Mortgage & Closing

Mortgage Matrix Network

Subprime mortgages are no longer part of the mortgage product mix. Approval of mortgages have returned to traditional standards of debt/equity ratios, credit record, ability to repay and employment history. Generally speaking, mortgage companies prefer for you to have been employed at the same place for at least two years, or at least be in the same line of work for a few years.

Also, the loan attractiveness is measured by the credit report and examining how the property will be used. For instance, will the owner be living there or just renting it out? Willingness to pay is also closely related to your credit record and fulfilment of financial commitments. There is an emphasis on timely payment of rent and utility bills.


Mortgages for the Credit-Challenged - First, Rate Yourself

Almost everyone has experienced a difficult credit  period in their life and it is nothing to be ashamed of.  Rate yourself to help both your lender and yourself get the best mortgage terms possible.  90% of households in America have had or are having credit problems. If you have experienced recent credit problems, realize mortgage lending is based upon a risk factor. Below you will find a chart with a basic outline that will help you determine the risk factor in which you may fall. Every investor has slightly different criteria for a "B" or "C" or "D" rating. Your mortgage broker will evaluate your Borrower Information Form and confirm if you rated yourself accurately.

Credit Grade: B C D
Mortgage History Last 12 months only: 2times over 30 days late Last 12 months only: 2 or 4 times over 30 days late and once over 60 days late Last 12 months only: Various 60 days late and/or 90 days late
Revolving and Installment Credit History Last 12 months only: Majority paid as agreed, but at least once 30 days late and at least once 60 days late Last 12 months only: Mority paid as agreed, but at least once 60 days late and at least once 90 days late Last 12 months only: a pattern of being late
Legal - Liens, Bankruptcies, Foreclosures, Charge-offs Minor in nature, or bankruptcy discharged more than 24 months ago Minor in nature, or bankruptcy discharged more than 24 months ago Any type filing occurred less than 12 months ago
Credit Grade: B C D

If ANY selection above occurred in a higher letter, that’s your “rate.” Remember that letter “rate” (B, C, or D) and select the state in which your property is located to fill in your Borrower Information Form. This form is an inquiry to the appropriate mortgage broker or lender and is not an application.

Additional Consumer Information:

“There are no secrets in credit analysis, just the power of knowledge.”

Credit risk scoring The mortgage industry has adopted a credit risk scoringmethod. It is a numerical grid which takes into account the multiple factors in your credit history. Most lenders are credit-score driven. You will find this credit risk score as an element of your credit report when it is run. Please ask your mortgage broker to explain how this works. A simplified general chart is provided for your convenience. If you do not have a mortgage broker fill out the form in your state.

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