As you know, many lenders heavily weigh their
decision for loan approval on credit scores from three highly recognized reporting agencies.
I hope this article helps your clients who need to quickly raise their credit
scores for the loan approval process or for the best possible interest rates.
In such cases, presenting long term plans, balance sheets, company vision etc. provide a good
base for loan approvals.
Sellers who make it their top priority to sell fast might choose your offer over the competition if the latter is still
waiting for loan approval.
If you're on the edge of being able to qualify, paying down an installment debt to less than ten remaining payments can be a good
strategy for loan approval.
In addition to having the best possible credit score, you'll need to have a few years of steady income and a low debt - to - income
ratio for loan approval.
Again, most lenders have a
threshold for loan approval, they will not sign off on a loan if the applicants score is below this threshold.
A customer's credit history and ability to repay will be the
basis for loan approval, and they won't have to justify how the money will be used.
Moderate income home shoppers continue to enjoy the combined positive effects of low interest rates, lower home prices (although there are signs of change), and flexible FHA
guidelines for loan approval.
While other lenders are likely to reject applicants based on credit scoring criteria and debt - to - income rations, SoFi will examine disposable income and other indicators of responsible borrowing habits as
criteria for loan approval.
In accordance with The Privacy of Consumer Financial Information Act, we understands that any information given by the customer for home mortgage application purposes will be used
only for loan approval.
In the last 5 years at CMHC, Jacques worked as a regional manager of multi-unit underwriting, where he lead a team of 40 employees responsible
for loan approval for the Quebec Region.
This step demonstrates you're a viable
candidate for loan approval by that lender (and likely others) and is usually more of a guarantee than a typical pre-qual.
Usually to the borrowers, the idea of collaterals required
for loan approval by banks and lenders is not a much appreciated one.
In the last 5 years at CMHC, Jacques worked as a regional manager of multi-unit underwriting, where he lead a team of 40 employees
responsible for loan approval for the Quebec Region.