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Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan

by Jonas Kruckeberg April 1, 2010

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 the loan.
This generally won’t happen in a 30 day time-frame, but borrowers [...]

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First-Time Home Buyer Credit Checklist

by Jonas Kruckeberg March 28, 2010

Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:
DO:

Continue working at your [...]

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Ten Things You Can Do To Protect Your Identity

by Jonas Kruckeberg March 28, 2010

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 experienced fraud not related to credit cards (i.e. their bank accounts or debit cards were [...]

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Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?

by Jonas Kruckeberg March 28, 2010

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 credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow.
However, the number [...]

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Alternate Sources For Establishing Credit

by Jonas Kruckeberg March 28, 2010

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 home buyers with little or no credit history, keeping records for [...]

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Top 8 Things To Ask Your Lender During The Application Process

by Jonas Kruckeberg March 22, 2010

Knowing what questions to ask your lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible.
Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end up getting frustrated or hurt because their expectations were not met.
Here are the top eight [...]

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