Robert has four children and has number five on the way! They’re ready for a bigger home and he wants to make sure that his children will always have a home to go to. He has been a Union member for the same employer for 15 years now and will always pay in cash. No debts, no loans, no credit cards! Usually, this is the best feeling in the world, but Mortgage Lenders see the opposite.
Credit is a huge factor when applying for a loan; your credit history, account types, and current balances are reviewed in the pre-approval stage. Because Robert was paying all cash for the last 10 years, his options in loan programs were limited. With a few suggestions and some time (45 days), Robert was able to increase his purchase limit and start making offers for homes. Some lenders told Robert that it would take 6-12 months to build his credit before he could make offers. Our team was able to analyze his credit report and provide suggestions which helped Robert move into his new home within six months.