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Wednesday, September 18, 2013

Are You In "Mortgage Shape?"


Priority Lending Experts Outline the Three Best Steps You Can Take

Priority Lending’s Dan Longman, Presidentand CRMS, and Ken Zorovich, Vice-President and CRMS, have nearly 30 years of mortgage and lending experience combined. Through this experience, they have learned how to help prospective home buyers whip their finances in shape to qualify for homes they can both afford and love.
Step 1: Check Your Credit Score
While your credit score is not the sole determinant of your mortgage-worthiness, it is an important beginning. Many people have incorrect information on their credit report and don’t even know it.
“I’ve seen clients that have credit cards they’ve never applied for or late payments they were unaware of that appeared on their report,” Dan says. “While inaccurate information can often be removed, this takes time. If a person is hoping to take advantage of today’s low interest rates, this can really slow him or her down.”
Dan Longman, President
The Fair Credit Reporting Act states you can check your credit score for free from each bureau once a year. While there’s a lot of websites offering free credit checks, reporting companies only provide truly free scores through annualcreditreport.com or by calling 1-877-322-8228. If you see something incorrect, contact the reporting agency or the credit bureau immediately. Priority Lending will also run a credit check for you when applying for any type of loan.
Step 2: Think About Down Payments
Securing a mortgage loan often means making a down payment. Traditional bank loans often require you to put down 20 percent of the purchase price. While this use to be a challenge chiefly for first-time home buyers, an affected housing market has meant current homeowners may have difficulty too. As a wholesale mortgage lender, Priority Lending is able to offer a greater variety of loans because they work with a variety of lenders. For example, Priority Lending can offer loans to qualifying applicants that represent 95 to 97 percent of the home purchase price.
“By offering a variety of loans, we can help clients evaluate what works for them given their finances and income,” Ken explains. “However, all clients should be prepared to pay some form of down payment.”
Ken Zorovich, Vice President
Think ahead and set aside funds—the mortgage process will be significantly easier.
Step 3: Start Getting Your Financial Documents In Order
Do you know where you can access your last two years of tax returns and two to three months’ worth of bank statements? If you answered “no”, then it’s time to focus on all the paperwork you’ll need to collect to turn into a mortgage lender.
Dan and Ken use their lending and real estate experience to help clients anticipate what kind of documentation they will need to gather in order to fully make a mortgage loan happen. 
“Our ability to problem solve and see issues up-front has been what separates us from the competition,” Dan says. “Our knowledge and expertise in the business allow us to ‘pre-underwrite’ a file and help clients collect the documentation they need to get a deal done.”
By keeping solid financial records, you can easily access the information you need to secure a mortgage loan.
Priority Lending is located at 9720 Stirling Rd. #207C in Cooper City. For more information on Priority Lending, visit http://www.prioritylendingcorp.com or call (954) 438-3776 or call toll-free at (877) 838-3776. Clicking on "Forms" will direct clients to a free quote process or loan application. Click here to see the latest Priority Lending YouTube video!