MortgageReady

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Mortgage Ready

We can't start with this early enough! No matter how well-qualified you are, we need to prepare to make sure the loan process will be smooth, and approval is obtained on the best possible terms. I like to "stack the cards in your favor" so that I can best advocate your loan. We do this by structuring the loan properly and perfecting the documentation upfront. This can be relatively simple, and sometimes significant preparation is needed. This can include things like letters of explantion for past or current derogatory items, preparation of financial statements to support qualifying income, or recognition and documenting compensating factors. Skillfully presented compensation factors can result in a smooth loan process, a better rate, or approval of a loan that otherwise would be declined. Some examples of compensating factors are home buyer courses, letters of reference, unreported additional income, evidence of likely professional advancement, etc. Anything we can think of.

Credit habits
Good credit habits are important, and critical before and during the mortgage application process. Small improvements can often be accomplished with simple changes to your credit behavior. I recommend against applying for any other credit during this time, but if you have to - make sure you tell me about it!

Profile improvement
Sometimes called "rescoring", it improves your credit profiles and scores, so that we can get bettere results for you: Approval at the best possible rate! We use sophisticated analytics to determine the specific actions you need to take. It usually involves simple things like adjusting card balances (up or down), paying off a debt, applying for a credit card, or correcting an error. After the indicated actions have been completed, your credit report is adjusted through an industry protocol, managed by the credit bureaus. Profile improvement takes 5 - 45 days, depending on what is needed.

Credit repair
If significant credit improvement is needed this is the first step. Credit repair, or credit restoration seeks to permanently remove old and/or inaccurate items that depress credit scores on a permanent basis. We do this by demanding the creditor validate the accuracy. It is a legitimate process, sanctioned by the Fair Credit Reporting Act. If creditors recognize an error, or cannot deliver proof that an item is legitimate, it will likely be removed. Credit repair takes up to 180 days with the first results in 30 days.