Chapter 13 bankruptcies andforeclosurescan remain on yourcredit reportfor at least seven years; Chapter 7 bankruptcies can linger on credit reports for up to 10 years.1Unfortunately, you can’t do anything to remove those negative marks sooner. But it’s important to monitor your credit reports ...
Our site has automated the process of finding respected 2nd mortgage companies that specialize in bad credit refinancing, and home equity credit lines from 75-100% with fixed rate options. Most second mortgage lenders have tightened guidelines or pulled their home equity programs all together. On t...
Mortgage lenders don’t want you to have any prior bankruptcies or consumer proposals within the last 24 months. They also don’t want to see any 60-day overdue payments on your credit report within the last 24 months. Two key areas that mortgage lenders assess are the monthly living costs...
Bankruptcies or foreclosures Filing for bankruptcy or foreclosure can have long term impacts to your credit history and impact qualifying for a loan. Either of these events can result in a lower FICO and you could end up paying higher interest rates. ...
Reverse mortgage live transfers, also known as reverse mortgage leads, are the best way for reverse mortgage businesses or lenders to gain new prospects.Reverse mortgage live transfers providing agencies capture leads and provide to lenders. Thus, lenders don’t have to put in any kind of effort...
Do underwriters work for the bank/lender? Yes, underwriters are employees of banks, lenders, and mortgage bankers. They work on the operational side of things, making loan decisions after the sales team brings the loan in the door. This means they work in the same building as the sales tea...
Think of a mortgage pre-approval as a physical exam for your finances. Lenders will likely poke and prod into all corners of your financial life as a way of trying to ensure that you’ll repay your mortgage. Pre-Qualification vs. Pre-Approval You’ve likely heard the term “pre-qualif...
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Mortgages are secured loans. A secured loan is guaranteed by collateral (something the lender can take if you fail to repay the loan). On a mortgage, the real estate is the collateral. Collateral lowers the risk for the lender, and in turn the lender can charge less for the loan. ...
or previous bankruptcies, you may find that some mortgage companies don't want to bother working with you (because it will take more time and effort to get your mortgaged approved). Also, many of the large automated or semi-automated mortgage companies where you...