Blue Water Home Loans
Experience is priceless
Blue Water Home Loans was founded by Chuck Wansedel and Lester Wilkins in 2008. Although, the company is new, the mortgage specialists at Blue Water Home Loans have over fifty years of combined experience in the industry. BWHL is a division of Mortgage One Inc. and have the advantage of being a mortgage bank, but have the ability to broker loans. This enables them to fund their own loans, but still find the best deal for the client.
Testimonials
"Thank you Blue Water Home Loans for all of your help! In all of the loans we have closed we have never had a loan officer and company that was so professional and helpful and made the process so easy. Also, thank your for your continued help after closing. We love Blue Water Home Loans! --Jeff and Jill, Nobelesville, IN
"Blue Water Home Loans was great! They were very helpful and kept me informed during the process. They made the time to make sure I understood the whole way through. They are the best and I will refer all my family and friends to them." --Heather, Fort Gratiot, MI
"The services Blue Water Home Loans offered were excellent." --Stephen, Kimball, MI
"Blue Water Home Loans was informative and personable." --Steve, Macomb, MI
"I would like to share a story of exceptional service. I had heard good things about Blue Water Home Loans and decided to make the call to learn more about their loan programs. From the first moment, I received information that would help me make good decisions regarding my refinance. My loan officer even went the extra mile, late one evening, by helping me amortize both of my options to help me see which choice would provide the gains I was after. The interest rates were good and the customer service was great. There were no surprises at closing and I was thrilled that the process was so smooth. In today's crazy times, it was nice to have their personal touch and would highly recommend them."--Kellie, Kimball, MI
Blog
Lending is FICO driven. This is even more relevant in the risked based climate of our industry. Therefore, the more you understand about FICO the better you will be suited to use credit and use it at a more favorable interest rate. In this brief article we will be discussing FICO scoring. We will try to understand the factors that lead the score on your credit report.
FICO stands for Fair Isaac Corporation of America. FICO is a publicly-traded corporation (under the symbol "FIC") that created the best-known and most widely used credit score model in the United States. The FICO score is calculated statistically, with information from a consumer's credit files. The FICO score is primarily used in credit decisions made by banks and other providers of secured and unsecured credit. It provides a snapshot of risk that banks and other institutions use to help make lending decisions. Banks may deny credit, charge higher interest rates, demand more collateral, or require extensive income and asset verification if the applicant's FICO credit score is low. Applicants with higher FICO scores may be offered better interest rates on financial instruments such as mortgages or automobile loans. Lenders usually establish different credit score cut-offs to determine to whom they are willing to lend.
What makes up the FICO score?
*35%=based on payment history (i.e. on-time pays or delinquencies)
-More weight on current pay history
*30%=capacity--ability to borrow
*15%=length of credit--how long you have had credit
*10%=accumulation of debt in the last 12-18 months
-number of inquiries
-opening dates
*10%=mix of credit
-installment (raises score) vs. revolving (lowers score)
-number of finance company loans, the more, the lower the score
Mortgage Calculator
Did You Know...
Blue Water Home Loans won the award for Best New Business at the 2009 Fort Gratiot Business Association Award Presentation! Thanks to all who helped make this possible! We appreciate your business and support. It was an honor to win this award. It validates the hard work of our staff and our commitment to this community. We look forward to better things to come in 2010.