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Bryan Woodard

NMLS ID 1211923

817-482-1200 bwoodard@trademarkmtg.com

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Blog Image: 7 Tips to Improve Your Credit Before Applying for a Mortgage

7 Tips to Improve Your Credit Before Applying for a Mortgage

In addition to income and assets, your credit profile is one of the biggest factors in determining whether you qualify for a mortgage. If your credit score is not currently in a desirable range, there are plenty of ways you can improve it to up your chances of home loan approval. Here are the top seven: Check your credit reports for accuracy According to a study from the Federal Trade Commission, one in five people have an error on at least one of their credit reports. Many errors do not substantially affect credit reports, but some can significantly lower scores. By law, you can obtai...

June 24th, 2020 | Credit, 7 Tips to Improve Your Credit Before Applying for a Mortgage

Blog Image: What You Need to Know About Mortgage Forbearance

What You Need to Know About Mortgage Forbearance

If you are one of the 22 million Americans who have filed for coronavirus-related unemployment in the past few weeks, you may also be wondering if you are going to be able to make your mortgage payments. If your income has vanished or been reduced due to COVID-19 shutdowns, you can appeal to your mortgage lender for payment forbearance. Before you do, there are several questions you need to ask to understand how it will affect your situation. Is My Loan Covered by the CARES Act? In the wake of the COVID-19 economic fallout, the U.S. government recently passed the CARES Act to provide mor...

April 22nd, 2020 | Mortgage Advice, Credit, What You Need to Know About Mortgage Forbearance

Blog Image: 3 Things Lenders Don’t Want to See on Your Bank Statements

3 Things Lenders Don’t Want to See on Your Bank Statements

When you take out a mortgage loan, your lender puts a lot of trust in you to repay the loan. Lenders can do this because they do thorough financial background checks on borrowers before agreeing to lend money. Your interest rate will be based on how credit-worthy you are based on those checks. Examining bank statements is one of the ways lenders check for eligibility.  If you want to have better odds of being approved for a mortgage, before you apply, make sure that your bank accounts do not include these three things in the last two months of statements: 1. Non-Sufficient Fund (NSF) c...

January 1st, 2020 | Refinancing a Home, Preapproval, Credit, Purchasing a Home, 3 Things Lenders Don’t Want to See on Your Bank Statements

Blog Image: Can I Refinance with Bad Credit?

Can I Refinance with Bad Credit?

Mortgage interest rates have tumbled in recent months, making refinancing more appealing than ever. As of the latest Mortgage Bankers Association survey, refinance request volume is up 180% over last year. There may be some homeowners who would like to take advantage of the interest rate savings but worry they may not qualify because of poor credit. If you are part of this crowd, here are several ways to make refinancing a reality: Learn Your Options Start with an open discussion with a lender. Let them know you do not have the best credit but that you would like to refinance. They have ...

October 9th, 2019 | Credit, Refinancing a Home, Can I Refinance with Bad Credit?

Blog Image: Can I Get a Mortgage Without a Credit Score?

Can I Get a Mortgage Without a Credit Score?

You need a good credit score to get the best rates on mortgage loans. Less-than-perfect scores will mean higher interest rates and subprime credit scores will make borrowing money very expensive. But what if you have no credit score at all? Is it possible to get a mortgage without a credit score?  The Credit Score-free Population According to the Consumer Financial Protection Bureau (CFPB), there are approximately 26 million American adults without a credit history and another 19 million whose credit histories are too outdated or limited to be scored with the traditional methods by ...

September 18th, 2019 | Preapproval, Purchasing a Home, Credit, Can I Get a Mortgage Without a Credit Score?

Blog Image: What is a Loan-to-Value Ratio?

What is a Loan-to-Value Ratio?

Once you get serious about buying a home or refinancing your current mortgage, you will probably hear the term “loan-to-value ratio” mentioned by your lender. What is this ratio and how does it affect your mortgage? Loan-to-Value Ratio Defined A Loan-to-value ratio, also known as an LTV ratio, is the calculation of how large your mortgage is compared to the value of your property. In order to find your LTV,  divide your loan amount by the appraised value of the property in question. In general, the lower the ratio, the better your mortgage terms and interest rate wi...

July 10th, 2019 | Credit, What is a Loan-to-Value Ratio?

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