by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
While the basic Rule-of-Thumb for acceptable credit history is a minimum of four trade lines documented on a credit report, there are alternative methods of building a credit picture that an underwriter can use to make a decision for a loan approval. For potential...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval. Since loan programs, individual lenders and mortgage insurance companies all have their own...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
Facts About Identity Theft: It’s estimated that there were 10 million victims of identity theft in 2008, and 1 in every 10 U.S. consumers have reported having their identity stolen. The U.S. Department of Justice reported in 2005 that 1.6 million households...
by Ed & Barbara Heiser | May 11, 2018 | Mortgage Approval Process
How much mortgage money can I qualify to borrow?This is typically the number one question mortgage professionals are asked by new clients.Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow...
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