Online mortgage and other loans.

To prepare for an online mortgage or other eLending type transaction, know your credit score. You can obtain the three most common credit scores being reported about you directly from TransUnion, Equifax, and Experian (fico). Go to their sites and get a free report but if you require the information rapidly pay their fee to get a copy of all three bureau reports and the corresponding scores they have assigned to you.

Usually the middle score will count and should be at 650 or above for your eLending transactions to be approved electronically. Some lenders will have higher criteria online. Few will have lower. To be approved electronically with a sub 600 fico score, visit a broker who can access their wholesale lending data base and put your loan through a lender that allows a fico score below 650, 600 or even lower. The lowest score requirement for an electronic approval is generally done through large "sub-prime" or "Alt-a" lenders. They can allow for a 580 score automated approval.

Lower scores can be approved in traditional format, but will need more review on other items such as property appraised value. eLending options are best accessed when your credit score is average or above. To access the new wave of electronic lending, diligently manage your fico or credit scores.