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Hi! This is Blair Thomas, with your mortgage market minute. I hope you're doing well today. We've been talking about credit qualifying. And what is one of the biggest impacts to scores to credit scores out there that I see on mortgage applications is late payments.

One late payment on your mortgage on your credit. Scoring

can impact your score one hundred to one hundred and twenty points. This is huge. This can take you out of seven hundred and put you into six hundred or six hundred into the five hundred, of course, additional like payments, always as a struggle, and that will add on more additional points taken off, but one late payment can impact you one hundred to one hundred and twenty points.

What it'll let you know that because if there's anything you can do. You can make sure you pay any liability, any debt on time that will greatly increase your scoring system on a credit qualifying hope. This helps you happy thanksgiving, and God bless.

NMLS #1218915 - Blair Thomas (214) 794-8627

Hi! This is Blair Thomas, which your mortgage market minute. I hope you're doing well today. We've been talking about the loan application. What do loan officers look at. And basically for areas credit qualifying income, stability, asset affordability. And of course, collateral.

We're talking about credit. Recently we talked about what a credit report how the scores come in that there are thirteen different algorithms. But I want to talk about trade lines. There are only two types of trade lines on any credit report. They're either in an installment trade line, meaning you have a flat agreed upon payment like an auto loan, and you agreed to pay two hundred and eighty-five dollars a month, and all they look at They'll look out the amount they look at whether you paid it on time or not. That's it, that's all. They look at an installment. You could be thirty days late, sixty, ninety days, but that's the evaluation on that trade line. Revolving debt. Another type of trade line is different. It looks at a ratio. So you have a credit card, and you have a thousand lip thousand dollar limit on that card you owe six hundred and twenty-five dollars. You have a ratio of sixty, two point five on that card.

NMLS #1218915 - Blair Thomas (214) 794-8627

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Hey, This is Blair Thomas, with your mortgage market minute. Hope you're doing well today. Last time I was with you we broke up the loan application. It broke into four key areas: credit qualifying income, stability, asset, affordability and collateral. Well, today we're going to jump in and talk about credit, qualifying.

NMLS #1218915 - Blair Thomas (214) 794-8627

#CreditOverview #MortgageMarketMinnute #WelcomeHomeRadio #Mortgage #Market #Buying #Selling #RealEstate #homLoan #haveablessedday

Good morning. Real estate professionals. This is Blair Thomas, with your Mortgage Market Minute. I wanted to start a series of videos sixty to ninety seconds long that discuss with you what a mortgage loan is whether you're working with me or any lender in the industry. Today we discuss Loan Applications

NMLS #1218915 - Blair Thomas (214) 794-8627

#MortgageMarketMinnute #WelcomeHomeRadio #Mortgage #Market #Buying #Selling #RealEstate #homLoan #haveablessedday