You went through a long drawn out process of “paperwork here - paperwork there" in buying your home. In refinancing, it’s not that drastic because you have established
yourself as a home owner.
Helping you get those results, we discuss your consumer history (credit report). It’s
the primary source of direction you go through in the details of your new home
mortgage program. Important items that you provide are used in the pre-qualification
steps as your loan request package is put together.
Your consumer history report shows a lot about how you manage your spending
income. Scores are assigned by the Credit Bureaus based upon their grading
principles from 350 to 800. They receive reports from almost every kind of lender
whether a department store, an auto loan, to a doctor expense. The percentage of
consumers who experience ‘bumps’ on their credit is very high. It’s how you handle
the ‘bumps’ that counts the most in your score.
Having the report, gathering important documents like pay stubs, W-2’s, bank
statements, mortgage statements, home owners insurance policy coverage,
1040 tax returns, and so forth are reviewed for stability, verification, and usage
in the loan obtaining process.
When all the items are in hand, we then discuss your loan request package with
different mortgage lenders who will accept your ‘middle’ consumer history score,
your income, work history, mortgage history among other items in your request.
We establish the different loan programs available to your qualifications and needs
for a loan period of 2-50 years, loan % rate, loan payment choices, establishing of an
escrow account, return of home equity, consolidation of consumer debts etc.
Keeping in mind, that all of the program characteristics most meet or establish a
financial goal to help you improve your lifestyle. Debts are the down side of having
financial freedom. Helping you understand the importance of having excellent
consumer history and maintaining it is a personal goal of mine.
