Real Estate: How Mortgage Lenders Look At Your Credit

Рет қаралды 33,775

Күн бұрын

⭐Have mortgage questions? Pick a time that works best for you here
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⭐ Call Me: My cell phone is 707-478-0637 I am happy to help. Let’s get you home!:)
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Licensing info: Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611 Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071 Equal Housing Lender
For licensing, go to www.nmlsconsumeraccess.org
Top 1% in the nation 2016-2022 www.zerostressmortgage.com
NMLS 247743 Guaranteed Rate NMLS 2611
To access Guaranteed Rate:
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My State License Numbers:
AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MS-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, PA-247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8203
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
Timestamps:
0:00 Intro
0:34 Pay Your Bills On Time
1:15 Authorized Users
1:59 Basic Credit Card
2:54 Bad Credit Advice
4:45 Debt Renegotation
4:57 Credit Expert
5:20 Below 550 Credit Advice
7:12 Can You Still Buy A House?
8:12 Don’t Be Ashamed Of Your Credit
9:30 Freeze Your Credit

Пікірлер: 51

@THEGAMINGHELP101 8 ай бұрын

There are 2 main things about credit that will affect most of your credit. 1 pay your bills on time, 2 keep your utilization low.

@JenniferBeeston 8 ай бұрын

#facts

@49Macman 2 ай бұрын

Jennifer, I replied to your other video saying it was similar to my situation, but this is a lot closer to my situation. I feel a litte closer to my goals now that I watched your video. Thanks for both!!!!

@josecolon8143 8 ай бұрын

0:23 "is the moon aligned" 🤣😂🤣😂🤣😂🤣

@1331RECIPROCITY 8 ай бұрын

Thank you. I searched tons of different channels for how 2 freeze my credit because you said do that... 100+ videos back, but theirs no honest, truthful, simple, straight 2 the point path. How 2 videos.. If you ever get bored that would be a great video. And yes I searched almost all your videos for how 2 freeze credit. You talk about it on several occasions.. But I can't find any that's step by step. Like your other videos of how 2.

@JenniferBeeston 8 ай бұрын

Here is a great article nerd wallet www.nerdwallet.com/article/finance/how-to-freeze-credit

@cbinindy 7 ай бұрын

Info, info, info! Love this channel, and seriously hope that I'll be able to work with you on my VA home loan in the near future!!

@ScorewellCredit 7 ай бұрын

Such a AWESOME and accurate video!

@MoneyOpulence 8 ай бұрын

Very educational presentation! A very spot on video 👏

@JenniferBeeston 8 ай бұрын

Thank you!

@keithclifton392 18 күн бұрын

Great video. Susan Powell actually said Stop the Insanity!!

@JenniferBeeston 16 күн бұрын

She was an icon

@patchesmoo 6 ай бұрын

Don't be scared of your credit. Before 2020 I made some credit mistakes and my score dropped to about 575, in 2020 I started working on my score heavily. By the end of 2022 me and my wife were able to close on a house with a really good rate on an FHA loan. Jennifer is right, if you have a good recent history a good lender will be more than willing to work with you to help realize your homeownership dream. Just got to stay focused and disciplined.

@JenniferBeeston 6 ай бұрын

❤️❤️❤️

@pharpester 8 ай бұрын

“Stop the insanity!!” Susan Powers lol

@JenniferBeeston 8 ай бұрын

Yes she is etched in my brain forever ;)

@shadeaquaticbreeder2914 3 ай бұрын

Growing up always being behind on bills and not understanding debt or credit I never bought anything I didn't have the money for, it just never made sense to me lol. It's like they interest. Especially with cars and houses you aren't ever actually paying the tag price unless you buy it outright with cash so I never want to pay more than I should have to

@CANDYPIECES 4 ай бұрын

Great video all my cards are zero balance paid all on time but what about the inquiries?

@JenniferBeeston 4 ай бұрын

It depends on how many you have. If you have like 50 inquiries over the last six months, that’s a lot of increase. If you have like you know a couple mortgage lenders within 30 days that’s not an issue.

@tucoramirez9729 5 ай бұрын

I have one credit card for 4yrs and I got a mortgage from chase.

@ginaduran2310 7 ай бұрын

How do I freeze my credit? 🤷🏽‍♀️

@nachomorales8409 7 ай бұрын

Hugs Jennifer can you tell me where to start if I want to divide my house in two. In los angeles ca thank you Jenn.

@JenniferBeeston 7 ай бұрын

:) You will want to look into the county zoning rules to start

@nachomorales8409 7 ай бұрын

Thank you Jenn you're the best

@shuzhen7359 8 ай бұрын

We have a forbearance on our current mortgage, it ended a year ago, we had another loan on top our mortgage now needed to be pay if we sell, we have FHA loan now. Then we are about to sell our house and have equity to pay off the forbearances and then more, my husband is active service member, we need to move to another city and use the VA to purchase another home, will we get approved for the VA loan after the forbearance payoff?

@JenniferBeeston 8 ай бұрын

I need to talk to you on the phone to make sure I fully understand every nuance before I say yeah easy no problem or we have an issue. You can get me at 707-478-0637 if you get my voicemail just say Jennifer Beeston only and I’ll be the one that calls you back

@tomeng6733 7 ай бұрын

Is it possible to get rid of 1 bad strike from 3 years ago? I had a dormant account with boa where there was an annual fee and I forgot to set up autopay and I was 30 days late for like 29 dollars. Its the only thing negative on my reports. But I feel like this is lowering my score by 10 to 20 pts.

@JenniferBeeston 7 ай бұрын

If it was for a legit reason it can be hard to remove. 3 years ago really should not be hurting you that much if it is one late

@JayKayBel 8 ай бұрын

Please!!!!! Can you do a video about veterans loan after they die. Is the wife able to use their loan. Somehow. Even if they didn't have disability %

@JenniferBeeston 8 ай бұрын

Yes I will get as much info as I can and do

@JayKayBel 8 ай бұрын

@@JenniferBeeston thank you so much. My father just died. He was living in hud-vash housing in California. Because my mom his wife was considered a "live in aid" they are kicking her out.

@briann8983 7 ай бұрын

My recent experience says it isn’t that simple. The bank told me my Fico scores are in the 800s. I wanted to put 10% down as I am selling my condo that I own out right. I have enough money in savings to pay for the home in full. The two lenders knew this but did not consider it. I am being dinged on DTI. I am retired and they are penalizing me for owning my condo assuming I will still have the expenses along with the new mortgage.and they want me to take large distributions from my investments. I have absolutely no debt as I pay my credit cards in full. The approval process is rigid as the typical mortgage factors only credit score, down payment and DTI.

@JenniferBeeston 7 ай бұрын

Debt to income is one of the three keys lenders look at. We look at credit debt to income and assets. If you were selling your condo then perhaps the lender should be looking at it as if you sell your condo first because then they won’t need to hit you with those expenses.

@briann8983 7 ай бұрын

@@JenniferBeeston I agree with you however the first bank which was considering me for a conventional mortgage did not consider my assets which exceeds $2MM. My real estate agent suggested looking at an asset related mortgage. The bank took all my asset information of which I have savings accounts that could pay for the home without touching investment accounts and focused back in on DTI and suggested I take a monthly distribution from my investment account of $10,000/month while going through the approval process and once approved stop the distribution. By the way thank you for your response.

@4everyoung16 8 ай бұрын

Hi Jen. Do you do loan for LLC and is it has higher interest rate?

@JenniferBeeston 8 ай бұрын

I don’t do loans for LLC

@TheEdutainers335 8 ай бұрын

🚨 Question 🙋🏻‍♀️ My student loan decreased by $800 and my credit score went down 9 points. How that’s even possible? 😔 I’m super frustrated because I am under contract ti buy a house. The lender will pull out my credit in February.

@JenniferBeeston 8 ай бұрын

I would not stress the nine points. I get notifications every month that my credit score has gone up or dropped because that’s how Experian and Equifax get you to click in and see where your score is. It’s generally Clickbait. It’s normal for your score to go up and down every month depending on credit usage, if you pay something off, etc., the key right now is do not take out New debt. I am assuming you’re getting one of those emails that says your credit score has decreased! Or your credit score is increased. They make it really scary just so you’ll click back in. now if you see your score drops like 40 to 60 points definitely research if something was not paid

@teresaellis895 2 ай бұрын

Why did paying off atudent loans hurt daughters credit?

@jcejhowes Ай бұрын

Our lender requires us to have a score of at least 620 to qualify. The site I’ve been paying for for months to keep track of my credit etc. Experian says my credit is 680 average between the two. So I don’t understand why they wouldn’t run the approval with me on it. Can anyone explain this in layman’s term?

@JenniferBeeston Ай бұрын

If you were trying to get a conventional mortgage, then 620 is the minimum credit score and when lenders run your credit it’s different than what you see. However both FHA and VA go way lower than that so it sounds like if you’re looking at one of those loans your lender has an overlay. Always good to get a second opinion feel free to call me in the morning and myself or Sandy will call you back. 707-478-0637.

@etheljoyvillamayor4 4 ай бұрын

I’ve had mistakes in the past where I had account that got delinquent. Paid a “credit fixer” for $1500. Nothing happened.

@JenniferBeeston 4 ай бұрын

Some credit fixers are total frauds. It’s become one of those industry that’s like a side gig or a side hustle and someone bought a course online and now we’re trying to pretend they’re credit expert. The only person I actually trust is Ken strey who’s been doing it since the dawn of time.

@shadeaquaticbreeder2914 3 ай бұрын

"Freeze your credit guys." What?? WTF is that?!? Lol. Is there a class I can take on this basic society stuff that was never taught to me haha

@jcejhowes Ай бұрын

I use Experian and you can do it through there. I did it a while ago. My lender actually requested me to freeze it to pull my credits which is annoying since they still said I didn’t qualify even know my credit is way higher than their requirements. But I shortly after froze it back up.