This article delves into how mortgage underwriters view bank overdrafts and their implications for mortgage approval. Every financial aspect of a borrower’s life is scrutinized meticulously in mortgage lending. From credit scores to debt-to-income ratios, lenders aim to the risk associated with approving a mortgage loan. Bank overdrafts are often overlooked but significant aspects of…
This guide covers the fastest and easiest way to increase credit scores to get the best mortgage rates. We get countless calls from our viewers at Gustan Cho Associates asking about the fastest and easiest way to increase credit scores. Credit scores fluctuate depending on the activity on consumer credit reports. The team at Gustan…
In this article, we will cover credit scores increased during underwriting process. If credit scores increased during underwriting process, the borrowers could lock the loan with the higher credit score. One of the frequently asked questions at Gustan Cho Associates is will I get a lower rate if credit scores increased during underwriting process? Credit…
This guide covers transferring lenders during the homebuying and mortgage process from one lender to a different one. The mortgage process should not be stressful. All mortgages should not only close but should close on time. Closing delays happen in some situations, but they should not be due to the lender. Over 80% of our…
In this guide on how the mortgage process work, we will cover the steps of the mortgage from the mortgage loan application to closing on traditional and non-QM loans. The overall non-QM mortgage process on non-prime loans is similar to traditional conforming mortgages. The mortgage process can be different among the various wholesale lenders. However,…
This BLOG On Mortgage Process For Home Buyers And How Home Loan Process Works Was Written By Gustan Cho NMLS 873293 Mortgage Process For Home Buyers And How Home Loan Process Works is important prior to starting the home buying process. Most home buyers will need to obtain a mortgage for their home purchase. The home buying process…
This BLOG On Credit Inquiries By Mortgage Lenders And Impact On Credit Scores Was Updated And PUBLISHED On February 21st, 2020 Consumer’s Credit Profile is private and not available to the public. There are federal laws regulating personal credit reports The Fair Credit Reporting Act (FCRA) is the federal government agency that monitors and regulates…
This guide covers what mortgage fraud is. What is mortgage fraud during the homebuying and mortgage process? There are two types of loan fraud. Fraud for housing (tricking a lender into approving a loan it would otherwise decline). Fraud for profit (stealing cash and equity from lenders or homeowners). A real estate agent might secretly…
Apply Now In this article, we will discuss how to write a letter of explanation to mortgage underwriters. Borrowers must get accustomed to writing letters of explanation to mortgage underwriters throughout the process. A letter of explanation to mortgage underwriters is just part of the program throughout the mortgage process. Mortgage underwriters will often ask…
In this article, we will cover things to avoid during mortgage loan process for homebuyers. The mortgage process can be very stressful but does not need to be. Due to the many rules and regulations by mortgage regulators, borrowers often do not understand and will never understand the strict rule on disclosures, re-disclosures, and documents….
In this blog, we will cover and discuss the top 11 time-consuming mortgage mistakes to avoid during the home buying process. When buying a house, most of the time, you need to get a mortgage which takes from 3 weeks to 4.5 weeks. Sometimes refinancing (streamline refinance) might take two weeks. Credit scores significantly determine…
In this blog, we will cover how to get a mortgage in Wyoming with the best mortgage rates with a lender with no lender overlays. Borrowers with credit scores over 700 FICO can check out discount mortgage brokers in Wyoming, such as www.preferredmortgagerates.com and jumbomortgageoptions.com. How To Get a Mortgage in Wyoming With The Best…
Call Now 