Shady loan officers
refinancing fraud
great news lately, and for good reason. If you are considering refinancing your home, I invite you to this article in its entirety to read. It could save you thousands of dollars in the long term.
I’ve used for a large U.S. lenders, specializes in direct work of home refinancing loans. The company showed its loan representative how customers consent to loans that were not in the best interest of the borrower to manipulate. Although we have many methods to coerce customers to sign loan documents have been taught, this article only one of these methods.
Before discussing these tactics, it should be noted that when a lender evaluates your loan application, are, above all, to see three things:
1)
FICO score
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Credit card payment history, the history of self-pay, student loans, collections, write-offs, and almost any type of credit problem, which is not directly relevant in relation to a mortgage, you get your loan approved. Why these questions are irrelevant for credit? Because that is what represents the FICO score. Your FICO score is a numeric value that takes into account all these factors into account and focuses on a single number, the range is 500-800 +.
Late mortgage payments will increase your interest rate. Bankruptcy is also your interest rate or (depending on the lender) is not made “no-loan.
Here is a tactic of shade-loan officer, you should know:
Your loan officer you want to talk about your credit history. He or she will ask specific questions about credit card payments, or if other issues do not mortgage your credit report. Your Loan Officer will ask that you give yourself and have a valid reason why these payments were late to explain.
How is it handling?
To begin with, these questions are not relevant to credit your loan approval. Your loan officer should not be discussed. achieved with the questions about your credit history and to request an explanation, your loan officer is three things:
1) Create unsure about your credit history, so you’ll be less likely, a quote from another lender request
2) that force you to “open” about his personal life, helping to develop a stronger relationship between the two of you
3) You feel grateful for the loan that your loan officer offers
The longer your credit history is shaken, the ammunition, a ruthless loan officer used against you and try to accept that a loan not to manipulate in your best interest.
Remember, most loan officers know exactly what type of loans are for the time kept by the approved credit. There is absolutely no need to dig into his past.
If this type of tactic from their experiences Loan Officer, I recommend a serious company to work.
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