Credit Model Adjustments Most people know they have a credit score and that lenders, including mortgage lenders, review it during a loan process. But it is less common to fully understand how a credit score is determined, what it predicts, and how this can affect your waterfront home buying process. 

Credit scores are statistical formulations that predict a person's credit worthiness. Lenders all over the country use them to decide whether or not to extend credit, the amount of credit they will extend, and the terms of the loan. Consumers in Manasquan, NJ and all over the country who manage their finances responsibly and pay their bills on time enjoy high credit scores that are attractive to lenders. A high credit score can literally save them thousands of dollars over their…

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Getting a Mortgage Approval When you apply for a mortgage, lenders typically look for a solid work history, good income with upward mobility, and a great credit rating. The truth is that not everyone who gets a mortgage has perfect data when they apply.

Some applicants have all of these but one, or they have other limitations that make them less than ideal as a candidate. These tips can help you to identify what lenders are looking for, and how to find solutions to possible problems with your Bay Head area home application.

Every financial situation is unique, so make sure to work with your lender and/or a financial advisor to see what can work for you.

Employment History

Obviously, a good employment history is vital for your mortgage application. The lender wants to…

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