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!
