“Lenders that are Offering Loan Products for Borrowers with Less than Perfect Credit”
I am always asking my lenders that are offering loans for my clients that have less than perfect credit how these loans are doing. I always want to make sure that our judgment to get these loans done are made for all the right reasons. Not sure why, but I expect them to always say, all are performing perfectly. Fortunately it is rare that I hear anything else.
I spend a lot of time getting my clients in a position to be good borrowers and then homeowners. I am always amazed how many folks that have had credit issues in the past for one reason or another are surprised when I say to them, I can get you a mortgage now or we need to do X,Y & Z and then we can get this mortgage approved.
I got a call from John on a weekend, he needs to refinance as he was divorced a few years ago and was given until NOW to refinance and get his ex-wife off title and off the existing mortgage. He told me that he has not always been on time with his credit card payment, but his 6.5% mortgage has always been paid on time.
He is not alone when he thinks his credit has been badly hurt when the credit card payment doesn’t go out the day it is due, but if the card doesn’t go 30 days late, the credit card companies don’t report the payment late. It turned out his mid score was a 698 and he could easily get refinanced.
There are so many good people that don’t know they can buy a home or refinance. If you know anyone that is not sure, have them contact me or your favorite mortgage broker.
image courtesy of stuart miles/freedigitalphotos.net
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