Bill Polack's (bpolack) Blog

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Mortgage and Lending - First Option Mortgage - 269761
RECENT BLOG POSTS
Question: I have a 530 credit score and was told that I can get an FHA loan with a substantial down payment but the lender is giving me a hard time in getting the loan. What’s going on?First, let’s understand what a 530 credit report looks like? Several factors can bring a score down that low (30...
11/30/2016
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Sub-prime lending is a much better option than Private or Hard money lending - if you qualify.For a few years, I stopped doing conventional lending and switched to Hard and Private money lending. Hard money is hard cash. It requires 35% down, demands repayment within 6 to 12 months and rates can ...
09/29/2016
If you are a first time home buyer, not knowing what to expect can be a little stressful. You may or may not encounter the process listed below. Hopefully the information below will give you an idea of what to expect.          Find an area where you would like to live. The wider the area, the bet...
09/09/2016
Installment or Revolving –Which is better for your credit score? Revolving Accounts, are used for Credit Cards to obtain money to buy merchandise or to get cash advances repeatedly, as long as there is money available to do the transactions. Once a Revolving Account is paid off, it can be used ag...
09/02/2016
When to buy a home – Financially speaking           The best time of the year to buy a home may depend on your current situation (employment, kids in school, rent expiring).            Most people prefer to buy a home between April and August or from November to December. However, during this tim...
08/26/2016
Let's cover Credit Score basics. A credit report is a document that lists information collected by credit bureau companies. The 3 most common are Equifax, TransUnion and Experian. Scores range from 300 to 850 with 300 being the worst and 850 being the best. A person can also have a zero score. Ea...
08/17/2016
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases,...
07/26/2016
DebtAccording to Nerdwallet.com, in 2015 the average American household owed over $15,000 in credit card debt, over $25,000 in auto loan debt and over $45,000 in student loan debt. That’s just 3 items! At the bottom of this blog, I’ll give some ideas of how to pay off your debt and how to make so...
07/20/2016
In a world of easy access to the internet, I’m amazed at how difficult it still is to find information about obtaining a mortgage loan. I guess there isn’t a one stop site to address this stuff and Loan Officers are so regulated that we’re not allowed to post it on our websites. Luckily we have s...
07/14/2016
On September 14th, 2015 the Federal Housing Authority (FHA) changed its rules on the calculation of student loan debt as it refers to the Debt-To-Income (DTI) calculation when qualifying a buyer for a mortgage (see table below). It used to be that if a student loan was in deferment for more than ...
07/12/2016
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Bill Polack

Bilingual Spanish Loan Officer in Southeast US.
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