The writer is a Vancouver mortgage broker who writes on inside view of the mortgage business.
Of great concern to any mortgage lender is how the applicants handle their past credit responsibilities. Many lenders would argue that this is the most significant element of the mortgage application. A credit report provides objective information that helps lenders evaluate the applicants’ current amount of outstanding debt and the payment history for active and prior debts.
A basic credit report must be issued by an independent credit-reporting agency (or credit bureau) and lists the information it has for all of the applicants’ debts that are disclosed on the application or found elsewhere. The credit-reporting agency relies on its own files, various national repositories of credit information, and public records. This may include the following information: loan type, account number, open or closed status and dates, highest and current balance, and monthly payment.
A lender should order a report for all applicants for every residential mortgage loan application. The lender needs the full name and Social Security number for each applicant. Married applicants are reported jointly, since many credit accounts are jointly held. If the applicants are not married to each other and wish to be co-borrowers, then the lender must order separate credit reports for each.
Duncan Seward is a Vancouver mortgage broker. Mortgage BC is the focus of his business. He is an expert in bad credit mortgage refinance applications