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Would you loan you money?

By
Mortgage and Lending with US Mortgages - David Shamansky NMLS#392126

Would you loan you money?

When getting ready to apply for the loan that will help you become a homeowner or reduce the bills for your current home remember you must continue to pay your bills on time! Not only now, or just before you apply, but you should be doing all you can in the past too. Remember that consistency is the key and patterns of past, good or bad, are likely to repeat in the future. Lenders know this, credit markets know this and deep down you do too!

credit card trapMany times I see those who want to take advantage of these low rates but fail to qualify at the time due to missed payments. Some maybe out of their control but most times its just poor choices or simply forgetting. Maybe you pay your bills on time but every time you get credit extended to you a month or two later that credit is all used. Sure there are things that can be done to improve credit with credit challenges, reducing balances on credit cards and working to resolve inaccurate accounts etc but some of those can take time and are not a guaranteed method for obtaining a loan. 

Regardless of what it is, when thinking of getting a loan put yourself in the shoes of a lender... 

  1. pretend you know nothing about you.
  2. Take that blank canvas, look and picture just whats reported in your credit report 
  3. sprinkle in a little employment and income info
  4. and voila that's what a lender typically has to view, to give a credit decision on what could be hundreds of thousands of dollars.

Now with that perspective maybe lenders aren't necessarily so bad after all. They are responsible to their shareholders to make sound investments, we have all experienced from recent times what happens when you give anyone a loan for anything and we know that doesn't work. They are responsible to adhere to standards and guidelines to deliver the loan if they aren't using their own money and servicing the loan themselves, so is the lender really evil and are credit standards too tight, would YOU loan YOU money? Or have we been so spoiled as a country we expect everything to come easy or our every wish granted?

credit bureausRemember this... The decision made is not personal (Approval or Denial), they don't know how hard you work, they don't know all that has happened recently they know what the credit report says and what you state for your income and employment, that's it.

So with that in mind if you saw your credit report would you give yourself a loan?

If not then what do you need to do to correct that?

  1. What are the things you can change today that will make a difference tomorrow?
  2. Is it employment?
  3. Is it income, or is it spending beyond the income (if so that wont change because your income goes up you just have more things to pay for)
  4. Whatever it is... Once you have defined that... DO IT!

The path to hell is paved with good intentions is a phrase I used to hear when growing up, the reality is its true. A good plan without action is nothing other than a nice thought.

loan is approvedIf you would loan yourself money then be proud of the fact that you have kept your word and repaid your loans as agreed. That's a great thing and one to be proud of. Your honor to your commitment and your hard work will repay itself many times over as low cost credit and access to things others cannot is a privilege you worked hard for and earned and something you should take pride in.

Regardless of your answer just remember you cant change the past but you can change your future and that starts right now. Excuses wont cut it, finger pointing gets you nowhere and remembering if you were the lender and hearing these same excuses you just made how would you feel or react is a good starting point.

us mortgages colorado aggressive lender 

Posted by

araward

Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 22yrs in mortgage lending and 30+ years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!

David Shamansky
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"

US Mortgages
6855 S Havana St Ste 520
Centennial CO 80112
720-524-8020
NMLS#392126
Equal Housing Lender

*photos used may come from my personal pictures or www.freedigitalphotos.net

 

Comments (8)

EMILIA B COOPER, REALTOR® SFR.NCHSE.AHWD
LAROSA REALTY - Orlando, FL
Short Sales, Foreclosure & Bank Owned Real Estate

Great, Great Post David!!! Thank you for sharing with us and for the advice.

Have a Good night!!!

Nov 16, 2011 04:11 PM
Ted J. Macy
Top Agents Atlanta Metro - Milton, GA

David, This post belongs on the table of everyone who wants to become a borrower., Thanks for the great information.

Nov 16, 2011 04:19 PM
Kim & Kristine Halverson
Sotheby's & Knipe ERA - Bend, OR
Sisters, Realtors

Love the title, so true!  Kristine

Nov 16, 2011 04:30 PM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Emilia - thanks I love the double great and you have a good eve too

Ted - You are moe than welcome and thank you for the comment much appreciated

Kim and Kristine - Thank you and when you shift sides a whole new perspective is gained!

Nov 16, 2011 04:39 PM
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Great post, David!  I tell customers that I am like an attorney making a case for my client with the Underwriter.  I need lots of convincing information to present, like good credit scores.  suggest

Nov 16, 2011 06:24 PM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Suggested!

Nov 17, 2011 07:50 AM
Ron & Carol Young
The Ron Young Team - Keller Williams Real Estate - Fort Washington, PA

Great advice!!

Nov 18, 2011 02:53 AM
Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

You make some good points and offer some great advice in this post.  We live in a world of entitlements and many think they they should get a loan even if they haven't established a good track record in the past.

Nov 20, 2011 07:20 PM