Secret Mortgage Tips That’ll Help You Get Preapproved for More
Summary
AI-generatedThis video explains how to improve your attractiveness to mortgage lenders by understanding credit scores, income verification for self-employed individuals, and the nuances of different loan types. It provides actionable advice on navigating lender overlays, utilizing credit simulators, and avoiding common pitfalls like mortgage fraud.
Key insights
For self-employed individuals with significant deductions, lenders may recalculate income by adding back a portion of certain deductions (like depreciation or meals/expenses) to determine qualifying income.
Mistakes to avoid
Relying solely on credit score estimates from apps like Credit Karma can be misleading, as they are not official scores and can be off by up to 80 points. Always use the score provided by your mortgage lender.
Tools & resources
ICBA Community Bank Locatortool
The ICBA Community Bank Locator app can help find local community banks, which may offer more flexible portfolio loan options compared to large national lenders.
Frequently Asked Questions
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial