This guide covers credit score to qualify for mortgage lending guidelines. It is not the end of the world for consumers with bad credit. Millions of Americans had a point in their lives where they lost their jobs, had unexpected medical emergencies. Others went through a divorce where their credit suffered. Unfortunately, credit can suffer…
This guide covers the mortgage process leading to clear-to-close and closing on time. The basic steps in the mortgage process leading to clear-to-close and closing on time. The mortgage loan and approval process starts when the mortgage processor is assigned to the borrower’s file. The loan officer will be alerted once the applicant completes and…
All mortgage lenders require borrowers to start shopping for homeowners insurance premiums. You choose your hazard and fire insurance company. You are responsible for comparing premiums and selecting coverage. Dale Elenteny, a senior mortgage loan officer at Gustan Cho Associates, says the following about shopping for homeowners insurance premiums: Shopping for homeowners insurance premiums can…
This guide covers changing lenders during the mortgage process. Is changing lenders during the mortgage process a good idea? You want to avoid changing lenders during the mortgage process if at all possible. Changing lenders during the mortgage process will cause delays in closing on your home loan. Our mission at Gustan Cho Associates is…
This blog will discuss how lenders price mortgage rates by credit score. We will compare mortgage rates for Maine homebuyers with bad credit and the difference between higher credit score borrowers with lower rates. Lenders base risk levels on the credit score of borrowers. We will compare the various loan programs’ best mortgage rate options…
This BLOG On Mortgage Lending Process For First Time Home Buyers Was UPDATED And PUBLISHED On February 15th, 2020 The mortgage lending process does not have to be difficult: All of the horror stories about borrowers going through a stressful mortgage process and getting last minute mortgage denials can all be avoided How can I…
This guide covers getting a mortgage and buying a house in the Virgin Islands. A series of breathtakingly stunning islands only a hop, pass, and bounce from the American mainland, the American Virgin Islands has long been considered America’s Caribbean and is one of the most specific locations inside the country for American consumers to…
This guide covers credit guidelines in mortgage underwriting process. Just because a borrower meets the minimum credit score requirements and the debt-to-income ratio does not mean that they automatically qualify for a mortgage loan. There are credit guidelines in mortgage underwriting process. Loan Officers must thoroughly review credit reports and ensure borrowers meet credit guidelines…
In this guide, we will cover how the mortgage process work. The mortgage process is similar whether borrowers apply for a home purchase or refinance a loan. There are a series of stages the file needs to go through. Most mortgage applications take 30 days to close from the time the loan originator prepares and…
Apply Now In this guide, we will cover things to avoid during home loan process to close on time. We have covered many blogs on what to do to get a mortgage loan approval. During home loan approval, borrowers must be pins and needles with their credit and finances. There are several things to avoid…
In this blog, we will cover and discuss bad credit home loan with no overlays and low credit scores. Many hard working Americans were affected by the real estate and credit collapse of 2008. Many business owners had to close their businesses, many lost jobs due to corporate layoffs. Many had to settle with new…
This Article Is About Mortgage Qualification Requirements For Home Loan Programs There are government and conventional loans. There are also non-QM and alternative financing loan programs. Every loan program has its own lending requirements. If a borrower cannot qualify for a government and/or conventional loan because of a recent bankruptcy, Gustan Cho Associates has non-QM…