“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.
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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
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.
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