Charles Bent*Prudential Alliance*400 Old Smizer Mill Road*Fenton, MO 63026*cell(314) 566-2099*office(636) 680-8306

  "The best thing about the future is that it comes one day at a time!" ... Abraham Lincoln "Challenges are what makes life interesting; overcoming them is what makes life meaningful!". . . Joshus J. Marine

Pre-qualification:
Before you begin looking for your new home, it is important you visit a home loan lender who will analyze your assets, debts, and sources of income. Based on the preliminary analysis, they will tell you the amount of loan for which you qualify--this is called a pre-qualification.
Once you find the home you want to purchase, you can then formally apply for your loan, and they will ask you to provide the necessary documentation (e.g pay stubs, bank account information, etc.) to verify that the information you provided during your pre-qualification is accurate. Need help finding a lender?
Call Charles directly @ 314-566-2099.

Understanding your credit is part of your financial health!

Credit Report:
Due to new legislation, you can receive a free credit report once a year at www.annualcreditreport.com or by calling 1-877-322-8228.

Credit Score:
You can purchase a credit score through the website www.annualcreditreport.com or by contacting one the nationwide consumer credit reporting companies:
  *Equifax- www.experian.com
  *Experian- www.experian.com
  *TransUniion- www.transunion.com

Being familiar with your credit history is important for several reasons:
  * Credit reports are no longer just used by lenders to determine interest rates they offer potential consumers, landlords, insurance companies and even some employers check them.
  * Good credit can warrant lower rates, which could save you money.
  * Inaccurate information may be the result of incorrect information reported by a credit bureau or it could signal fraud or identity theft.

Truth In Lending Law
The recently passed Truth In Lending law can now add additional days in which we need to allow time to close.
New Truth In Lending Act July 30th 2009.
Compliance Officer Alert: New Reg Z Disclosures

Changes to Regulation Z (Truth in Lending Act or TILA) Disclosures mandated by the Mortgage Disclosure Improvement Act (MDIA) become effective July 30, 2009, and will apply to all closed end loans secured by consumer dwelling received on or after that date.

Creditors must give good faith estimates of mortgage loan costs ("early disclosures") within three business days after receiving a consumer's application for a mortgage loan and before any fees are collected from the consumer, other than a reasonable fee for obtaining the consumer's credit history. Early disclosures for loans secured by dwellings other than the consumer's principal dwelling, such as a second home, are now required as well.

Creditors must wait seven business days after providing the early disclosures before closing the loan. Redisclosure is required to show a revised annual percentage if a change occurs that makes the APR in the early disclosures inaccurate beyond a specified tolerance.