What to do in order to get mortgage loan approval

Real Estate Agent SL3287291

Many consumers who start thinking about becoming a home owner often do not have a realistic view of their credit position. Some think they can fool a lender and just tell them they have good credit, which never works. Others know they have weak credit but are serious about making it better.

Here are some great tips that can put you on the path to home ownership.

Original content by David Shamansky NMLS#392126


560 score doesnt mean NO US mortgages Says YES to a score of 720 score is realistic even if you have poor credit

We advertise a lot to help out borrowers many of the BIG banks deny so we get asked this question quite often. Typically it goes something like this... "hi I know my credit isn't very good and I am still in a lease for another xx months but I wanted to get started now so by the time I am ready my credit will be too, can you help me"?

 As a lender you couldn't ask for a better question.

There are many posts talking about items needed to improve scores and most of them are accurate with items like, keep credit card balances under 30%, pay bills on time, dont apply for credit often etc etc etc but this post is talking to the borrower who already has poor credit and items and steps they need to do in order to get back on track.

So why is this question from a borrower with poor credit so good?

  1. You have a borrower who is realistic about credit
  2. You have a borrower who isn't telling you they have good credit just to"see" if you don't notice and approve them
  3. You have a borrower who is looking ahead and starting early to ensure they know what is necessary to get approved
  4. You have a borrower that is serious about making this work and needs expert advice to help them accomplish their goal

So here are my "tips" as a lender on what borrowers need to do if they have a low score and some past or even present credit problems...

  1. Don't run or hide from your creditors! They are NOT going to bite you, all they want is the same thing you do... Resolution to the debt and to mitigate losses as soon as possible.
  2. Even if struggling we all have to make sacrifices so cut out the "luxury or entertainment" in order to ensure your bills are always paid as agreed.
  3. If behind on a debt make sure you CONTACT the creditor and get on a payment plan to get back on track sooner rather than later (remember credit and score is based on debt load, timely payments, age since delinquent accts occurred etc) so the faster you STOP the late reporting the sooner your credit can start to heal itself (AND IT WILL)
  4. Work to resolve all outstanding collections. If they truly are not yours, then CONTACT the creditor and MAKE them prove its yours or they HAVE to remove it! If this debt is legit then many times, depending on age, the creditor will settle for much less than the balance due and you can have one less call and one less creditor to deal with on your road to recovery and simply do this for ALL outstanding collection accts.

Credit is not magic or mystical its simply a history from the past to today on how you have handled your debts with others, to give insight on the likelihood of how you will handle your debts with us, or others, in the future. Regardless of the story and circumstance there are many tools that are available to help people who do run into difficulty get back on their feet.

Remember this - the faster you are back in the world of low risk to lenders the faster you become a consumer for products and that's good for everyone as well as the economy. That is what the goal is but you do have to do your part!

If you are looking to buy a home or even looking to refinance one you already own to save money but unsure of credit, please feel free to reach out to us. With 22yrs experience in every facet of mortgage lending we are truly experts in the field of making the impossible possible and helping say YES today or put you down on a path to get to say YES as soon as possible.

Don't let others NO keep you from reaching your dreams as anything is possible but some thing will take work, dedication and sacrifice and if you really want something then accomplishing that goal will make it all the more sweeter!





Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 22yrs in mortgage lending and 30+ years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!

David Shamansky
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"

US Mortgages
6855 S Havana St Ste 520
Centennial CO 80112
Equal Housing Lender

*photos used may come from my personal pictures or www.freedigitalphotos.net


Comments (10)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a good re-blog selection.

Have a most productive summer!


Jun 24, 2014 10:12 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Roy. David presented very helpful tips.

Make it a great week.

Jun 24, 2014 11:01 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning John. David is a real pro and really knows what he is doing. Great choice for a re-blog.

Jun 25, 2014 08:17 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi John.  Great re-blog.  Thanks.

Jun 25, 2014 08:49 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Joe for the comment. I thought David had some great advice that would help the consumer.

Make it a great day.



Jun 25, 2014 09:40 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Good morning Conrad. Thanks for stopping by and commenting.

Have a great day.

Jun 25, 2014 09:41 PM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

John - THANK YOU!!!!

So much appreciate the reblog and all the support from you!

Have a blessed day and rest of 2014 as well!!!!


Jun 26, 2014 03:33 AM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

David, I re blogged your post because of the quality. You are a true professional.

Have a Blessed weekend.

Jun 26, 2014 05:42 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks for reblogging the post.I hope consumers will read it.

Jul 11, 2014 09:34 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Gita, exactly why I chose this post to reblog. I believe it has value to the consumer.

Thanks for commenting.

Jul 11, 2014 11:13 PM