Credit Issues in Mortgages – Live video with Black Diamond Mortgage in Montana.
Hello internet universe!
Welcome to our first facebook live broadcast! We are taking a break from closing deals and grabbing a coffee, so we thought we’d take a moment to cover “important tips” for closing tough deals!
I’m David Boye
Maria Phelps
Danelle Connors
When we are talking about tough deals…
We understand that there is a big emotional aspect to the equation! A borrower seeking a tough mortgage may have already been turned down once, so hearing that another mortgage lender will consider them is full of mixed emotions…
We get that, and will try to isolate the problem down to one big variable and make a clear decision on whether or not it makes sense to proceed or to wait until things improve before trying for the loan.
To close tough deals, you need to understand the basics of mortgage lending… all mortgages must address the 3 c’s in order to happen:
– credit
– cash flow
– and collateral
(cash flow is like income, and collateral is like the appraisal)
You have to address all three in some way to get a mortgage
There is one other secret weapon, i call it “big g” or the government… and they occasionally create ways to put less emphasis on the big 3 to get more borrowers into homes….
Today, we will talk “tough credit” and how those deals either happen, or when to wait and get the credit better before proceeding….
We have closed deals this year with borrowers having credit scores in the 580’s or even with borrowers having no credit score at all….
When these deals close, there are certain things that need to happen for them to work, but the good news is that these borrowers are closing this year and not being made to wait till next year!
So it we are going to talk briefly today about closing tough deals that many lenders would say no to, with borrowers that have a credit score under 620/640 or no credit score, or some derogatory information, liens, judgements or other rough credit events and how those loans can still close…..
3 big principles:
1) Full disclosure about everything!
2) Regardless of what the rest of the credit looks like, the housing payments are made on time
3) You need a good excuse for the bad credit
We want to get the tough loans to close! we will isolate the trouble down to one big variable, like something we’ve presented here, solve it with a viable loan- and then go for it!
If now is not the right time, the best thing to do is apply anyway so we can roadmap the way forward, because there is always a way forward from where you are
Next week! We hear that a lot of people are employed seasonally, so some folks may be about to get laid off or encounter other income challenges….
Tune in next week for tough income!
Please share this with your friends, like it, and ask questions…. if we get a lot of interaction, we will try an interactive program sometime with q&a, etc…
If you messaged us today or asked a question, we will follow up soon- after we finish our coffee, etc…
thanks you for watching, go to www.blackdiamondmortgage.com for more info, of contact us for a one on one
