A Rant: Time To Get Real About Credit Scores, Finance, FICO, And Why It's Impacting Real Estate!

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A Rant: Time To Get Real About Credit Scores And The Blunders I See Every Day!
Get Your FREE Credit Check With FICO 👉 www.creditkarma.com/signup?re...
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Jennifer Beeston, SVP Mortgage Lending, Guaranteed Rate Mortgage
*Proudly Offering Purchase Loans + Refinances in, Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Montana, New Mexico, New York, North Dakota, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, and Wyoming
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Jennifer Beeston NMLS ID:247743; State License Numbers: AL - Licensed, AR - Licensed, CA - CA-DOC247743 - 413 0699, IA - 33839 , IL - 031.0054184, IN - 41478 , KS - LO.0039219, LA - Licensed, ME - Licensed, MN - MN-MLO-247743, ND - NDMLO247743, NY - Licensed, SD - MLO.08498, TX - Licensed, VA - MLO-40552VA, WA - MLO-247743 - CL-2611, WI - 247743, WY - 8203 FL
GR NMLS ID #2611 www.nmlsconsumeraccess.org
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Опубликовано:

15 июл 2024

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Комментарии : 72

@sopoli2471 2 года назад

Most upfront and truthful lender ever.

@jasonmims5057 3 года назад

What I've learned about personal finance is that you have to question/investigate anything that seems odd and you can't leave anything to chance.

@JenniferBeeston 3 года назад

100%

@MarthaMartinez-ez4vd 2 года назад

thats smart writing a check for more than your being charged. assuming you will get your money back like you said. I never tough of that thanks for the great advice.

@JenniferBeeston 2 года назад

Thank you!

@mariamanghiuc 2 года назад

If people don't know who they owe money to, they have no business buying a house!

@michealsizemore1 4 года назад

Great video. I understand the issue of Co-Pays. Half the time they will tell you that you do not owe anything. I make sure that I periodically call the hospital to make sure I don't owe . Thanks. for posting.

@helenkotowske3829 4 года назад

I love your channel! I am amazed how much I am still learning even though I have been interested in real estate for a long time. Your advice is down to earth. Oh, about the people with a good income who don't pay their bills, a long time ago an older woman told me that "young kids don't know how to manage their money...first you pay your rent, bills, and food, then you can buy what you want."

@nakobilly 3 года назад

Great info. Thanks!!

@thenicki003 4 года назад

Thank you for all your amazing knowledge! Im definitely going to call you to be my lender for TX in 2 yrs.😀. Keep up the great work

@JenniferBeeston 4 года назад

Deal!

@romeostarlite21 3 года назад

Preach! I can't tell you the amount of time I hear clients day "well I have over a million in the bank and I can pay for the house in cash", well why do you need a mortgage? Lol

@MarthaMartinez-ez4vd 2 года назад

exactly my thinking too. why you want a mortgage when you can pay for the house in full with cash??? you can avoid all that interest and own the house outright. personally i ever won the lottery or something i just buy my first house out right. lol

@MrNurseinTExas 3 года назад

I have really enjoyed your insight and you have a lot of solid advice. I am so nervous preparing to buy a house. For years as a young man I trashed my credit scores and I have been repairing it for the last 6 years without fail. You mentioned before that VA loans don't rate shop. I am a Veteran with my certificate in hand. It is my intention to save up $10,000 before calling you or should I call you earlier so we can peek at my credit report. I don't like the idea of having many Credit-Inquiries.

@sarahwilson9213 4 года назад

Why don't they just put the bills on auto pay if they make so much and don't have time to pay?

@JenniferBeeston 4 года назад

Sarah Wilson it is a question I ask every time never a great answer as to why not. It’s a mentality of “I make a lot of money so normal rules do not apply to me”

@sarahwilson9213 4 года назад

@@JenniferBeeston I think they could be scared of losing the money they earn too. When you make way above average you have above average expenses. They might just be holding on to it.

@michaelleahy6848 3 года назад

Even now I'm finding your material very relevant

@randywiley2593 3 года назад

Great info

@JenniferBeeston 3 года назад

Thanks for watching!

@aljosia6525 Год назад

Pound sand bob. BAHAHAHA! That's awesome. I don't even know what that means but it sounds like the worst rejection ever. Why would you ever pound sand? That's soo messed up. I'd be like damn a simple no would've sufficed. Biotch..thanks Jen you're so down to earth I would totally go through you to get a loan. Edit Bahahaha I just got to the part where you said yacht life throwing money. Omg too funny you're hilarious! You're too awesome. I'm going to watch this video a couple of times thanks Jen!

@lisacastano1064 3 года назад

We get paid on the first my credit cards are due mid month it's perfect. I pay the statement amount in full every month and have a small balance on the card but no interest.

@downtoearth7366 4 года назад

I loves your channel

@JenniferBeeston 4 года назад

Down Toearth thank you!

@shows01 4 года назад

how different is your credit score when you pull it from Experian vs. the mortgage pulls it?

@jtonythejett1 3 года назад

Brutal honesty, my kids have basically defaulted on EVERYTHING I have ever co-signed for them....so boom, liquid I'm good...but credit wise I cant borrow a dime if I had to.

@JenniferBeeston 3 года назад

Sorry to hear that. I see that way more then you could imagine. Doing a video on co signing next week

@jtonythejett1 3 года назад

@@JenniferBeeston Yes Ma'am and the kicker is that ALL of my money is guaranteed NON-taxable VA/govt income for life...

@JenniferBeeston 3 года назад

@@jtonythejett1 Frustrating for sure.

@cindyzuniga9737 3 года назад

You can call the creditor to reverse the charge if you paid it off in full. They usually do.

@JenniferBeeston 3 года назад

Awesome tip Cindy!

@caseyhamel6385 4 года назад

Hello!! I love your videos. You have so many great tips for first time home buyers!! I have been watching your videos over the past few days and I plan on making my calls to shop lenders this week. Can you please tell me what you mean by asking if they're "quoting points"? Is it like costing credit points? Thank you!!

@JenniferBeeston 4 года назад

Sometimes a lender will tell you a rate but not the true cost by not telling you if it requires points. When I always quote I say "I can give you xyz with no points or zzz with .25 pt etc... " A lot of lenders are not this transparent. You need to pry the info out

@terrencevinson5840 3 года назад

So if you had lates and charge offs in the past but have paid all bills on time for a year, would you approve a mortgage loan?

@jkimary2010 3 года назад

I need a clone of you here in Tampa. You explained it so well! I'm looking for a mortgage loan officer and I am scared..lol

@JenniferBeeston 3 года назад

Well the good news I do loans in Florida. No need to clone:) pick a good time to chat

@cosme112002 4 года назад

Hi Jennifer can you go over why FHA loans have a limit on disputed collections under 2k vs charged off accounts? I think this is lender specific and are there ways to help reduce these disputes?

@JenniferBeeston 4 года назад

cosme112002 I will look into that and do a video. Great idea!

@josharmour1549 3 года назад

HAHA Pound sand Bob!!

@JenniferBeeston 3 года назад

Pound sand is a magical phrase. Try it. You will enjoy it:)

@cleanasdirt6832 3 года назад

Question: if someone goes to broker #1, and is not approved, then goes to broker #2 who gets them approved, how is that possible? Love you channel, and of course I have subscribed, it’s a no brainer.

@JenniferBeeston 3 года назад

Thank you. Different lenders have different guidelines and access to different products so it is totally possible to get denied with one lender and then approved by another. You just want to understand why the lender denied you and how the other lender approved you to make sure that the lender who is approving you isn't just making a mistake

@darrenbuttery3527 3 года назад

Pound sand Bob! LOL. I love how she always picks on Bob and Becky. My fathers name is Bob and my ex-wifes name is Becky. So please keep picking on them :)

@JenniferBeeston 3 года назад

hahahahah will do!

@johanaspiewak8770 4 года назад

Hey jennifer how do I get started getting a preapproval I'm in Brooklyn ny and not sure what lender to go to? Or where to start any advice is great!

@JenniferBeeston 4 года назад

Johana Jarama feel free to give me a call. I am licensed in NY and can walk you through the “fun” of buying in NY

@edgargonzalez610 4 года назад

you have earned a new subscriber as of today, and I think your channel deserves more! hope you can answer my question. My credit score as of now is 587, I am in the process of rebuilding it. I just finished paying off a car loan for 18 months with no late payments, I applied and received a secured credit card with discover and also an Express credit card. I have 3 collections and 1 charge off...defaulted on all those accounts around the same time while going thru divorce. they will remain on my credit for about 3 more years . Do I have to pay for them to acquire a mortgage?

@supercarlos03 4 года назад

Do NOT just pay them 1. Dispute any inaccuracies to get deletion or just ask them to verify they belong to you. Half the time they can't do either and they have to remove them from your credit report. 2. Pay them but workout a settlement or pay in full either way demand removal from your reports if paid

@edgargonzalez610 4 года назад

@@supercarlos03That's what I was thinking... thanks for taking the time to answer my question...

@jesseakins7362 2 года назад

What public score checker do you recommend to get a score close to the one you use?

@JenniferBeeston 2 года назад

My fico seems pretty good and the free credit card ones

@michaelleahy6848 3 года назад

Are the credit score requirements still high? Is there an alternative to parking funds in a savings account to be counted for close (when there is a concern someone is going to take funds unexpectedly)?

@JenniferBeeston 3 года назад

Not super high. Conventional is 620+ VA 580+(but really from what I see 600 is needed for approval)

@johnpost5133 4 года назад

Hi Jennifer - I received a great rate quote and the lender has all paperwork and information they have requested from me. I have asked them for 3 days to lock in the rate and my loan rep tells me it’s sitting with his “lock team”. Does locking the rate take this long ?

@JenniferBeeston 4 года назад

John Post 3 days no way Unless they locked Friday night and it is Monday before 9 am. 3 days would make me nervous for sure.

@NateFalconer 4 года назад

Is it better to pay off the card each month or pay it down below a certain percent?

@JenniferBeeston 4 года назад

Nate Falconer the goal should be to pay off every month. That is the standard for great credit.

@jasonluhmer4792 3 года назад

What if you are Debt free? What if you live your life without installment payments and choose not to live in debt? I guess that is where manual underwriting comes in

@JenniferBeeston 3 года назад

You do not have to live in debt to have a credit score. I would get three credit cards and put a tank of gas on every month and pay off. I have credit cards that I pay off every month. I have no debt beyond my mortgage but I have a full and varied credit history. Manual underwriting is not available on all loan types so I would build credit.

@pablocardone214 3 года назад

Say, Jennifer, check out " The Credit Game" on youtube and see if this programs might help your clients to help with credit.

@altal1668 2 года назад

Hi Jennifer, I spoke to you a while ago, could you help me to get a loan to buy a house in FL? Thanks.

@JenniferBeeston 2 года назад

Sure I would love to help 707-478-0637

@kerynl.sanchez9891 2 года назад

My credit score is good 780+ I have no debts, but I’m self employed and my reported income is low, can I still get a loan?

@JenniferBeeston 2 года назад

Look into a bank statement loan. More down payment required and higher rates then normal loans but your tax returns wont come into play.

@Scalh143 2 года назад

I pay all my bills and rent on time and have zero debt and no credit but no help in getting my credit started because no bank wants to lend to me 🙄😔💔

@JenniferBeeston 2 года назад

If you can show a rental history we have a loan:) 707-478-0637

@kerynl.sanchez9891 2 года назад

@@JenniferBeeston That’s an excellent idea, I have lived in the same place for 10 years, always pay on time :)

@darrenbuttery3527 3 года назад

If the guy makes 200,000 a year and a million dollars in the bank, then why does he need a mortgage loan? The million dollars alone will buy him a mansion most places in the US......and a 2 bedroom shack in California :P