Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Too many unanswered questions about people dying suddenly without prior health issues
Whether it’s the COVID-19 Vaccine or coincidence nobody knows. However, more investigation should be considered
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Angela, there are different types of down payment assistance programs. Forgivable and non-forgiveable down payment assistance programs. EPM, Christian Sorenson has non-forgiveable down payment assistance program at 7.75% rate and 48.99% debt-to-income ratio. Minmum credit score 620 FICO.
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Six years life reduction for diabetes? Okay, how about smoking, high blood pressure, cholesterol, and drinking. Need a total.
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Happy New Year, George. We use Advantage Credit and our soft pull on Experian is two dollars per borrower on Experian and six dollars for Equifax and Transunion. Our tri-merger hard pull is $65.00. Don’t know what will go up to.
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There are certain states like Georgia and Texas who are very strict with collections, charge off accounts and derogatory credit tradelines. Credit scores do not matter. Late payments is okay as long as you are still paying. California does not even look at credit scores. I know people with judgments and tax liens who got their NMLS license in California. More and more states are becoming more aware of bad credit and questioning NMLS MLO applicants for collections, and other bad credit. If you have a written payment agreement you are fine. If you fall behind on your bills but are making an attempt to pay little every month, that is fine too. However, if you totally ignore your prior bad credit than it can be a problem in most of the states. If you file bankruptcy, you are totally fine because that wipes out all of your debts. Here is a popular blog that explains how I had to deal with regulators when I had bad credit and the issues I got in certain states because of derogatory credit tradelines:
https://gustancho.com/can-you-become-a-loan-officer-with-bad-credit/
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This reply was modified 2 years, 4 months ago by Gustan Cho.
gustancho.com
Can You Become A Loan Officer With Bad Credit And Get Licensed
Can You Become A Loan Officer With Bad Credit? Absolutely. I have over 50 derogatory credit items such as unpaid collections, charges offs
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This reply was modified 2 years, 4 months ago by
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Angela Crippen will help you and if you leave her a message she will respond to you promptly.
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Commercial mortgage rates are typically influenced by a variety of factors, and the pricing can be more complex than residential mortgage rates. Here are some key factors that can impact the pricing of commercial loans:
Risk Assessment:
Lenders assess the risk associated with the commercial property and the borrower. The riskier the investment, the higher the interest rate is likely to be.
Factors that contribute to risk include the financial stability of the borrower, the property’s location, type, and condition, as well as the overall economic conditions.
Loan-to-Value (LTV) Ratio:
Lenders consider the LTV ratio, which is the loan amount relative to the appraised value of the property. A lower LTV ratio generally results in a lower interest rate, as there is less risk for the lender.
Debt Service Coverage Ratio (DSCR):
Lenders assess the property’s ability to generate income by looking at the DSCR, which measures the property’s ability to cover its debt obligations. A higher DSCR often leads to more favorable interest rates.
Term of the Loan:
The length of the loan term can impact the interest rate. Generally, longer-term loans may have higher interest rates due to the increased risk and uncertainty over a more extended period.
Market Conditions:
Economic conditions and interest rate trends in the broader market play a role in commercial mortgage rates. Lenders may adjust their rates based on the prevailing market conditions.
Borrower’s Creditworthiness:
The creditworthiness of the borrower, including their credit score and financial history, can influence the interest rate. A strong credit profile may result in more favorable terms.
Type of Property:
Different types of commercial properties (e.g., office buildings, retail spaces, industrial properties) may have varying risk profiles, influencing the interest rate.
Lender’s Policies and Costs:
Each lender may have its own policies and cost structures that impact the pricing of commercial loans. Some lenders may specialize in certain types of properties or borrowers, which can affect rates.
Market Competition:
The level of competition among lenders in a specific market can also influence commercial mortgage rates. Higher competition may lead to more competitive rates.
It’s important for borrowers to work closely with lenders, understand the terms and conditions, and carefully evaluate the various factors that contribute to the overall cost of the commercial loan. Additionally, consulting with financial professionals and advisors can help in navigating the complexities of commercial real estate financing.
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Here is another funny animal video clips
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Kim, what states are you available to contract process.
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