As a mortgage agent we have access to all types of lenders to support all types of clients through every stage of their life.🏡
✨A - Prime Lending
• Banks, monoline lenders, credit unions.
•Typically A lenders will consider approving clients with 2+ years of stable income, 39% GDS and 44% TDS ratios, and a positive credit history with a min. 650 credit score.
• Access to the lowest rates on the market and no lending fees.
✨B - Alternative Lending
• Banks, monoline lenders, financial institutions.
• Typically B lenders will consider applicants with higher GDS/TDS ratios, bruised credit, and less consistent, and unique employments.
• Can be used for short term financing during credit repair.
• Higher interest rates and can include lending fees.
✨Private Lending
• Individuals who assess the risk and loan out their own funds at an agreed interest rate.
• Typically will consider all types of clients with all types of credit and income.
• Great for quick closes and short term financing.
• Highest interest rates and includes lending fees.
Although exceptions can be made, and lender policies vary from lender to lender, these are the general guidelines for different types of mortgage lenders. To learn more about the options available to you, let’s chat today!✨
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