Reviewing Credit

Mortgage and Lending with Scissortail Financial MNLS#391580

Previously I made a few points regarding the obvious in review credit history. To accurately do a review of credit, gather all the credit and loan information available dating back five to seven years, if possible. You will want to be sure and check any debt that has been paid off to ensure it is listed as such, whether it’s a car loan, credit card balance or a personal loan. Many times leasing companies and especially utility companies will also report to credit bureaus.

Under each debtor there should be contact information, the identifying number pertaining to them, and the amounts of payment made versus how much a client may still owe. Typically, the highest amount one may owe over the history of the debt will be listed as well as the lowest amount.

A mortgage lender will go over the report history carfully, which is exactly the reason you should also do so. The more time you have before applying for a loan, the better. Why? It may take several weeks to clear up any discrepancies or make payment arrangements to resolve any past due debts which accurately recorded. Remember, the more past debt your client can satisfy the better off the client will be in obtaining a good mortgage interest rate!

Wayne Pope - Tulsa Mortgage Guy

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