Home Loans In Laramie, Wyoming 

Named after a French-Canadian trapper, the City of Laramie is Wyoming’s third-largest city. The city is famous for its abundance of outdoor activities like hiking and biking.

In 2021, Laramie ranked seventh in the ten best places to live in Wyoming. You’re in the right place if you’ve been dreaming of buying a home in Laramie. Capital Home Mortgage can help make that dream a reality with the right home loan in Laramie. 

One of our loan officers’ most important things when evaluating an application is the credit report. Do you understand the information presented on your credit report? Here’s what you need to know. 

Know Your Credit Report

A credit report is a breakdown of your credit history. It will include details about your credit transactions from obtaining credit (e.g., getting a loan, swiping your credit card, etc.) to its final settlement. 

Lenders use the credit report to determine your creditworthiness.

• Getting A Copy Of Your Report

You may get a copy of your credit report from one of the three primary credit reporting bureaus in the United States — Equifax, Experian, and TransUnion. These companies collect information from lenders, merchants, banks, and public records. When you ask for a copy of your credit report, these credit bureaus will pull out your information from their database to assemble your credit report.

In your credit report, you’ll see your credit score. This number sums up your credit usage and payments to help lenders see your overall creditworthiness. Different FICO models depend on the vertical you are applying for. Credit card, auto loan, and luxury items all use their FICO scoring models. For mortgage, monitor your “5,4,2” FICO score models. The mortgage-specific FICO models can be found here. 

• Understanding Your Credit Report

A credit report typically has four sections. The first section shows your personal information like name, address, date of birth, contact number, and other forms of identification (e.g., Social Security number, driver’s license, etc.). 

Don’t be surprised if you see “incorrect” information in this section. Sometimes, merchants and lenders inaccurately report your data. If you notice any mistakes or errors in your report, have the credit bureau update it with the correct information in their database. 

The second section is the credit history section. This is the most critical part of the report. It will contain detailed information about your credit transactions like the creditor’s name, accounts involved, balance, limits, responsibility, etc.

The third section pertains to public records. It would appear in the third section if you had bankruptcies or judgments (except criminal convictions). The last section is the inquiries section. This shows the list of individuals who asked for your credit report.

Laramie, Wyoming Mortgage Lender

Your credit report is vital to your home loan application. Before talking to a lender, get a copy of your report to get an idea of where you stand in terms of creditworthiness. 

Our mortgage experts at Capital Home Mortgage are happy to provide any assistance you may need. We can also offer professional recommendations on how to improve your credit score to increase your chances of securing the right Laramie home loan. 

We are direct mortgage lenders, meaning we handle all applications and fund mortgages. It enables us to offer personalized services, including flexible underwriting and low-interest rates.

Apply For A Home Loan In Laramie

Ready to apply for a home loan in Laramie? Get in touch with our mortgage specialists at Capital Home Mortgage today. Call (307) 365-6001 to get starters with a no-obligation quote.