Are You Too Old To Get A Mortgage?…

Good Morning!

I got asked this week...  "Am I too old to get a mortgage?"

The answer is even if you are 90 years old, and you are applying for a 30 year mortgage you are treated the same as a 30 year old.

It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
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How Your Credit Score Is Compiled...

Good Morning!

I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus…

35% – Payment history
The credit bureaus  look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are any severe unpaid debts like bankruptcies or foreclosures; and the number and severity of delinquencies in your credit history.

30% – Amounts Owed
Too many credit accounts and a high ratio of credit balances to credit limits can affect your score. Also affecting your score is the amount of debt on each account and the level of debt paid off on term accounts.

15% – Length of Credit History
Longer credit histories result in higher scores. Important factors incorporated into credit scores are: length of credit history, length of time specific accounts have been open, and the duration of time since each account was last used.

10% – New Credit
Credit scores track consumers who suddenly take on new debt and potentially overextend themselves, by checking to see when the last time a consumer opened an account and how many accounts were opened and by looking at the number of inquires on the consumer’s credit reports.

10% – Types of Credit Used
The type of credit you have plays an important role in determining your credit score. A “healthy mix” of installment loans (mortgage payment, auto loan) and revolving credit from banks is considered better for your score.

That's it for today!

Have a great day.

Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

When You Don't Have To Remove Disputes...

Good Morning!

You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan.

For Conventional loans there is really no way around this. You will have to remove them.
However, for FHA loans you don’t necessarily have to remove them.

This is true for manually underwritten FHA loans.

So, if you are getting an FHA loan, and your loan officer wants to remove the disputes. Ask your loan officer to have the file manually underwritten.

On a manually underwritten loan the underwriter can underwrite the loan “around” the disputes. …Ignore them in other words.

Your lender may have their own “overlay” rules to remove the disputes even on manual loans. If so, you can change lenders to someone that wouldn’t do that.

…like me! Ha!


That’s it for today!

Have a good day today! …and thanks for reading.


Get Pre Approved For A Loan Here
My Previous Blog