As a help to our clients I felt it noteworthy to point out credit and how it effects a mortgage transaction. There are three components to getting a mortgage approved; it is taught in basic banking 101. They are the three “C’s” of lending: “Character”, “Collateral” and “Capacity to repay”, Character being the most important. One can lend on great collateral, with great income with which to repay the loans but if the borrowing entity’s character is not there, the loan isn’t going to get paid as agreed. And, of course, the lender’s measure of character is credit. Thus, taking care of your credit is paramount!
Charles Pope, Mortgage Authority, Inc.
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