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Refinancing scams are big news lately, and for good reason.If you are considering refinancing your home, I urge you to read this articlein its entirety. It might save you tens of thousands of dollars in the longrun. I used to work for a major, US direct lender who specialized inhome-loan refinancing. This corporation taught its loan representatives how tomanipulate customers into agreeing to loans that were not in the borrowersbest interest. Although we were taught many methods of psychologically coercingcustomers into signing loan documents, this article will only discuss one ofthose methods.Before I discuss this tactic, you should realize that when alender evaluates your loan application, they are primarily looking at threethings: 1) FICO Score2) Mortgage-relatedlate payments3) BankruptciesCredit-card payment history, car-payment history, studentloans, collections, charge-offs, and pretty much any type of credit problemthat is not directly related to a mortgage is irrelevant to getting your loanapproved. Why are these credit issues irrelevant? Because that is what the FICOscore represents. Your FICO score is a numerical value that takes intoconsideration all of these factors and lumps them into a number that will rangefrom 500 to 800+.Mortgage-related late payments will typically increase yourinterest rate. Bankruptcies will also increase your interest rate or (dependingupon the lender) make you un-lendable. Here is one shady-loan-officer tactic that you should beaware of:Your loan officer may want to talk with you about yourcredit history. He or she will ask you specific questions regarding credit-cardlate payments or otherwise non-mortgage related issues on your credit report.Your loan officer will ask that you explain yourself and provide a valid reasonwhy you were late on those payments.How is this manipulative?For starters, those credit issues are irrelevant to yourloan approval. Your loan officer should not be discussing them. By asking aboutyour credit history and requesting an explanation, your loan officer isaccomplishing three things:1) Making youfeel insecure about your credit history so that you will be less likely torequest a quote from another lender2) Forcing youto open up about your personal life; this will help develop a strongerrelationship between the two of you3) Make youfeel more appreciative of the loan that your loan officer offers youThe more battered your credit history, the more ammunition aruthless loan officer will have to use against you and try to manipulate youinto accepting a loan that is not in your best interest.Remember, the majority of loan officers know exactly whattype of loan you are approved for the moment they pull your credit. There isabsolutely no need for them to delve into your past.If you experience this type of tactic from your loanofficer, I strongly suggest you find a more reputable company to work with.
Shady,Loan,Officers,Refinancin