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This is the Credit Process

​The pre-qualification process is surprisingly clear-cut. It relies on your current credit score, past history, and ability to make future monthly payments. These three items tell the lender a story, which is then used to determine how qualified you are. The following items assess your credit standing.
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  • Mortgage History:

    • Do you currently have a mortgage, or have you had one previously?

    • How long has it been active? Are the monthly payments being made on time?

    • Are there any missed payments, and how many times?

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  • Loans:

    • Are there current and previous car loans and personal loans listed?

    • How large or small are the payments?

    • Are the loans being paid on time? 

    • Were you late on any loan payments during the last 12 months or previously? 

    • How much time is left to pay off any existing loan?

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  • Credit Cards:

    • How many credit cards do you have?

    • How long have you had each credit card?

    • What is the credit limit for each credit card, and what is owed against that limit?

    • What is the combined credit card balance?

    • What is the combined monthly credit card payment?

    • Are you making the monthly payments on time?

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  • Public Records:

    • Are there any liens and judgements against you

    • Are you or have you been in a bankruptcy proceeding

    • If you are in bankruptcy now, are you adhering to the terms of the agreement

    • Are you involved in any lawsuits or litigation's​

 

A lender reviews the information listed above and your current gross income figures. The information is applied to an industry-wide standard formula, which renders an approval or denial result.  The good news is that a denial does not mean you can’t move forward. It only means that we have some work to do before the approval comes through. That’s where we come in.The approval process does not have to take weeks or days. We can get a reliable pre-qualification within hours of receiving the information requested on our basic questionnaire.

 

You can complete our No Fee, No Obligation Questionnaire by clicking below.

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