Tuesday , 24 April 2018

Tips from KW McKinney Realtor Jane Clark on Financing that Perfect McKinney Home

By Jane Clark

After fourteen years as one of McKinney’s best Realtors®, Kw McKinney Realtor Jane Clark knows that one of the most important aspects of negotiating a purchase contract on that ideal McKinney Home for sale is the financing package a buyer can bring to the table. A Buyer with great financing is a low risk buyer and sellers find that very attractive.
The natural next question is: What makes for a low-risk mortgage applicant? Well, we spoke to Chuck Miller from First Bank our local McKinney Mortgage expert to give you some insight. The result is this series of articles you will see over the next few weeks. So read on to see what it takes to qualify for those super-low mortgage interest rates.

Criteria #1: Credit Score of 740 and above

It may seem obvious but one of the most important points to remember is that a lender is really an investor and he is investing in you as a potential investment partner. When a lender is deciding whether or not to let you borrow tens or even hundreds of thousands of dollars, they really need to know that you’ll pay it back. And that your McKinney Real Estate investment is backed by sufficient value to warrant the loan. And for lenders, your credit score is an indicator of how risky lending that money might be – and therefore, how high or low your interest rate should be.
So what makes up a credit score? Credit scores run from 300 to 850 – and the higher the better, according to Chuck Miller our McKinney mortgage expert from First Bank. “You get better rates with a better credit score. The higher the score, the less risk a lender sees, and the better the rate he can offer you,”
But just how high does your score need to be to get the lowest interest rate? He says that to get the best rates you’ll want a score of 740 or above.
“Anything below 740 and you’re going to be paying a little bit extra,” he says. And if you’re wondering what that “extra” can amount to, it really depends on how low the score is. It can be as much as half a percent for a 620 score, but as little as an eighth of a percent or less for a score of 700. Remember your lender is a business man and is competing to give you the best possible rate at the lowest possible risk, so help him to get you the best deal possible and keep that credit score up when thinking of purchasing that perfect McKinney or Allen Home for Sale.

About McKinney Realtor® Jane Clark,

Jane Clark Realty is associated with Keller Williams McKinney. Your Listing deserves the Jane Clark touch. Jane is a nationally recognized TOP 5 elite producer for Keller Williams. Jane Clark has been featured in national media as a Real estate technology expert. She is a perennial winner of D Magazine’s Best Realtor award and has been voted the BEST McKinney Realtor. Jane specializes in homes for sale in McKinney and is a successful Allen TX Realtor as well. Jane Clark has been a fixture in McKinney real estate for 14 years and her office is located at

Jane Clark
Jane Clark Realty
6951 Virginia Parkway suite 100
McKinney, Texas 75071
Direct 214-802-4680
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