Entries by Christian Crandall

How to Qualify for a Home Loan IMMEDIATELY Following a Short Sale, Foreclosure, Bankruptcy, or Loan Modification

Qualifying for a home loan IMMEDIATELY following a short sale, foreclosure, bankruptcy and loan modification is now possible. Waiting periods have plagued home buyers looking to qualify for a home loan following a credit issue ranging from 2-7 years. If the credit issue was related to severe medical issues, acts of god, or for reasons […]

To Impound or NOT to Impound

What does “impounding” mean? Impounding: Including your property taxes and insurance payment along with your monthly mortgage payment. Not impounding: Paying the property taxes and insurance once a year on your own. What should YOU do? The answer more or less depends on your personality: Are you the type of person who does not want to think about paying […]

Pre-Approval Documentation Essentials

If you are interested in purchasing a home and qualifying for a mortgage, it’s always a good idea to get pre-approved before shopping for a property. Here are the pre-approval documentation essentials to complete a pre-approval: Completed loan application Last two years’ personal federal tax returns, complete with all schedules attached Last two years’ W2’s and 1099’s […]

The Truth Behind Pre-Approval vs. Pre-Qualification

If you don’t know the difference between pre-approval vs. pre-qualification, don’t feel bad. Many loan officers and realtors don’t know the difference either. Technically there is a difference, although most of the time it’s just semantics. What is Pre-Approval? Your loan officer received and reviewed all income and asset documentation. A loan application was input […]

Top 5 Ways to Raise Your FICO Score

Having excellent credit comes down to following 3 simple rules: Use your line of credit regularly, make at least the minimum payments, and make your payments on time. Borrowing money and paying it back on time increases your “good” credit points and raises your FICO score. Late payments, collection accounts, liens and judgments increase your “bad” credit […]

Top 5 Non-Allowable Funds

Coming up with the down payment and closing costs can be challenging enough, but did you know that not all of the money you plan on using to buy a property can necessarily be used? Here are the top 5 non-allowable funds (with few exceptions) when financing a property: • Cash • Funds coming out of a business bank account […]