credit: Agents - Help Your Customers Stop SPAM
- 02/22/24 01:53 PM
Opting Out When talking with a client about doing a mortgage preapproval one of the first things we do in today's world is help the client "opt out" of spam to avoid getting their phones and inboxes blown up when their credit is run. For those that don't know, a "trigger lead" occurs when a hard credit inquiry (needed for a mortgage preapproval in many cases and always for mortgage underwriting) is made. Credit bureaus sell a customer's data to any and everyone buying it, and in today's ultra competitive market, there are a lot of buyers. You can learn more about trigger … (13 comments)
credit: Why Do So Many People Call When You Apply For a Loan?
- 11/10/21 03:47 PM
Ever wonder why the phone won't stop ringing after applying for a loan? Does it seem like your mailbox gets a little more full of junk mail and refinance solicitations from lenders you've never heard of (usually showing off loan terms that seem 'too good to be true')? If so, you've been turned into a trigger lead!
What is a Trigger Lead When your credit is pulled, the credit bureaus have a record of the credit inquiry, and unfortunately, they sell this information to bidders in the form of prescreened lists sold as “leads”. This generated “lead” is sold to lenders, letting them … (22 comments)
credit: Why Are My Credit Scores Different?
- 08/31/21 07:09 PM
Why Are Credit Scores Different? If you’ve shopped around for any kind of loan, one of the things you likely noticed is that the credit score a lender pulls seems to be different, sometimes by quite a wide margin, from what you see when tracking your own credit scores. What gives? It comes down to how credit information is reported, which scoring models a lender uses, and how the algorithms work within that scoring model. Seem complicated, and maybe somewhat confusing? It is!
How Information Is ReportedMost people know that there are 3 major credit bureaus – Experian, Equifax, and Transunion, but many … (20 comments)
When considering qualifying for a loan, one topic that often comes up is getting a cosigner. For an applicant, a cosigner can mean qualifying for more money, compensating for difficult credit situations, and strengthening a loan file. Some perks of having a cosigner include more borrowing power, potentially lower PMI rates, and access to loan products otherwise unavailable (for example, if a cosigner would allow a borrower to qualify for a conventional loan when otherwise they may need access to a higher rate nonQM product)
Often, though, cosigners are unsure of the risks associated with putting their name … (19 comments)
Recently, there's been a lot of talk about Fannie Mae's increasing debt-to-income threshold, along with changes to credit reporting that should reduce the number of folks effected by judgments and liens when it comes to a mortgage application. This is being promoted as big news across a wide spectrum of housing news outlets, and for good reason - from 2008 through 2015, there was little, if any, positive news coming from the mortgage world. Loans were getting tougher to get, guidelines were stiff, many people were denied, and the stack of documentation … (18 comments)
When someone is new to the country, many times they are seeking their own personal American dream. This may include a lot of things, but often times, it involves home ownership. Immigrants legally living and working in the US can obtain financing through many of the same channels and with the same loan terms that US citizens have available, but one step that should be taken before applying for a loan is to establish credit, and achieve a good credit score. While many times people move to the US for work and may have strong income, … (56 comments)
When you ask someone how many student loans they have, they'll usually answer 1 or 2. They may say they have a $30,000 student loan. What I never hear them say is "I have 1 student loan for $1500, another for $3000, another for $1150, another for $3850, another for $1800, one for $5400, one for $700, another for $8900, one for $650, another for $2100, and finally, one for $950". Typically, people make one or 2 monthly payments on 1 or 2 separate student loan accounts.
I struggle with the title of this post. Debt is a major problem in America. Debt has caused people to lose their homes, otherwise happy couples to divorce, and retirement to be delayed for so many people as they slave away to pay off debt accumulated over the years. In fact, it's safe to say I hate debt. When I entered this industry, as I worked to establish myself and saw the ups and downs of a commission based life in the real estate industry, I became very familiar with the … (52 comments)
Opting Out
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