Mortgage Grader

Please email your buyer scenarios to Jeff Lazerson by clicking HERE or call him at (949) 322-8640 and let’s see if we can solve your loan approval challenges!

Week of 12/10/16:

Realtor has been told by buyers that their credit scores are 700 plus. And, buyer shows Realtor Credit Karma “happy credit scores”. Realtor spends many hours and days searching and previewing properties to find one that is acceptable to buyers. Offer is submitted and offer is accepted.

Borrowers now apply for a loan. Loan officer runs a residential mortgage credit report with FICO scores. Scores are much lower than the Credit Karma. Borrowers don’t qualify.

Never, ever listen to borrowers that have told you they’ve run their own credit. Guard your valuable time. Make them get pre-approved first.

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Jeff Lazerson - Mortgage Columnist since 2011