The above video was created on “Tell A Story Day”. I like it very much. Many of us face the same adversities, but we respond to it different ways. Some will become stronger, some will become weak, and some will be transformed into a much better person.
I compare this story to those who wish to buy a home, but their credit is not at the point where they can be approved. That is the adversity. When I am approached with a potential buyer who is in this situation, I recommend that they speak to one of my Mortgage Loan Officer associates and they will show you ways to quickly increase your score. For example, if you have added cash, the Loan Officer will tell you which line of credit to pay down first and buy how much to faster increase your FICA score. This is one way a Mortgage Loan Officer will help you among others.
Some buyers will go this route, but many will not. They will either continue the course of paying bills <hopefully> on time with the minimum amount or try to figure it out on their own. Why not face adversity with a well sketched-out plan by a professional in the finance field, especially when there is no cost involved?
I have worked with clients who followed the advice of a Mortgage Loan Officer and some were able to purchase the next month, some in about three (3) months and of course there were those who needed 6 months to a year, but that is fine! At least they had a timeline and plan with recommendations on what to pay down first.
The bottom line is this: Unless you have the cash to purchase a home, you will need a mortgage. It is best, right away, to call a professional to see if you qualify, and if you don’t, you will have a game plan to get you to pre-qualification in the shortest amount of time.
If you need any referrals for Mortgage Loan Officers, just let me know! I work those who are very professional, courteous and helpful!