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Patience and Credit Do you have enough?

By Rob D. Shepherd

Real Estate Agent with RETIRED 200305001

August 03, 2011 03:45 PM

We all have heard you need a better than good credit score for a loan now days. No one seems to be letting borrowers know upfront that they need lots of patience too. It will be tried many times during the transaction. It seems lenders look for any excuse to hold up the loan. Don't get me started here, its another blog in its self.

One more thing you to death is another reason to need lots of patience. So if you have a GREAT credit score and a GREAT amount of patience, you will most likely get the loan!

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Retired from ActiveRain

Baker, OR

Rob, A good credit score is important, but patience is not always a requirement. I assist in processing loans for Umpqua Bank Mortgage in Eugene and we've closed loans in as little as 15 days. Approval from lenders in a short sale does take time, but in my experience the mortgage approval process can go smoothly if the borrower provides the necessary documentation in a timely manner and meets income and debt ratio requirements among other things.

Aug 03, 2011 04:04 PM

Marco Giancola

Beachfront Realty - Miami Beach, FL

Realtor (305)608-1922, Miami Beach Florida

Rob-good scores + patience is a virtue these days. The big banks are so bogged down that they don't even seem to care about the consumer after they draw them in with their promises.

Aug 05, 2011 12:06 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Rob, even buyers with SUPER scores and 30%+ down have had speed bumps near the end. Getting a loan today does definitely require a boatload of patience!

Aug 06, 2011 01:52 AM

Patience and Credit Do you have enough?

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