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Hi my name is Austin Niemiec, I’m a Senior Mortgage Banker at Quicken Loans and I’m here today to talk about the importance of credit and the effects it has on applying for a mortgage. So to begin, credit simply can be defined as a tool or a measure that companies like ourselves use to determine how likely you are to pay back a loan on time. There’s a lot of different factors that go into your credit and your credit profile. Some of the main ones are the amount of credit card debt you have, how consistent you are on your payments in your mortgage, auto loans, student loans and there’s also a section for public record, such as bankruptcies, foreclosures, charge-off judgments that can have a derogatory effect on your credit score. What is a good credit score? In today’s lending environment, anything over a 740 is considered excellent or platinum. The average American has a credit score of around 680 and we can even lend as low as 580 in some cases. Why is credit important when applying for a home loan? It’s very, very important that your mortgage expert has an accurate, up-to-date credit profile when quoting you a mortgage rate. It’s going to affect the exact program, it’s going to affect the exact interest rate, it will also affect positive and negative pricing adjustments on your loan. So, to get an accurate quote, you need to have an up-to-date credit profile. As a consumer, it’s very important that you know what’s going on in your credit world. There may be some small …
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www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains whether you should pay off all your debt before applying for a mortgage in Vancouver Canada. mortgage calculators, refinance, mortgage brokers, vancouver canada, mortgage payment calculator, mortgage refinance,…
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www.notapennydown.com Mark Fidgett, a mortgage broker in Vancouver Canada, explains the one thing you absolutely must not do before you buy a home
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Senior citizens will be happy to know that they don’t have to pay monthly mortgage fees anymore when they hear about reverse mortgage loans. Reverse mortgage loans, which are only available for citizens 62 years old or older, are mortgage plans that don’t require the borrower to pay monthly payments. In fact, the borrower pays nothing at all. Instead, the borrower will receive money from the lender, and the lender will be paid back by the proceeds of the house sale. Reverse mortgages are designed for senior citizens, because people know that when living in those glorious golden years, people have more important things to do than worry about possible foreclosures and mortgage payments; important things such as spoiling the grandchildren or working on important hobbies.

Applying for Reverse Mortgage loans are easy, especially since the federal government requires that all reverse mortgage applicants receive financial counseling before making a decision. Financial counseling services can be provided, or chosen by the applicant, and the federal government pays for it; basically, applicants get a free lesson! In addition, what is called “reverse mortgage calculators” are available on most online sites, that offer reverse mortgage loans; reverse mortgage calculators are also available in person. A reverse mortgage calculator is a pre-application estimate of how much the applicant is liable to receive, and all that it takes to find out is to enter a few simple pieces of information such as age, spouse or work partner’s age, estimated home value, and that’s it.

When and if the senior citizen decides he or she wants to go ahead with the application process for a reverse mortgage, then that person need only find a reverse mortgage company or an individual wholesale lender. Wholesale lenders, lenders who purchase reverse mortgage plans at a wholesale price from companies like Fannie Mae, Federal Housing Authority, or Financial Freedom, can most often be searched for by state or by rating. People can do this by referring to the National Reverse Mortgage Lenders Association (NMRLA); applicants can even check the lenders’ profiles to see what other people have said about that lender’s personality, services, attitude, and helpfulness in the application process, and beyond. Companies such as the ones mentioned above also have lenders that work directly for them, which can be searched for in the same way.

By Applying for Reverse Mortgage loans, senior citizens who are 62 years or older will have gone through a strict process to weed out the bad lenders from the good, until the best lender for that specific citizen’s personality is found. This will help people be better informed, be treated more respectfully, and even help people develop a nice talkative friendship relationship with the lender during the application process.

For more information please visit our website on Reverse Mortgage

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