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A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
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1. What Can You Afford >>
Quick Guide through the CT Mortgage Puzzle
Can you get Connecticut home mortgages without looking at income? Yes.
10 Can you get Connecticut home mortgages without looking at assets? Yes.
11 Can you get Connecticut home mortgages without looking at credit? No.
12 The discussion of credit and how it affects the ability to obtain
15 Connecticut home mortgages is so crucial that we have devoted a whole area to it. This 16 document will provide you with the background information needed when 17 reviewing a client's credit history.
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19CREDIT REPORTS
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23 Credit reports are ordered when a person wants a pre-qualification pre-approval 24 and when applying for home mortgages. At the time of application, the borrower is asked to sign a credit authorization allowing the lender to 27 receive a complete credit report on the borrower.
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29 Every Connecticut home mortgages lender is signed up with one or more credit bureaus to
30 provide a borrower's past and present credit history. The credit report 31 itself may vary from credit bureau to credit bureau in regard to form and 32 format. However, most will contain the following information:
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48 Most lenders use merged credit reports, which means they order credit 49 reports from a credit bureau that combines the 3 most commonly used - Experian, TransUnion and Equifax. Looking at credit reports from 52 all 3 repositories gives the lender a more complete picture of the credit 53 history. It is important to note, however, that not all of a borrower's credit 54 history may be reported to all 3 of these repositories.
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56 Here are some other important facts to remember about credit reports: 57
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Name
Date of birth
Social Security number
Spouse's name and Social Security number
Current and former addresses and length of time living there Present employer and length of employment 59
Whether the borrower owns a home or rents.
A detailed list of accounts reporting to the bureaus including terms, balances still owed and payment history ratings 60
Any public records such as lawsuits, judgements, foreclosures, bankruptcies or divorce
A borrower may be making payments to one 61 creditor, but another creditor will show up on the credit report. For example, a jeweler may sell 62 the loans she is carrying to a larger company, say GE Capital. The credit report will show a payment 63 to GE Capital and not the jeweler. This is why it is important to get the complete and accurate 64 account numbers of all debts to be able to verify account and payment amounts.
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