The Mortgage Approval Process

Do you know what the mortgage approval process looks like? Well, here’s a snapshot:

The mortgage approval process is determined by three main factors:

  1. Credit score.
  2. Income/savings.
  3. How much money you put down on a house (or the loan-to-value).

The higher each factor is, the easier it is to get a loan. Why? Because there’s little to no risk for a mortgage company. You’ve proven you’re financially stable.

What if one of these three factors aren’t good? Well, you need to find a way to balance things out.

To learn more credit strategies and debt management, contact us!

What the Heck Is a Credit Score

What the heck is a credit score, anyway?

Essentially, your credit score helps lenders decide if they can trust you. Can you pay them back? Are you worth the risk? If so, how much should they charge you in interest? Think of it like your GPA in high school; the higher, the better. You’ll be given more opportunities and face less rejection.

Easy enough, right?

Ready to chat about your debt and how you can take control of it? Contact us today!

7 Common Questions from First Time Homebuyers

Are you preparing to buy your first home? Do you have questions? Well, you’re not alone! Check out this video that answers seven common first time homebuyer questions.

The Big Bad Collector

We’ve all been there. We get a call or a letter from a collection agency demanding we pay an overdue bill.

Right. Now!

Let’s face it, collection companies are the worst! They hound and hound us until they get what they want: our money.

And, well, that’s their job, so we can’t get too upset with them…right?

Although it’s tempting to hide from these “baddies,” it’s also smart to cooperate with them. A paid collection helps improve your credit score, but a collection that disappears completely does wonders for it.

But, wait. Before you run off to pay your collector(s), read our collection tips first. Download our book or visit smartwithdebt.com to learn more.