LenderDaveNorthupTeam

In this episode of High 5s with Lender Dave, we talk about all things related to your Credit Report. Pulling my CREDIT REPORT? 0:00 Overview 0:31 Intro 0:47 Why we need them 2:07 Drop in score for pulling 3:12 Reasons for Fico variations 3:50 Unfreeze your credit files 4:18 Credit reports last 120 days 4:52 What we see in a Credit Report 8:42 UDM - Undisclosed Debt Monitoring 9:08 Expect old creditors to start reporting bad debt again 10:13 Expect contact from multiple lenders due to "Trigger Leads" 11:15 See ya next time Here is the outline. More details are in the video. 1) Credit Reports are needed for AUS – approval based on DEROGs / DTI / FICO /// everything considered by AUS 2) For most people a mortgage related credit inquiry will take less than five points off their FICO Scores*. - regained over time – no hit for 2nd mortgage pull in 15 - 45 days. For subsequent inquiries, a lender may just need LOE stating “getting Pre-qualified – no new obligation resulted from the inquiry”. / Inquiries make up only 10% of someone’s fico score. *https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries 3) Differences in Fico may be just different algorithms used by diff lenders not a result of another inquiry 4) Unlock them all! Credit freezes BAD – unfreeze them 5) Credit docs on Purchase last 120 days before new credit is needed. 6) What we see a. Fico scores – one from each bureau TU, EXP, EFX b. Tradelines = Creditor name / Open or closed / opened date / high balance or limit / current balance / min payment / count of 30-60-90-120 day lates / terms / current or delinquent / Type: Medical - Revolving - Mtg -Educational c. Public records = BKs / Judgements / liens d. Inquiries last 120 days - may lead to LOEs / e. Employers - may lead to LOEs f. Addresses - may lead to LOEs – "I lived there rent free" – "never heard of it" - etc 7) Undisclosed Debt Monitoring during the application process 8) Expect old creditors to start reporting again on bad debt – scores may go down as a result of derogs added between pulls 9) Expect a bunch of solicitations after a credit pull – Trigger leads - Check out TransUnion's policy here or just Google "Trigger Leads". https://www.transunion.com/solution/marketing-audience-segmentation/mortgage-leads #LenderDave #LenderDaveNorthupTeam #Mortgage101 #CaliforniaMortgage #CaliforniaRefinance #TrustlinkMortgage #H5WLD #OTWLD #FlyingLender #Mortgage #MortgageLending #Paramotor #PPG #Finance

Introduction to Lender Dave and the High 5s with Lender Dave series. In this series we'll fly around for 5 minutes or so in each episode and talk about mortgage concepts that will help you navigate the lending process and allow you to make informed decisions along the way. 0:00 Hello 0:36 Intro 1:12 About Lender Dave 3:10 What I'm flying (paramotor) 4:10 Topics we'll cover in future episodes of this series 6:36 Final thoughts over the orange grove 7:57 Outro #LenderDave #LenderDaveNorthupTeam #Mortgage101 #CaliforniaMortgage #CaliforniaRefinance #TrustlinkMortgage #H5WLD #OTWLD #FlyingLender #Mortgage #MortgageLending #Paramotor #PPG #Finance - I can help you Borrow Smarter

In this episode of High 5s with Lender Dave, we break down the difference between the APR and the Note Rate on your mortgage loan. We'll also show you how to compare the two rates to see if there are "Hidden Fees" you'll be paying in order to get the Note Rate you were promised. If a lender offers you a rate that seems too good to be true . . . they might be spending YOUR money to make it happen. A large spread between the note rate and the APR might indicate there are THOUSANDS of dollars being spent to get that rate. Maybe it's a good use of your equity or cash. Maybe it's not. Either way, you should know about it and be making the choice. Let's get into this. 0:00 Intro 1:02 Some technical difficulties 1:32 APR vs Note rate topic start 2:30 A simple, generalized example of an APR calculation 4:24 Compare APRs to find the hidden fees 6:25 Wingovers and such - final thoughts - blooper #LenderDave #LenderDaveNorthupTeam #Mortgage101 #CaliforniaMortgage #CaliforniaRefinance #TrustlinkMortgage #H5WLD #OTWLD #FlyingLender #Mortgage #MortgageLending #Paramotor #PPG #Finance - I can help you Borrow Smarter