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What Lenders Want

By
Real Estate Agent with GMAC Real Estate Real Property Group

 

With most buyers these days, the hardest job we have is getting them qualified for a mortgage.  As properties go into foreclosure in Central Florida, more and more lenders are tightening their standards, or going out of business altogether.  With fewer lenders come fewer loans. 

So what can borrowers do?

This is a question that Realtors and Mortgage Brokers face on a daily basis, and the answer on the surface is pretty simple.

Take care of your credit score.

That is easier said than done.  Most times clients don't realize that the smallest thing can wreck their credit.  The advice I give my clients is as follows:

1.  Do not have numerous mortgage companies pulling your credit.  Choose one and let them do it once.  Every time your credit is pulled by a mortgage company it affects your score.

2.  Do not make any large purchases like cars, furniture, electronics and use financing until after you close on the property.  This is important to remember because certain lenders will re-pull your credit prior to closing.

3.  Do not apply for any new credit cards until after closing, because this will have a negative affect on your score.

4.  Make sure that all outstanding bill are paid on-time, with no late payments.

There are other things that different lenders recommend and they can change from lender to lender, but these are the four things that most reputable mortgage brokers will tell you. 

If you would like more information on how to get or mortgage, or would like a recommendation of local mortgage brokers in the area, please call me and I will be more than happy to point you in the right direction.

 

Comments(2)

Richard Parr
ADT Security Services - Slidell, LA
Home Security Specialist - Greater New Orleans, Louisiana
Great tips...everyone needs to be thinking about getting better credit these days.
Jul 03, 2007 07:44 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!
i do not believe that number one is true. you may want to check with your credit provider as to the effect of multiple pulls from like entities within a 14 day period.
Jul 04, 2007 04:50 AM