Profile picture for Brian Bedway

Brian Bedway

Lender

Assistant Regional Manager (2 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (11 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Can I get a home loan with a credit score of 661?

Answer

Hello!  You can absolutely get a home loan with a credit score of 661!  Some lenders like us, believe or not, sometimes are able to go down as low at 580 and still get the job done.  I would recommend giving a lender a call and getting preapproved as soon as possible to alleviate any trouble that you may run into down the line.  Good luck!

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Do I have to have a whole year of Insurance paid for before closing??

Answer

Hello!  When it comes to Mortgages, both purchases and refinances, a lender must ensure that all property bills, including taxes and insurance, are "paid in full" if they are due within 60 days of closing.  What this means for your situation - You must pay for your first full year of insurance either before the purchase transaction is complete, or at the closing table.  Give me a call and I would be happy to answer any additional questions in detail that you may have!  Good luck!

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how do I enter feedback on a mortgage lender I used

Answer

Hello!  Leaving feedback for a lender on Zillow.com is easy!  Simply search for the lender by name under the mortgages tab at the top of your screen, and click on the lender's name.  When you have reached the lender's Zillow.com page, click "Write Review" and you will be all set!  Good luck!

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700 Credit Score for VA Loan?

Answer

Good Morning!  Based on your description, I would venture to guess you are writing of an auto installment loan that is either in collections, written off as a profit and loss, or is simply an account that has a payment that is past due.Believe it or not, each of those scenarios are addressed differently by the VA.  Depending on the size of the delinquency on the account, you may be perfectly fine!  I would suggest getting in touch with a federal bank, like ourselves, where you will find a little extra flexibility with aged delinquent accounts.

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Can non us resident buy a house?

Answer

Hello!  Getting a mortgage in the U.S. as a non-citizen is absolutely possible!  In fact, in my own personal experience, I have seen very little difference in the process.  This year alone I have helped both a family from Canada and another from Haiti find their first home.  If you have any further questions about this process please reach out to directly.  Thanks!

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Whats more important, Credit Score or DTI?

Answer

There are several factors that a lender will look at when approving a home mortgage.  Credit scores, debt-to-income, loan-to-value, and asset availability are arguably the most heavily weighted of these variables.It is difficult to determine which of these variables can be considered "most important."  Just like you would not buy a new car for its appearance if it only gets 3 miles to the gallon, a lender will not approve a loan for an individual with a fantastic debt-to-income ratio if his or her credit is not satisfying the minimum score requirement.  I would suggest contacting a lender to discover quick and easy steps in increasing your scores.

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Are rates on Zillow accurate?

Answer

There are several variables that are involved in determining what interest rates you qualify for.  Typically, the interest rates you see posted on lender websites are those that are available only to the "perfect" borrower with ideal credit scores and property equity.In addition, the program you are moving forward with will also influence the rate availability.  An individual financing a home through a FHA program will most likely qualify for a rate very different from someone who is using a conventional program.  I would advise to contact a lender to discover what variables are influencing your interest rate.

  (0)
Hard Pull

Answer

A "hard pull" is conducted by a lending institution where many times up to 3 credit bureaus are reviewed side by side.A lender does this check to detect discrepancies amongst the various bureaus, essentially checking for inaccuracies that one may have by itself.A "soft pull," where a lender will observe just one bureau, can be used as a starting point but will be seldom acceptable in underwriting.Remember, the terms "soft pull" and "hard pull" are terms used in the lending industry to describe how many bureaus are being accessed, not the influence the pull has on your report.

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