Credit is checked by reviewing your credit report. We need your name, address, date of birth and social security number in order to obtain your credit report. We do not charge any upfront fees in order to generate your credit report for you. We must be able to see your credit report to determine which loan programs you qualify for so we can provide you all of your loan options so we can determine with you which loan program will best meets your individual needs.
We do NOT pull your Credit Report until you give us written permission. Your consent is one of the many forms you may provide when you Complete A Full Application.
Income is another factor that we need to know. There are various means of earning income from being Self Employed, Sole Proprietors, Wage Earners, Disabled or Retired as well as many other ways. Most times, in the initial stages of qualifying, we work with what we are told your income is. It is only later in the loan process that we actually have to prove what was told to us verbally.
Assets are always important in qualifying for a loan, although we offer many loans that do not require any down payment at all and some loans require 6 month reserves. When qualifying for a loan, the amount of money that you have been able to save typically shows that you are living below your means and that you are a good steward of your money. If you are qualifying for a loan that requires a down payment, then you need to be able to prove that you have the funds needed to bring to closing in order to begin your loan process. Some customers receive gift funds that are actually used as their own assets and that is perfectly acceptable.
Credit, income and assets are the three main factors in determining what loan program is best for your individual situation. Please call Age In Place Mortgage Company today at 719-360-6015or Apply here to apply.
Lynn Chase is a licensed Colorado Mortgage Loan Originator (number 100014632) and Nationwide Mortgage Licensing System number 1651156.
Lynn is the founder and broker-owner of The Commercial Loan Arranger, LLC, licensed by the State of Colorado, and is doing business under the registered trade name of the Age In Place Mortgage Company. The company Nationwide Mortgage Licensing System number NMLS #1790945
The company headquarters is located at 913 Dancing Horse Drive, Colorado Springs, Colorado 80919, and Lynn can be reached at (719) 302-5508 or Lynn@AgeInPlaceMortgage.com
© Copywrite by Professor Lynn Chase