Fannie Mae is introducing a new format for credit reports called “trending credit data”. Typically a credit report shows more of a snapshot of what someone’s credit looks like today with late payments as a summary, more or less. Fannie Mae’s “trending” report will actually show a detailed 24 month history of each payment and the balance of that account for every month for the last 24 months. [Read more…]
Credit and Financial Strategy
Your mortgage approval doesn’t start with a rate — it starts with your credit profile and financial structure.
In this section, you’ll find educational articles on:
- Credit scores and reporting
- Debt-to-income ratios
- Mortgage insurance
- Bankruptcy recovery
- Financial planning considerations
- Long-term homeownership strategy
Understanding how lenders evaluate credit and income allows you to prepare strategically rather than reactively.
My goal is to help you improve your financial scenario — whether that means preparing to buy, restructuring debt, or planning your next move.
How many times will your credit be pulled during a mortgage transaction?
February 26, 2016 by 2 Comments
The main reason why I write at Mortgage Porter, is to try to answer questions about the mortgage process. A lot of my “content” comes from questions that my clients (people I’m helping to get preapproved to buy a home or refinance a home).
Recently, one of my clients asked me:
“How many times will my credit needs to be pulled during the whole process from preapproval to closing?” [Read more…]
The difference between your internet credit score and what a mortgage company will use
January 22, 2016 by Leave a Comment
I am taking advantage of the current low mortgage rates and refinancing! I fired up Credit Karma and was surprised to see that my score had dipped. My bank also provides my credit score, which was in line with what Credit Karma was providing – just one point under 720. UGH!!! Apparently, I had used one of my credit cards a little more than I should have over the holidays for some home improvements. One digit in your credit score can make a significant difference in your mortgage interest rate and the cost associated for the rate.
Student Loans and Qualifying for a Mortgage in Washington State (2026 Guide)
July 31, 2015 by 2 Comments
If you’re a Washington State homebuyer carrying student loan debt, you’re far from alone. According to the National Association of Realtors, 37 percent of first-time homebuyers also have student loan debt — and many are surprised to discover that student loans don’t have to stand between them and homeownership in cities like Seattle, Bellevue, Tacoma, or Spokane.
The key is understanding how lenders count your student loans when calculating your debt-to-income (DTI) ratio. Different mortgage programs handle student debt differently, and the rules have changed significantly since 2015. Here’s what Washington State homebuyers need to know right now. [Read more…]
