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The credit status effect

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

There’s an evident lack on financial education nowadays. Be it mortgage misinformation (or credit status know-how), borrowers are suffering the huge consequences.

 

Believe it or not ladies and gentlemen, banks want to have clients with great credit, they need to have the great clients on their portfolio, so they can leverage that portfolio. If you're one of those great clients, you’re GOLD to them. They’re gonna give you whatever you want.” 

 

- Chris Colston from Second Chance Credit.

 

Applying for a mortgage today without any kind of information on your credit status, could increase your monthly mortgage payments. Even if you’re a first time buyer, or looking for your 4th or 7th house, your credit score will determine the rules of engagement regarding everything around a mortgage deal.

 

If you’re not considering getting a fixed rate mortgage you’d enter what we call the “risk based pricing zone”, this means your bad credit status will make you appear like a liability in the eyes of the lender. Increasing the total of your monthly payments and resulting on a bigger total at the end of the loan agreement. 

 

It could even become the deciding factor on your mortgage eligibility:

 

A quarter percent difference between one score and 20 points higher could mean a huge portion of their payment that would qualify or disqualify you for a house.” 

 

- Phil Stevenson from PS Mortgage Lending

 

 

Reach out to PS Mortgage Lending. We're happy to help.

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

Comments (1)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Most kids can not even make change right.  Nor can they add and subtract numers from 100

Mar 15, 2019 03:18 PM