“It’s Vital to Pay Your Rent on Time”

“It’s Vital to Pay Your Rent on Time”

 

 

 

 

 

 

I must say I am truly disappointed we have not been approved for the mortgage. I truly don’t understand why the lender is requiring 12 months of consistent rental payment. Even though we were late twice, we doubled up the following month. I have already given copies of the cancelled checks which is what I thought the lender wanted. You indicated as a result, the lender may turn me down all together. Is there anything else I can do?

 

 

I can’t blame the lender on this one. When someone applies for a mortgage and has very little credit, the lender is going to put a lot of weight on rental history.  When the rental history isn’t that good, the odds of obtaining a mortgage are greatly reduced.

 

The way the lender looks at this history is no different than if the client was making their mortgage payments late. Having two 30-day late payments over a 12 month period is not very good.

 

We have since added a co-signer to the transaction, which made the lender a little more comfortable.

 

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • March 31 2020 07:56PM
“It’s Vital to Pay Your Rent on Time”
share
“It’s Vital to Pay Your Rent on Time” I must say I am truly disappointed we have not been approved for the mortgage. I truly don’t understand why the lender is requiring 12 months of consistent rental payment. Even though we were late… more
“Know Your Numbers Before Moving Forward”
share
“Know Your Numbers Before Moving Forward” Good morning Joe, As you know I wasn’t able to make a deal on the previous property. Just got a signed contract on my house yesterday. I am avidly looking for a piece of property. I was wondering if… more
“Taking Advantage of an Opportunity”
share
“Taking Advantage of an Opportunity” A hooded robber burst into a Minnesota bank and forced the tellers to load a sack full of cash. On his way out the door, a brave customer grabbed the hood and pulled it down, revealing the robber's face… more
“It’s ALL about Relationships”
share
“It’s ALL about Relationships” Hi Joe, It was so great to catch up with you again Joe, I wish you had a VA license! As a follow up to today’s conversation regarding our nephew and niece, to discuss if it would be an advantage to… more
“I do Mortgages in CT, MA, RI, ME, NH, VT, NY and FL”
share
“I do Mortgages in CT, MA, RI, ME, NH, VT, NY and FL” Joe, It has been a number of years since we have spoken. The last time was a pretty tough period, foreclosure and a bankruptcy. All that is in the past, we moved to Florida and it is… more
“Ever wonder? ”
share
“Ever wonder… ” If twins ever realize that one of them was unplanned? What if my dog only brings back my ball because he thinks I like throwing it? If poison expires, is it more poisonous or is it no longer poisonous? Which letter is silent… more
“I Hate it When I hear, It Can’t be Done! ”
share
“I Hate it When I hear, It Can’t be Done! ” Joe, My Wife and I are extremely grateful for you helping us refinance our house. You were able to get it done when other lenders couldn't do it. Thank you! Cesar It is such a gift… more
“FHA Renovation Loans have Rules”
share
“FHA Renovation Loans have Rules” Mr. Petrowsky, Your name was given to me by one of my co-workers. I was recently denied for mortgage to complete some renovations to my home. Just some general information. My current first mortgage is about… more
“Awards Like This Don’t Get Me Excited, It’s All About Selling…
share
“Awards Like This Don’t Get Me Excited, It’s All About Selling Advertising and Plaques, but I’m Sure Some Will Think it is a Good Idea” It is our pleasure to inform you that Right Trac Financial Group has been selected for the 2019 Best… more
“Losing a Job is Never Fun”
share
“Losing a Job is Never Fun” Hi Joe, The company I work for has closed their doors today. Hopefully I will get something in Connecticut. My family are all in CT. Purchasing my family home is off the table now that I am not employed. Is… more