated to providing you with the knowledge you need to make the best decisions.
An informed consumer is more likely to make the best decision for their circumstances and, their knowledge can help to navigate the process with less stress. Here we have gathered some tools and information that you can utilize to assist you in preparing to apply for a loan or refinance. Remember, McLean Mortgage will be standing by your side every step of the way as we go through the process of achieving your real estate goals.
McLean offers the exclusive LoanFirst™ Program. Through LoanFirst™ we are able to underwrite your complete credit package and issue a preapproval “LoanFirst™ Certificate” before you purchase a home. By letting us go to work for you while you are shopping for a home, we are able to:
A LoanFirstSM Preapproval is based upon documentation submitted voluntarily by the consumer. Once the property is identified, a full approval can be issued based upon the specific details of the transaction and a determination by McLean Mortgage Corporation that the financial qualifications of the consumer have not changed.
Your FICO Score is a number that summarizes your credit risk. McLean Mortgage and other lenders use it to make credit decisions, such as the interest rate you get when you apply for a loan. Your FICO Score is calculated based on the scores reported from the 3 major credit reporting agencies (Experian, Equifax, and TransUnion).
Using mathematical models, the FICO score takes into account various factors in each of these five areas to determine credit risk:
payment history, current level of indebtedness, types of credit used, length of credit history and, new credit. Lenders also look at other areas when making a credit decision including: your income, how long you have worked at your present job and the kind of credit you're requesting.
A person's FICO score will range between 300 and 850. In general, having a FICO score above 650 indicates that the individual has a very good credit history, and will be able to get financing at a more favorable rate.