Video Transcript:
Your mortgage seems safe after pre-approval, but one late payment can destroy everything. Lenders check your credit again just before closing, a very big surprise. I am David Ghazaryan. Just before you close, we see lenders do a final credit check. A new late payment alerts their computer system, automatically denying your loan. If the late payment was a mistake, we use a special tool called a rapid rescore. It can fix your credit score in just a few days. If the late payment was your fault, we write a letter explaining what happened. We might also switch you to a different kind of loan, like an FHA loan. Sometimes the computer says no. I can then ask a person, an underwriter, to review your loan. They look at your savings and can approve the loan. This is how we handle problems to make sure you get your home. For more on this, see the full article and our social links in the description.
Read Blog Here: https://www.iqratemortgages.com/blog/late-payment-mid-loan-saving-your-tampa-mortgage-deal
