"And Now You Know the Rest of the Story"
When I was a kid, one of the most popular radio stars of the era was Paul Harvey. Known for his folksy style and storytelling, Paul Harvey's radio program filled the air waves for around 50 years. The thing I remember most about him was how he always signed-off each broadcast saying ... "And now you know the rest of the story."
I have to admit to you, I've been pretty tempted to borrow Paul Harvey's famous line lately. Especially when explaining mortgage qualifications and mortgage options with potential Borrowers.
People are once again investigating financing options so they can buy homes. That's great news and a huge positive for our local Chicagoland housing market. I'm finding that for the majority of those I speak with, there are viable options that exist. And for many others, a little scrubbing and polishing of their credit will help them arrive at that point in the near future.
Unfortunately, there are also those that simply have no options or recourse for financing in the foreseeable future. Financing restrictions and rules prevent it. Who falls into that category?
- Those with Credit Scores so extremely low that they can't be
- Those that suffered a recent financial catastrophe
- Those that have had severe employment setbacks/issues
- Those that have a combination of the above or additional extenuating issues
After hearing the news, my hopeful caller continued to question me regarding mortgage financing options that utilize extremely low credit scores. He had seen others with similar scores told on the internet that programs exist to help them. Why wasn't I offering him those options? Why was I holding out?
I've seen these questions and answers online too. And typically the scenario plays out much like this:
Questioner: "Can I get a loan if I have low Credit Scores, such as those in the mid-to-low 500 range or below?"
Lender: "Yes! I have a program! Call me now!"
But that Lender's answer doesn't come close to telling the full story. Yes, a mortgage program may exist that caters to Borrower's with credit scores that low. But there are all sorts of "buts", "asterisks", and "prefaces" attached to the programs. Those aren't typically explained and the info is nowhere in sight. Of course if that's all told upfront, few will receive a call or contact. And that's part of their plan.
I explained the many details and demands of those mortgage programs to my inquiring caller yesterday. The sad news was that even under the more lenient credit score programs, they'd still not qualify for financing. The "buts, asterisks, and prefaces" of those programs eliminate them from buying now or in the near future.
This scenario plays out fairly often. Bit and pieces of info, misleading info, is out on the internet. It's in the media. It may be enticing. It may spur hopeful Buyers to action. But just because it's out there, it doesn't make it true, make it correct, or make it pertain to you.
This is where Paul Harvey's famous line seems pretty timely and appropriate to me. And it also highlights why it's so vitally important to find an experienced trustworthy Mortgage Lender to talk to and work with when you're hoping to Buy a Home or Refinance.
Because of my expertise, I will know what mortgage options exist for your personal finances. Because of my experience, I will know what mortgage programs are the best fit for you ... now and into your future. Because of the things I have learned through my successes, I will be able to answer your questions thoroughly and provide you sound advice and valuable services throughout our relationship.
Like Paul Harvey said, "And now you know the rest of the story."
* Work with a Chicagoland Mortgage Lender that will answer all your questions and provide you with sound mortgage options. Contact me today! I'll be happy to put my 36+ years of mortgage experience and expertise hard to work on your behalf.
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