Tagged : Lenders

Found 5 blog entries tagged as "Lenders".

Mortgage lenders depend on the information found in credit reports and credit scores. One of the numbers that cause fluctuations in a consumer’s credit scores is inquiries.

Inquiries, according to Equifax.com, are “entries that appear on your credit report when your credit information is accessed by a legally authorized person or organization (including yourself).” Inquiries can include “an application for credit, goods or services; an account review made by a company that you already do business with; or a preapproved offer of credit.”

Inquiries can be either hard or soft. Soft inquiries such as account reviews, preapproved credit applications, and employer checks don’t impact credit scores. Consumers can check their own credit without

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After Forbearance – Now What? 

Covid-19 has impacted homeowners across the country. With job losses and income reductions, many have taken advantage of the ability to enter a forbearance program with their lenders. During the forbearance program, the agreements state that no late fees will be assessed, and the balance of missed payments will be deferred to the end of the loan.

As a result, many homeowners have been able to keep their homes during this time of economic upheaval.

Some of these affected may now have stabilized incomes and are ready to exit forbearance. They might be wondering if they will be penalized for this if they choose to refinance or buy a new home. Fortunately, there is good news for these homeowners. Part of the program

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Old Credit Issues? Ask Your Lender to Manually Underwrite Your Loan

Manual underwriting is how all loans were evaluated before computer algorithms took the human logic out of the process. Simply stated, a loan that is manually underwritten is one where a person evaluates the file for the borrower’s ability to make the loan payments. For those who have had credit issues in the past that are easily explained and understood, requesting a manual underwriter may make the difference between getting the loan or not.

Almost everyone has gone through difficult financial times at some point in life. Perhaps a divorce or job layoff caused a glitch in the otherwise good credit of the borrower. A computerized system only catches the credit score and number

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Changes in the Mortgage Market Since COVID-19

It's been difficult to adjust to a new normal during the past few weeks. With most residents being asked to stay at home, there are many who have recently lost their jobs or been asked to work remotely. The mortgage industry has also taken a big hit that has directly affected homeowners, renters, and investors alike.

There are many who are in the final stages of closing on their homes, and the current pandemic has made it difficult to efficiently move forward with the process. To help, desktop and exterioronly appraisals are being accepted as long as there is sufficient property information available online. Potential borrowers can also now submit their verification of employment via email, paystub,

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Prequalify, Preapprove - What’s the Difference?

Some mortgage terms can be confusing, none more so than the similarities and differences between prequalification and preapproval. The two terms are often used interchangeably, but they mean very different things to lenders, real estate professionals and home sellers.

Prequalifying is a rough-idea process that tells you how much money you’ll likely be able to borrow to buy a home. You can prequalify yourself on any banking or real estate-related website simply by putting your salary, type of loan you want, down payment amount and a ballpark home price into a mortgage calculator. You can talk with a lender, who will also give you a ballpark amount without a credit check.

When you apply for a mortgage

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