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Credit Guide

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  • 1. Smart Credit Guide The Home Loan Experts guide to getting and keeping good credit
  • 2. Inside: Your Smart Credit Guide Welcome! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 What Is Credit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Credit Bureaus & Credit Reports . . . . . . . . . . . . . . . . . . 5 What is a credit score? . . . . . . . . . . . . . . . . . . . . . . . . . 6 What determines my credit score? . . . . . . . . . . . . . . . . 6 Interpreting Your Score . . . . . . . . . . . . . . . . . . . . . . . . 7 How Quicken Loans Interprets Your Credit Score . . . . 7 Ten Ways to Improve Your Score . . . . . . . . . . . . . . . . . 8 Improving Your Overall Credit . . . . . . . . . . . . . . . . . . . . 9 How To Clear Up Credit Report Inaccuracies . . . . . . . . 10 Sample Dispute Letter . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Debt Danger Signs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 25 Suggestions For Trimming Your Budget . . . . . . . . . . 13 Identity Theft. What to do about it . . . . . . . . . . . . . . . . . 15 Quicken Loans Mortgage Programs. . . . . . . . . . . . . . . 16 Our More Powerful Home Loans . . . . . . . . . . . . . . . 17 How we can help . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 3. Welcome! Understanding credit is an important step toward making better financial choices. With the Quicken Loans Smart Credit Guide, you’ll understand how credit works and how you can get and maintain good credit. At Quicken Loans, we believe that when you know all your options and how each one effects your credit, you’re in a much better position to make the right financial decision. Quicken Loans is America’s #1 Online Mortgage Lender, and one of the largest home loan lenders in the country. We help thousands of homeowners every year realize their financial dreams with the right home financing for their situation. Quicken Loans and The Smart Credit Guide will help you take care of your good credit. If your credit has suffered for whatever reason, we will give you the tools you need to get back on track – all you will need is discipline and desire. 3 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 4. What is credit? Think of credit as a lender’s confidence Quicken Loans lends you money because we believe you will pay it back. This belief in your ability and intention to pay back is based on a number of things: your income, the amount of debt you already the money you’re asking to borrow have, how much you’ve borrowed in the from them. past, and your payment history, to name a few. Like all lenders, we charge a fee to borrow money. That fee is interest. The rate at which we charge interest (interest rate) also depends on your income, the amount of debt you already have, etc. Because of these variables, not everyone will get the same interest rate, or be able to borrow the same amount of money. Credit makes it possible for you to pur- chase things that you could not ordinarily pay for with cash - big ticket items such as cars and houses. Without credit, most people would not be able to afford these things without years of scrimping and saving. Your credit is a valuable asset that needs to be managed carefully. 4 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 5. Credit Bureaus & Credit Reports A credit bureau (also called a credit reporting agency) gathers, maintains, and sells information about your credit history. It collects information about your payment habits from banks, savings and loans, credit unions, finance companies, and retailers. That information is gathered into credit reports that are used by creditors or lenders. Here are the three main credit bureaus or Your credit report contains your credit history. It includes all reporting agencies. Contact one of them of your loan and credit card accounts and details specific ac- for your report. You can easily order online. count information, such as the date opened, credit limit or loan amount, balance and monthly payment. It also includes late Equifax payments, bankruptcies, liens, and collection agency attempts www.equifax.com to collect past dues amounts. Information Service Center P Box 740241 .O. It’s important to maintain a good credit history. (Financial experts Atlanta, GA 30374-0241 advise to check your credit report once a year for inaccuracies.) 1-800-685-1111 A good credit history means you’re eligible for the best rates, whereas a poor credit history subjects you to higher rates and Experian (TRW) possibly being turned down for credit. National Consumer Assistance Center www.experian.com A 2004 Federal law now means that you’ll soon be able to get P Box 949 .O. a free copy of your credit report every year from each of the Allen, TX 75013-0949 three major credit reporting agencies. Eligibility for free yearly 1-888-EXPERIAN (1-888-397-3742) reports is being phased in on a state-by-state basis and should be complete by September 1st, 2005. Trans Union Corporation www.transunion.com Go to AnnualCreditReport.com for more information. Customer Disclosure Center P Box 390 .O. Springfield, PA 19064-0390 1-800-888-4213 5 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 6. What is a credit score? Your credit score, or FICO score, is a number that reflects your financial responsibility and helps Quicken Loans decide if you’re a good credit risk or not. Your score is based on – but not part of – your credit report. It’s generated at the time of request, then included with the report. What determines my credit score? The five factors that determine your Credit Score are: 1. Payment History (approximately 35% of your score) 4. New Credit (approximately 10%) The factor that has the biggest impact on your score is People today tend to have more credit and to shop for credit whether you’ve paid past credit accounts on time. However, more frequently. But opening several credit accounts in a an overall good credit picture can outweigh a few late pay- short period of time can represent greater risk - especially for ments, and late payments will continue to have less impact people with short credit histories. Requests for new credit over time unless the late payment is a mortgage payment. can also represent greater risk. However, FICO scores are able to distinguish between a search for many new credit 2. Amounts Owed (approximately 30%) accounts and rate shopping. FICO scores generally do not Having credit accounts and owing money doesn’t mean equate your rate search with higher credit risk. you’re a high-risk borrower. But owing a lot of money on numerous accounts can suggest that you are financially 5. Types of Credit in Use (approximately 10%) overextended and more likely to make some payments late Your FICO score will reflect a combination of credit cards, or not at all. Part of the science of scoring is determining retail accounts, installment loans, finance company ac- how much debt is too much for a given credit profile. counts and mortgage loans. While a healthy mix will im- prove your score, it is not necessary to have one of each, 3. Length of Credit History (approximately 15%) and it is not a good idea to open credit accounts you don’t In general, a longer credit history will increase your FICO intend to use. The credit mix usually won’t be a key factor score. It shows that you can responsibly manage your in determining your score, but it will be more important if available credit over time. However, even people who have your credit report doesn’t have much other information on not been using credit very long may get high scores, de- which to base a score. pending on how the rest of their credit report looks. 6 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 7. Interpreting Your Score Your credit score lists up to four reasons why your score is not currently higher. These reasons can be very useful in helping you determine how you might improve your score over time, and whether your credit report might contain errors. How Quicken Loans If you already have a high score (for example, in the mid-700s or higher) some of the stated reasons for credit concerns may not be Interprets Your Credit Score very helpful, as they may reference the factors that have the least At Quicken Loans we try to match your impact on your score, such as: length of credit history, new credit and current FICO score with the best mortgage types of credit in use. possible out of over a hundred loan pack- ages that we offer. Our mortgage bankers Here are the ten most common explanations: take the time to evaluate your financial situation and offer expert advice. • Serious delinquency – You have one or more accounts with late payments Quicken Loans wants to be confident that • Serious delinquency, and public record of collectionfiled – you have one or more accounts that have gone to a collection agency your credit score is accurate. This way we can offer you the best rates available for • Time since delinquency is too recent or unknown– Your have one or your situation. We will work with you to more accounts that are recently past due clarify errors and offer you the products • Level of delinquency on accounts – Your accounts are 60 to 90 days and pricing that your accurate credit his- or more past due tory has earned you. We help clients every • Number of accounts with delinquency – You have numerous past day who think they can’t qualify for a due accounts home loan because of lower credit scores. • Amount owed on accounts – You have too much debt • Proportion of balances to credit limits on revolving accounts is too high – the balance on your credit cards is too high • Length of time accounts have been established – your credit history is not long enough to show responsible credit management • Too many accounts with balances – concern over your debt load 7 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 8. Ten Ways to Improve Your Score There are no quick fixes for improving your credit score. But you can raise your score over time by demonstrating that you consistently man- age your finances responsibly. Here are ten ways to raise your score: 1. Pay your bills on time. 7 Don’t open new credit card accounts you don’t need. . It’s the best way to improve your score, and it’s never too This approach could backfire and actually lower your late to start. Even if you’ve had serious delinquencies in score. the past, these will count less over time. 8. Don’t close an account to remove it from your record. 2. Keep credit card balances low. A closed account will show up on your credit report and High outstanding debt can pull down your score. may be still factored into the score. In fact, closing ac- counts can sometimes hurt your score unless you also 3. Check your credit report for accuracy. pay down your debt at the same time. There may be inaccurate information on your credit report that can be easily cleared up. (See How To Clear Up Credit 9. Shop for a loan within a focused period of time. Report Inaccuracies.) FICO scores distinguish between a search for a single loan and a search for many new credit lines, based in part on 4. Pay off debt rather than moving it around. the length of time over which recent requests for credit Consolidating your credit card debt onto one card or spread- occur. ing it over multiple cards will not improve your score in the long run. The most effective way to improve your score is 10. Contact your creditors or see a legitimate credit coun- by simply paying down the amount you owe. selor if you’re having financial difficulties. This won’t improve your score immediately, but the soon- 5. Keep your credit cards - but manage them responsibly. er you begin managing your credit well and making timely In general, having credit cards and installment loans that payments, the sooner your score will get better. you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone These tips won’t create a dramatic over- who has managed credit cards responsibly. night jump in your credit score. Develop- ing a solid credit history takes time. 6. Don’t open multiple accounts too quickly, especially if you have a short credit history. This can look risky because you are taking on a lot of pos- sible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers. 8 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 9. Improving Your Overall Credit If you have a history of poor credit or think that you might, it’s important that you find out and then take the steps to improve it. It will take time, but with discipline, you may expect to see improvement in as early as six months. Creditors are interested in a track record. You’ll have to prove that you consistently pay your creditors on time and that you can effectively pay down your debt. Here’s the simple plan: 1. Know what’s on your credit report and resolve any discrepancies. See page 10. 2. Develop an action plan to pay your bills on time and execute it. You can start this today, even before you take a look at your credit re- port. Contact your creditors to review your payment options and catch up with any late payments. Focus on ways to reduce your spending. (See suggestions below.) 3. Stop using credit cards now. Paying down your credit card bal- ances will not only improve your credit rating over time, but you’ll be in a better position to negotiate a lower interest rate for your cards. 4. Do not live beyond your means. Make paying your bills and buying only essential items your main priority. Carefully weigh the importance of all new purchases against the grater importance of reestablishing your good credit. Getting a handle on your spending, paying bills on time, and paying down credit cards takes a long-term commitment and self-control. It won’t always be easy, but the effort will pay off once you see your credit improve. 9 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 10. How To Clear Up Credit Report Inaccuracies. It can be time consuming to rid your credit report of mistakes, but it’s worth doing. Start by ordering a copy of your credit re- port to review from one of the three credit bureaus listed on page 5. Although most national lending institutions report consumer credit information to all three credit bureaus, smaller banks and other credit grantors may report only to one or even none. Therefore, your credit report may vary from one credit bureau to another. If you’ve occasion- ally applied for credit from smaller creditors, check your report from all three agencies. Look carefully. Circle anything that seems wrong, keeping in mind that balances may be off by a few payments because recent pay- ments may not have been recorded at the time you ordered the re- port. Make copies. Disputes must be made in writing, on paper, through regular mail. Use the letter on the next page as a guide. In your letter, give a de- tailed explanation to the best of your ability as to why the information in your report is wrong and should be changed. You must also include documentation that supports your assertion. For instance, if your re- port says that a credit card is active, but you know it’s closed, you must show proof that it’s been closed, which you may have to obtain in writing from the credit card company. This will all take time, but it will be worth it when your score eventually goes up, and the interest rates you qualify for in the future go down. Be sure to send letters to all three credit bureaus whenever you clear up an error and also to the original creditor, such as the credit card company in the example above. Keep copies of everything for your- self. By Federal law, the credit reporting agencies must help you re- solve the issue within 30 days. 10 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 11. Sample Dispute Letter Credit reporting agencies require that you dispute errors in writing. For your convenience, here’s a sample that you can modify to fit your needs. Date Your Name Your Social Security Number Your Address Your City, State, Zip Code Complaint Department Name of Credit Reporting Agency Address City, State, Zip Code Dear Sir or Madam: I am writing to dispute items that are wrongly listed on my credit report. Please see the attached copy of my report. I’ve circled the items I am disputing. Here are detailed explanations as to why these items should be removed or the information changed. 1. (NAME OF ITEM. DETAILED EXPLANATION): 2. (NAME OF ITEM. DETAILED EXPLANATION): I am requesting that the above items be changed or deleted as indicated. Enclosed are copies of documentation to support my request. Thank you for taking care of this immediately. Sincerely, Your name Phone Number Enclosures: (List of what you are enclosing) 11 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 12. Debt Danger Signs To carry some debt is normal. The key is to manage and control debt – not let debt control you. How can you tell if your debt has become out of control? Here’s a list of debt danger signs. • You spend more than you earn • Creditors call you • You live paycheck to paycheck • You don’t know how much you owe on your bills • You’ve paid late fees more than twice in the last year • You occasionally make late payments • You pay only the minimum on your credit cards • You put off paying one bill so you can pay another • You argue with family members about money • You take cash advances from credit cards to pay bills • You make purchases impulsively • You’ve taken money from your retirement fund to pay bills 12 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 13. 25 Suggestions For Trimming Your Budget “Where did my money go?” That’s the big question that many can’t answer. We spend money on many small things that we can’t remember, but they do add up. To know where you need to trim your budget, it’s important to first know your own spending habits. For a two to four week period, carry a small notebook with you and keep track of every expense, no matter how small. Then evaluate your spending to see where you can make cuts. 1. Write down everything you spend. The waste in your 7 Eat out less. A family of four can rarely get out of any . daily spending will soon become apparent. Do you have non-fast food restaurant for less than $30. Cut out one res- personal financial software such as Quicken®? With taurant visit per week and you’ll save $1,560 per year. Quicken, it’s easy to keep track of your spending because the program does the math for you. 8. Bring your lunch to work. Spend $7 a day and “let’s do lunch” turns into $1,750 per year. 2. Pay off your credit card debt as quickly as possible. It’s much more difficult to get your finances in shape if you’re 9. Raise the temperature of your air conditioning in the paying 18 percent interest rates on your credit cards. summer and lower your thermostat in the winter. Put in storm windows and caulk around your interior windows. 3. If you have to carry debt for a while, switch to a less Energy efficiencies can save you hundreds of dollars per expensive card. Take advantage of the introductory rate and year. use your monthly savings to prepay your debt as fast as possible. 10. Cancel your local newspaper. You can read it online, free. 4. If you can’t pay in cash, don’t buy it. If you use a charge card to gain cash back or miles, be careful not to charge 11. Read magazines at the library. anything that you can’t pay off at the end of the month. 12. Join a Sam’s Club or Costco. But don’t buy more than 5. Bring coffee from home instead of buying it. $3 per you need just because it seems “cheap. ” weekday adds up to $750 per year on coffee. 13. Shop the sales and clip coupons. Some stores still 6. Give up smoking (or at least cut back). At $4 per pack double or triple the value. or more, cutting out one pack a day will save you at least $1,456 per year - and perhaps even more in your health and 14. Plan out your holiday spending budget in advance, then homeowner’s insurance premiums. stick to it. Clip a note card to your credit card and write down every amount as you purchase gifts. 13 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 14. 15. Give fewer gifts, and be more creative about them. Con- 22. Buy your next car, don’t lease. Unless you absolutely sider giving magazine subscriptions as a gift, which will be have to have a new car every two years, you’re generally less expensive and last longer than other gifts. Give home- better off purchasing a car rather than leasing. And, get made baked goods. your financing in place before you show up at the dealer’s. 16. Take public transportation, if possible. 23. Buy a used car rather than a new car. A new car in- stantly loses value the minute you drive it off the lot. If you 17 Seek out free activities for you and your kids. Museums . purchase a pre-owned or pre-leased vehicle, you’ll save the usually have one “free” day each week. Look in your local depreciation and the car will likely still be under warranty. newspaper for free events and attractions. Or, you can al- ways take a walk or ride your bicycle. 24. Use a bank with convenient ATMs. If you find your- self paying ATM charges because your bank doesn’t have 18. Rent a movie instead of going to the theater. An eve- ATMs that are convenient, switch. At $1-$3 per withdrawal, ning of movies (plus snacks) can run upwards of $50 for you’re paying too much. a family of four. Renting a moving from your local library might either be free, or cost just $1. 25. Keep your checkbook and other accounts balanced. It’s easy to do with financial software like Quicken® or Quick- 19. Vacation at home. Take a week off and spend it at home Books®, and you’ll always know exactly how much you as if you were a tourist, visiting local attractions. have and where it is. And, you’ll avoid bank charges. 20. Raise the deductible on your homeowner’s and car in- surance premiums. You may be able to shave 15-20 percent off your annual premium cost. 21. Purchase as much insurance from the same company as possible. Some companies will give you an additional discount for multiple purchases. 14 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 15. Identity Theft. What to do about it. Identity theft is, disturbingly, all too common. 1. Contact the fraud departments of any one of the three major credit bureaus (see When someone steals your identity they are page 5). Ask them to place a fraud alert on taking your personal information, like your your credit file. The fraud alert asks credi- tors to contact you before opening any new Social Security number, credit card numbers accounts or making any changes to your existing accounts. As soon as the credit or driver’s license number, and using it to bureau confirms your fraud alert, the other commit fraud, make purchases and access two credit bureaus will be automatically notified to place fraud alerts, and all three bank accounts. credit reports will be sent to you free of charge. Identity theft is a serious crime. It’s one that leaves victims 2. If possible, close the accounts that you spending months or even years and a lot of money picking know or believe have been tampered with up the pieces of their shattered credit. Victims can be denied or opened fraudulently. Use the ID Theft loans for houses, cars, lose out on job opportunities and Affidavit when disputing new unauthorized even get arrested for crimes they didn’t commit. accounts. (Find a copy of the ID Theft Af- fidavit on www.consumer.gov/idtheft/.) What do you do if you think your identity has been stolen? Here are some basics. For a more in depth look at preventing 3. File a police report. Get a copy of the re- idenity theft and repairing identity that has been tampered port to submit to your creditors and others with, go to www.consumer.gov/idtheft/. that may require proof of the crime. 4. File your complaint with the FTC. The FTC maintains a database of identity theft cases used by law enforcement agencies for investigations. Filing a complaint also helps them learn more about identity theft and the problems victims are having so that they can better assist you. You might also consider one of the sub- scription credit watch services that moni- tor your credit report for unusual activity. These services will alert you when they suspect that your credit is being abused. 15 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 16. Quicken Loans Mortgage Programs Quicken Loans’ exclusive mortgages are powerful mortgage programs that give you more refinance and purchase options. Our mortgage programs can also help you manage your debt. For instance, we can show you ways to consolidate high-interest debt into a lower interest mortgage by refinancing. With our exclusive selection of home loans, you can get: • Easy approval even with less-than-perfect credit • Approved before you shop – giving you extra negotiating power • Fast approval for refinancing. Fast closing • Easy access to your home equity • Payments up to 45% lower with interest-only options • Jumbo loans without jumbo rates • Low or no down payment options • Low or no cash at closing options • No pre-payment penalties 16 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 17. Here’s a quick look at some of our more powerful home loans: Fresh Start® Mortgage1st ® Get a fresh start by converting your high interest credit card Our exclusive approved** before-you-shop option on any debt into a low-interest mortgage. loan: • Fixed-rate for 3 years* • Get your mortgage first, before you find a home. You • No pre-payment penalties know exactly what you can afford, eliminating the • Flexible guidelines approve most people guesswork. • Qualify even if you’ve just come out of bankruptcy • You’re in a better position to negotiate a lower price because the seller and the Real Estate Professional Advantage1st SM know your offer is good - it’s like being a cash buyer. You can get a good rate, even with less-than-perfect credit PMI BusterSM • Lower payments – that means more cash in your pocket each month You don’t have to pay Private Mortgage Insurance (PMI) if you • No prepayment penalties ever – refinance anytime! have less than 20% for a down payment. We can show you • The option for easy access to your equity how to avoid paying thousands in PMI. Smart ChoiceSM Interest-Only The All AmericanSM Loan Our exclusive Smart Choice Interest-Only loan gives you Most Americans move every 4-6 years. Why get a 30-year month-to-month flexibility. Each month, you can pay only the loan, if you may be moving in a few years? The All-American interest or the combined interest and principal. That means gives you a lower rate than a 30-year mortgage for the first your monthly payment could be up to 45% less than fixed-rate seven years. After seven years, if you haven’t refinanced, you mortgages! Use your money to remodel your home, pay off may have the option of quick low-cost conversion to a fixed high-interest bills or invest to generate a higher rate of return. rate, extending your loan another 23 years or you can simply refinance to another loan that better suits your needs. SmartARMSM The 12 Month Rate Lock The Smart ARM Adjustable Rate Mortgage offers you: • Flexibility of an ARM. Security of a fixed Building a home? Our 12-Month Rate Lock loan program al- • A much lower payment lows you to lock-in a low rate while your home is under con- • Reduce your payment even more with our interest-only struction. And, you’ll know ahead of time what your monthly payment option payment will be once your home is completed. Smart ChoiceSM 100 Jumbo Loans Another from our family of interest-only loans, with the Smart Get a jumbo loan without the jumbo rate. Or, looking for a Choice 100 you get: jumbo loan but don’t have the jumbo down payment? Only 5% • 100% financing on purchase and refinance loans down payment/equity required from $333,700 to $650,000, • No down payment or equity needed only 10% down payment/equity required from $650,001 to • No out-of-pocket expenses $1,000,000***. And, you can choose stated or documented • No Private Mortgage Insurance payments income (“doc” or “no doc”) for home purchase or refinance. Smart ChoiceSM Fixed Your rate is fixed for 30-years, but during the first ten years you can lower your payment significantly by choosing interest- only payments. Smart Choice Fixed gives you the security of a *Rate is variable and subject to change. After the initial 3-year .xed period, rate will adjust every 6 months. The initial payment on a 30-year, $150,000 Adjustable Rate Loan at 7 .25% and 80% LTV fixed-rate but with flexible payments. would be $1,023.27 with 2 points due at closing. APR is 8.608%. **Your Loan will close as long as the property gets a satisfactory title and appraisal and your Liberty LoanSM financial situation remains the same. ***Rate is variable and subject to change. A $450,000, 30-year mortgage with an initial 3-year Our Liberty Loan allows you to get a lower payment, and gives Adjustable Rate period with 5% down would have an interest rate of 3.125%, a LTV of 95% with 3.625 points due at closing and a monthly payment of $2238.94 for the first 36 months. Payment you built-in access to your home’s equity with no additional includes PMI. After the initial fixed rate period, the payment will adjust to $2324.10. The rate will adjust every six months. The annual percentage rate is 4.236%. Rates change daily. Contact us cost or paperwork. And, you can make interest only payments for current market rates. to lower your payment even more. Quicken Loans Inc., 4200 E. Zuni Way, Ste 303, Lake Montezuma, AZ 86342, #BK-0902939; Licensed by Department of Corporations, California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee (#11704) – 20555 Victor Parkway, Livonia, MI; Illinois Residential Mortgage Licensee, 20555 Victor Parkway, Livonia, MI; Massachusetts Mortgage Lender, #1053. Licensed by the New Hampshire Banking Department, #6743MB; New Jersey, New York and Pennsylvania – Licensed Mortgage Banker, NJ Department of Banking, NYS Banking Department, Pennsylvania licensed as a first mortgage banker by the Department of Banking and licensed pursuant to the Pennsylvania Secondary Mortgage Loan Act; RI License Lender. Not an offer for a rate lock agreement in Minnesota. First (and/or second) mortgages only. Mississippi Supervised Mortgage Company. © 2005 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. 17 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS
  • 18. How Quicken Loans Can Help You Quicken Loans is America’s #1 online lender and the country’s fastest grow- ing mortgage company. Every year we help put hundreds of thousands of dol- lars back into our client’s pockets with lower rates, lower payments and innova- tive home financing that no other lenders have. It’s no wonder that nine out of ten of our clients say they’d refer us to their friends and family. Find out why the folks at Quicken Loans Quicken Loans is ready to help you. We have expert advice, great really are America’s Home Loan Experts. rates and a mortgage process that’s exceptionally quick and easy – from application to close. We can help you purchase a home, 1-800-QUICKEN LOANS refinance your existing mortgage and access your home’s equity – even if you have less-than-perfect credit. Homebuyer Customer Care Team 1-800-796-4711 Call Quicken Loans today. You’ll be sure of two things – you’ll have Monday - Friday 8am - 6pm EST an outstanding home mortgage experience, and you’ll be happy to www.quickenloans.com tell your friends and family about Quicken Loans. 18 SMART CREDIT GUIDE QUICKENLOANS.COM I 800-QUICKEN LOANS

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