credit: Home Buying - From start to finish - 09/09/16 07:23 AM
If you are a first time home buyer, not knowing what to expect can be a little stressful. You may or may not encounter the process listed below. Hopefully the information below will give you an idea of what to expect.
         Find an area where you would like to live. The wider the area, the better chance of finding a home          Contact a Realtor OR Contact a lender (preferably me) who can refer you to a Realtor          Gather the following documents: Most recent pay stub, most recent bank statement, last 2 years federal tax returns, last 2 years … (1 comments)

credit: Read this before opening a credit line - 09/02/16 06:38 AM
Installment or Revolving –Which is better for your credit score?
Revolving Accounts, are used for Credit Cards to obtain money to buy merchandise or to get cash advances repeatedly, as long as there is money available to do the transactions. Once a Revolving Account is paid off, it can be used again up to (and sometimes over) the credit limit. There is no need to open a new account each time money is needed.
Aside from Revolving Accounts are Installment Loans.
Installment Accounts are used to finance things like cars, student loans, unsecured loans, furniture, mobile homes, medical expenses, airplanes, boats and so on.
In … (0 comments)

credit: Credit Reporting - What you should know - 08/17/16 08:10 AM
Let's cover Credit Score basics. A credit report is a document that lists information collected by credit bureau companies. The 3 most common are Equifax, TransUnion and Experian. Scores range from 300 to 850 with 300 being the worst and 850 being the best. A person can also have a zero score. Each company offers a score based on information collected from creditors (also called Traditional Credit) that a person uses. Some creditors only report to 1 bureau which is why one bureau may have a different score from another:
A person with a zero score can use non-traditional credit instead of traditional … (0 comments)

credit: What you should know about Down Payment Assistance - 07/26/16 05:04 AM
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
         Loan Officers tend to pre-qualify a person without taking into account the guideline requirements of DPA programs. Make sure … (2 comments)

credit: What you should know about Credit and Mortgages - 07/14/16 05:31 AM
In a world of easy access to the internet, I’m amazed at how difficult it still is to find information about obtaining a mortgage loan. I guess there isn’t a one stop site to address this stuff and Loan Officers are so regulated that we’re not allowed to post it on our websites. Luckily we have sites like Active Rain which allows us to post this information.  
I’ve probably blogged this before, but I feel compelled to write it again. After the last few months of doing loans and not being to close most of them, I find myself having to … (3 comments)

credit: YSP is a 4 letter word - 03/07/16 05:18 AM
Ask a Mortgage Lender how much he/she makes in YSP (Yield Spread Premium) and you may find yourself escorted out of the building. The term YSP was eradicated by the Obama Administration and just mentioning those letters may result in 20 years imprisonment and a $1 billion fine! Okay, not really, but it is forbidden to say the words which should not be spoken. So, while you read this, read to yourself. Don't read it aloud if you are near a financinal institution. You've been warned.
Back before the turn of the Millennium and up to 2008, Yield Spread Premium (YSP) was … (0 comments)

credit: How to Satisfy a Lender's Needs - 02/16/16 04:41 AM
Along the way, the lender needs certain documents to bring the loan to closing. Here's a list of some of the documents I've encountered over the years and how to satisfy the lender's needs. Not all lenders will require these documents and/or their needs may need to be met differently. 
At the onset of a loan application, the Loan Officer (LO) requests certain documents from the buyer to close the loan: Last 30 days paycheck stubs; Last 3 months bank statements (all pages even if blank); Last 2 years W2’s; Last 2 years Federal Tax Returns (all pages and all schedules); Copy … (0 comments)

credit: A Zero Credit Balance doesn't always mean Zero - 01/22/16 06:34 AM
Bankruptcy should be the last thing to consider when a financial hardship strikes. There are several types of bankruptcy options but the most common for consumers are Chapters 13 and 7.
Chapter 7 allows for the forgiveness of almost all debt (Taxes, Fraud Charges, Tax Penalties and Child Support payments are not forgiven) and must be approved by the bankruptcy court. Since 2005, an income test has been used to determine if the person (Debtor) qualifies for Chapter 7.  If the Debtor does not qualify, then Chapter 13, repayment, is a better option. Chapter 7 requires certain estate assets to be dissolved before completing … (0 comments)

credit: What You Should Know About Disputed Credit Accounts - 01/21/16 04:12 AM
If a buyer has an account that he thinks was reported erroneously, he can file a dispute to the credit bureau and request that it be investigated and/or removed. In some cases, the account may have the wrong balance or it may not belong to the person. The credit bureau agency (Equifax, TransUnion or Experian) sends the disputed information to the Creditor who has 30 days to investigate the account and make the update, otherwise the account must be deleted from the credit file.   
One reason for delaying the pre-qualification of a buyer is due to a disputed credit account. If … (1 comments)

Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

More about me…

First Option Mortgage

Mobile: (404) 644 - 3295

Office: (404) 644 - 3295



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