At Success Mortgage Partners, Success is what we’re about, Mortgages are what we do, and Partners is how we treat everyone. We’ve built a platform to ensure that your loan process moves quickly and easily. Our dedicated staff is here to assist you from day one, all the way to home ownership.
Pre-qualification starts the loan process. Once we gather information about your income and debts, we can determine how much you can borrow to pay for a home.LEARN MORE
This is where we really kick things into high gear. With our online application, this part of the process has never been easier. We’re with you every step of the way and can even help you through the loan application remotely.learn more
We’ll work together on this step to gather all your documentation as quickly as possible. We’ll need to ensure we get documents like, your W2s, Bank Statements, Pay Stubs, and Employment History.learn more
Most people applying for a home mortgage need not worry about the effects of their credit history during the mortgage process. However, you can be better prepared if you get a copy of your Credit Report before you apply for your mortgage. That way, you can take steps to correct any negatives before making your application.
A Credit Profile refers to a consumer credit file, which is made up of various consumer credit reporting agencies. It is a picture of how you paid back the companies you have borrowed money from, or how you have met other financial obligations. There are five categories of information on a credit profile:
NOT included on your credit profile is race, religion, health, driving record, criminal record, political preference, or income.
If you have had credit problems, be prepared to discuss them honestly with a mortgage professional who will assist you in writing your “Letter of Explanation.” Knowledgeable mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. If you had problems that have been corrected (reestablishment of credit), and your payments have been on time for a year or more, your credit may be considered satisfactory.
A borrower with a score of 680 and above is considered an A+ borrower. A loan with this score will be put through an “automated basic computerized underwriting” system and be completed within minutes. Borrowers in this category qualify for the lowest interest rates and their loan
can close in a couple of days.
A score below 680 but above 620 may indicate underwriters will take a closer look in determining potential risk. Supplemental documentation may be required before final approval. Borrowers with this credit score may still obtain "A" pricing, but the loan may take several days longer to close.
Borrowers with credit scores below 620 are not normally locked into the best rate and terms offered. This loan type usually goes to "sub-prime" lenders. The loan terms and conditions are less attractive with these loan types and more time is needed to find the borrower the best rates.
All things being equal, when you have derogatory credit, all the other aspects of the loan need to be in order. Equity, stability, income, documentation, assets, etc. play a larger role in the approval decision. Various combinations are allowed when determining your grade, but the worst-case scenario will push your grade to a lower credit grade. Late mortgage payments and Bankruptcies/Foreclosures are the most important. Credit patterns, such as a high number of recent inquiries or more than a few outstanding loans, may signal a problem. Since an indication of a “willingness to pay” is important, several late payments in the same time period are better than random lates.Close
To keep things moving quickly, we work with leaders in Appraisal Management. Success Mortgage Partners has selected industry leaders in this space to ensure that this, sometimes timely process, moves fast and efficiently.learn more
We underwrite every loan from the start. Our Underwriting department consistently looks for the ‘Yes’ and our unique approach to underwriting allows us to maintain a 48-72 hour turn time. This team’s goal is to get every borrower to the closing table as fast as possible, so that you can enjoy your new a fast as possible.learn more