“It’s Vital to Pay Your Rent on Time”

Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“It’s Vital to Pay Your Rent on Time”







I must say I am truly disappointed we have not been approved for the mortgage. I truly don’t understand why the lender is requiring 12 months of consistent rental payment. Even though we were late twice, we doubled up the following month. I have already given copies of the cancelled checks which is what I thought the lender wanted. You indicated as a result, the lender may turn me down all together. Is there anything else I can do?



I can’t blame the lender on this one. When someone applies for a mortgage and has very little credit, the lender is going to put a lot of weight on rental history.  When the rental history isn’t that good, the odds of obtaining a mortgage are greatly reduced.


The way the lender looks at this history is no different than if the client was making their mortgage payments late. Having two 30-day late payments over a 12 month period is not very good.


We have since added a co-signer to the transaction, which made the lender a little more comfortable.



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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Joe Petrowsky most tenants don't think that far ahead.... those habits tend to stay with people.... mortgage companies don't want to chase people....

May 04, 2020 03:15 AM #1
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Great Post Joe and a good reminder for tenants. Having a good credit score is vital in today's world.

May 04, 2020 03:40 AM #2
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. If an experienced mortgage broker, with multiple funding sources, can't do, it can't be done. Not sure I would want to be the co-signor. Enjoy your day!

May 04, 2020 04:28 AM #3
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH

Great reminder to pay rent on time no matter what!

The way the lender looks at this history is no different than if the client was making their mortgage payments late. Having two 30-day late payments over a 12 month period is not very good.

May 04, 2020 04:38 AM #4
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

that is an important message to share - the lender has to create a pciture of the borrower one way or another 

May 06, 2020 06:28 AM #5
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Joe Petrowsky

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