credit report: What Are Credit Tradelines?
- 09/27/20 09:12 AM
What Are Credit Tradelines?
I think I've made it clear before that I find no shame in talking about how hard we work for our clients. My assistant, Jamie, and I see a good number of mortgage applications come across our desks every week and in 2019 and 2020, a high percentage of them have been for jumbo home loans, which means that our borrowers must demonstrate strong credit depth by way of an adequate number of tradelines on their credit report. Gone are the days when one could just have a decent FICO score in order to cross credit concerns off of the loan approval list.
When … (12 comments)
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credit report: Should I Keep Making My Mortgage Payment?
- 08/31/20 08:14 AM
Should I Keep Making My Mortgage Payment?
With so many people refinancing these days, and with the loan process sometimes crossing one or two months' time, a question we frequently get from those in process is, "Should I keep making my mortgage payment?" The answer is a simple and clear, "Yes!"
But let's talk about why, because the concept is as simple as it is often misunderstood. In our formative financial years, many of us rented a home or apartment before we made the leap into home ownership. And I'd be willing to be bet that more than a few of us got … (16 comments)
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credit report: Your Credit May Be Good, But Is It Jumbo Good?
- 02/23/20 05:57 PM
Your Credit May Be Good, But Is It Jumbo Good?
"I have an 800 FICO so I know I'll qualify..."
We, here at Guaranteed Rate, pride ourselves on being a great jumbo mortgage lender. And because of my geography and clientele in the San Francisco Bay Area, we encounter a lot of higher loan amounts. Our rates are very competitive and we have many investors who can cover the needs of just about every jumbo loan scenario that can realistically be done these days. Moreover, we retain control of the underwriting, so we can exercise "makes sense" judgment and get files approved where … (5 comments)
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credit report: Just Don't Pull My Credit
- 10/18/18 07:38 AM
Just Don't Pull My Credit
This is going to be brief. Why? Because the concept is very simple: For most, making a credit inquiry when getting a mortgage pre-approval will not hurt their FICO score. If you:
A) Pay your bills on time,
B) Maintain a fairly low balance to limit on your credit cards, and,
C) Have developed a credit history over several years, then most likely,
D) Having a lender pull your credit score in order to assist you with getting the best mortgage terms is not going to be detrimental. In fact, it may be one of the smartest financial choices you make.
There is … (4 comments)
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credit report: The Running of the Credit
- 09/17/18 09:02 PM
The Running of the Credit
I have never been to Pamplona, Spain, and I've never run with the bulls, but I have known two individuals who did. One came back with some fascinating stories about the experience and the other one, tragically, did not. We're not going to dwell on either of them here, but instead discuss the fear that many have when they go to apply for a home loan. Long has the myth been propagated that simply by having a mortgage lender pull credit, a borrower will see his pristine, 800+ FICO scores trampled into the 500-range by the mere … (15 comments)
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credit report: Three Ways to Get a Great Jumbo Loan for Under $20
- 07/28/18 02:48 PM
Three Ways to Get a Great Jumbo Loan for Under $20
I think I've made it clear before that I find no shame in talking about how hard we work for our clients. My assistant, Debbie, and I see a good number of mortgage applications come across our desks every week and in 2018, 60% of them have been for jumbo home loans, which means that our borrowers must demonstrate strong credit depth by way of an adequate number of tradelines on their credit report. Gone are the days when one could just have a decent FICO score in order to cross … (3 comments)
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credit report: How to Get a Jumbo Mortgage After Foreclosure Fallout
- 07/16/18 09:26 PM
How to Get a Jumbo Mortgage After Foreclosure Fallout
When economic war ravaged the real estate market a decade ago, statistics show that peak foreclosure activity in the US occurred somewhere in 2010, but that we continued to experience an elevated level through at least 2013. Therefore, at the tail end of the real estate recession, those who lost their homes to foreclosure may still be only five or six years, if not less, from the credit event that largely determines their fate when they try to re-enter the housing market. Can they do it? What about if they need a jumbo mortgage?
What … (2 comments)
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credit report: Should You DIY Your DTI?
- 05/16/18 06:09 AM
Should You DIY Your DTI?
Just like the Julian and Gregorian calendars separate time between B.C. and A.D., the passage of the Dodd-Frank Wall Street Financial Reform Act separates the way mortgages have been qualified. Loosely, before Christ (and in my opinion, Barney and Chris did hold themselves in quite high regard) many claimed you just needed to "fog a mirror" to get a home loan. But in the crusades that followed the birth of the new law, most residential mortgages must follow the provisions of ability-to-repay or "ATR." In other words, before Dodd-Frank, lenders had much greater leeway to approve or deny a … (2 comments)
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credit report: How Long Is My Pre-Approval Good For?
- 11/06/15 11:47 PM
How Long Is My Pre-Approval Good For?
If you're like me, you probably find that there are some recurring instances in your day-to-day interactions that make you realize what is obvious to you may not be so obvious to those you serve. A question I get frequently from those shopping for a home and going through the process of mortgage pre-approval is, "How long is my pre-approval good for?"
And yes, even in 2015, where the CFPB has held our industry's feet to the fire in an attempt to shoehorn inherently complex transactions into consumer experiences that are simple, black and white and … (18 comments)
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credit report: How Will 2014 Go Down in YOUR Books?
- 12/30/14 11:10 PM
How Will 2014 Go Down in YOUR Books?
When we come to the end of any calendar year, isn't it amazing to look back over the last 12 months and realize just how much has transpired? Sometimes, events that occurred in, say, March, feel like they happened a lifetime ago. Could it really be that it was this year? Yes, time flies.
And, of course, the resolution season is upon us. What changes might we affect in 2015 by way of reinvigorated will? A blank page opens before us each January 1, but will we have the resolve to write a new … (4 comments)
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credit report: Credit Rescores: Pay More. It's the Law.
- 09/24/14 10:50 PM
Credit Rescores: Pay More. It's the Law.
It goes without saying that the mortgage process is in some ways more complicated and unforgiving than ever. It also bears mentioning that there remains a handful of home loan professionals who have embraced these modern day challenges and found legal and ethical ways to shepherd their clients through the storm to the Promised Land of the best mortgage terms possible. I like to count myself in this group. Making home ownership possible, or lowering the cost of same, is perhaps my greatest professional satisfaction, and I have a sense of responsibility to provide … (23 comments)
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credit report: The Ten Commandments of Home Lending in 2012
- 06/29/12 09:14 AM
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What Are Credit Tradelines?
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