This may come across as a little harsh, but I can't tell you how often we hear this when it comes to a client's credit score being 'low' when we are doing a credit report in the process of arranging a mortgage for them. Here is how it usually plays out; we do a credit check and there is a 'mystery' collection or an account that was written-off (rated R9) with a creditor; we ask what the reasoning was and get 'well I told them I was moving and … [Read more...]
Are You Sure You are Pre-approved?
When shopping for a home, the first step should be to get a pre-approved mortgage. But don't be fooled, a pre-approval is not the same as a pre-qualification. A pre-approval is when your lender collects and verifies the information you've provided, whereas a pre-qualification is based on the information you've provided, but which has not been confirmed. When you have been truly pre-approved for your mortgage, you have provided your lender … [Read more...]