Initially at loan application a borrower’s mortgage credit report is ordered to determine a client’s purchasing power, and is only good for 90 days. What the client does after that report is received can be more beneficial or detrimental to the funding of their loan than they think.
Beyond the credit score, investors look at:
-Credit balances & minimum payments
-Credit depth - the number of trade lines & length of time accounts have been open
-Inquires in the past 120 days potentially resulting in new credit
-Judgments & liens
A second credit report is required by investors before funding to verify no new debt, increased balances, inquiries or derogatory items. Any of these factors may result in the client needing to re-qualify for their loan.
Here is a link to Pacific Residential Mortgage's Dos & Don'ts
Contact Anette for more information on getting pre-approved for a loan...
(503) 699-5626 | anette.sieverson@pacresmortage.com
