at 216 Capri Cove Pl, Orlando, 32771 United States
Mortgage, Refinance, First time home buyer, Down payment assistance, Investment property, Jumbo loans, Foreign national, VA, FHA, USDA, Conventional loans
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Did you know that leaving a small balance on a card (instead of paying it off) can increase the score a couple of extra points? Did you know that paying a newer revolving account to zero takes it out of FICO’s length of history section which accounts for 15% of the score? When knowing what to look for, a quick one can get you immediate points… Now let’s talk about debt, we mean the current and on time debt that we keep happy each and every month. Sometimes these payments take our client just outside of the DTI we need in order to get them the loan that they want. Pay this installment loan, pay off that auto, pay down your credit card- this advice seems pretty standard, right? How many times have they done exactly what we asked and we find that our beautiful 724 falls to 715? Also, how many times could we have advised them strategically to pay on certain items that would blossom a 715 into a 724?!?!
Dis·pute DEFINED - /diˈspyo͞ot/ (n) a credit battle that ruins mortgage professional’s days As we all know, a loan will not close with dispute verbiage on a client’s credit report and when we finally remove those pesky disputes those once stellar scores sink like rocks. The process can be excruciatingly frustrating and can results in thousands of dollars of earnest money lost. Often when disputes are preventing a loan from closing then it is you, the customer, paying thru the nose to rapid rescore. Further food for thought - FHA loans, in the right circumstances, can still close with dispute verbiage on the credit report. FHA guidelines state that if you have disputes on accounts that do not have a cumulative balance over $1,000, you are fine to write the loan. A lot of loan officers do not think this works but you can verify it in your FHA guidelines. Paying “down” of balances on disputed accounts and collections to reduce the singular or cumulative balance to below $1,000 is not an acceptable resolution of accounts. The disputed items must be below $1,000 to begin with in order to proceed with the loan.
Our Winner is Jennifer Alden-Mazzio for Starbucks!!
The misunderstood “Shopping Window” CREDIT INQUIRY Most people have heard the term “shopping window” where inquiries are involved. The problem is that most folks out there do not understand what it is, or how it really works. The shopping window really is not for the consumer but for the lenders. I know this seems a little counter intuitive but let me explain. A “shopping window” is a period of time that will mitigate the effect of inquiries on a credit score. That shopping windows can vary from 14 days to 45 days depending on which mortgage algorithm is being looked at. When you first have a full Mortgage Trimerge credit report pull your “shopping window” will start and your barrower is hit with a 2 to 5 point deduction in their score for the inquiry. The subsequent pulls will not negatively impact credit score while the client is within the time frame for the “Shopping Window.” Once the “Shopping Window” closes all of the pulls that took place within the time period of the shopping window now negatively impact the score. Example: A person is looking for a mortgage and goes to 4 different mortgage lenders. Their score is negatively impacted by the first credit pull by 5 points. The next three pulls do not negatively impact their score right now. Once the shopping window closes you will see the negative impact of the three subsequent pulls. Their score has now dropped the additional 15 points.
So far this Month with 25 credit pulls, 6 new loan packages and 1 doc package out. I am 3rd with Credit Pulls and 3rd with New Loan packages so far in the company this month.
Well... Just found out I almost broke a record for the Company with credit pulls last month. I pulled 44 credit reports - The RECORD is 48. But I closed out $744,000 dollars in business (I had a loan roll over to this month) It should have been 1 million. I will hit 1 million this month for sure already have 5 new loans in the Pipe a few more pending and I have already Pulled 17 credit reports and its only the 8th. (I have another in my in box now). BACK TO WORK !! www.seanholleyloans.com
Even though the stock market is closed today, the jobs report came out. We had the weakest growth in a year and half. While that may sound like bad news it can be great news from the mortgage world. Rates should stay low for the foreseeable future, as the FED will hopefully postpone rates hikes past June.
Have you noticed that many Millennials are slower to leave home than previous generations? The oldest in the age group, generally considered those born between the early 1980s and the late 1990s, launched careers during the recession. Jobs were scarce, earnings were stagnant, and as a generation, they accumulated record amounts of student debt. Many simply couldn't afford to leave home. And that slowed household formation and demand for housing. Here's the good news: Recent economic reports show a steady shift toward more jobs and increased wage growth. Millennials may leave home soon after all. What could that mean for the housing market? Well, as demand increases, supply could fall and prices could rise further. And what could this mean for you? Thinking of moving? Sellers may have a good opportunity to sell quickly and at a good price. Buyers may want to shop early before prices increase more. Planning to stay put? Home values will likely increase as demand increases. If so, you may rest comfortably knowing the equity in your home is growing. If you or someone you know is considering a change, please let me know. I'll be happy to help.