http://www.madisonmortgageguys.com Cory Kessenich with Inlanta Mortgage gives a simple overview of the process of mortgage lending. This video is meant to he…
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Thank you for this video. It was very informative!
Very helpful video.
*First Time Home Buyer Tips: The Loan Process Explained*
+Cory Kessenich gives a simple overview of the process of mortgage lending.
This video is meant to help first time home buyers understand the approval
process and what to expect in today’s market. The lending process is so
detail orientated there is no way to give you all of the information in one
Since qualification requires so many components it’s important to work with
a mortgage professional that is experienced.
First Time Home Buyer Tips: The Loan Process Explained
#RealEstate #Mortgage #MortgageUpdated
Such a wise tip! Thanks for sharing buddy! 🙂
Agreed! Thank you for the comment 🙂
Your credit score would be affected by those past issues. The best thing to
do would be to have it pulled to see where you’re at. Several factors would
affect how much damage those items would have done to your credit score
such as length of time they went unpaid, type of accounts they were, the
dollar amount, and how the companies collected (collection companies,
charge off, etc). There’s no way to know for sure until we can establish
your middle fico score.
do you know what the difference between a Preapproval or a Notice of Loan
We aim to talk about topics that can be helpful for people, even if it is
in a general way. Educating yourself when thinking about mortgage financing
is very important. We have several more videos covering all types of
mortgage financing. Thanks for the compliment!
Informative tips that we all can learn from or refresh our self with.
I now fully understand the specifics of loan thanks to this video. Thanks
for the tips!
Thank you 🙂
I totally agree…this video was very helpful!
Yes. Depending on what the status is of you credit card it could have a
negative impact on your credit. If you have poor pay history for example,
then that would be reflected as part of your credit score. Student loans
will also have an effect on your credit, but again it depends on the status
of them. If they are out of deferment and have been paid on time they may
have a positive impact on your credit score.
Very helpful! thank you!
Thank you very much Allanah!
Thanks for the comment, It’s appreciated!
Definitions and procedures may vary a little from lender to lender, however
a pre-approval is usually the first step a borrower will take when planning
to purchase a home. At this time they will speak with a loan officer and
provide some documentation so the loan officer can decide if they are
qualified to purchase a home. A notice of loan approval may take place
after a borrower has obtained an accepted offer and the underwriting
process has started.
what if you fell behind on payments and had a few bills go to collections
but you paid everything off and it shows paid on your credit report..will
you be able to purchase a home still?
OMG! This video was extremely helpful! I’m a first time homebuyer, and I’ve
spent many sleepless nights in the dark of the mortgage process. My loan
officer seems to be MIA, but I think I kinda understand why now. lol Great
Thank you for the kind words. We hope shedding some light on the behind the
scenes process helps consumers understand the need for patience and time to
ensure a smooth home buying process.
So, I have bad credit because of a credit card. Will that and my student
loans effect me when buying?