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Washington D.C. Loan Officer

301-881-8900
888-475-0700
email

I am a detective, teacher and coach.
Detective- My experience tells me that because every situation is different, it's important to take time upfront to conduct an extensive verbal interview.  I don't leave any stone unturned.  My clients like this because I don't come back to them with any surprises.  After the initial interview, it's all smooth sailing.

Teacher- There are so many myths and legends when it comes to home financing.  I've heard them all.  I make sure my clients understand the exact reality of their individual situation.  Something that might pertain to someone else, might not apply to you.  I am committed to helping you fully understand your unique situation with regards to what myth might or might not apply to you.  Also, the mortgage industry has become quite dynamic and changes come daily.  I make sure to be aware of current trends on a daily basis.

Coach- Acquiring a mortgage can be complicated, stressful and confusing. I constantly encourage and motivate my clients to embrace the process with a positive and enthusiastic attitude.  I help them through the emotional rollercoaster by reminding them of the great rewards that come from hard work and perseverance. 

Profile picture for Bill MulliganMy clients tell me that their two most important concerns are that they aren't getting ripped off and that they get good advice.  I look forward to working with you!!

Washington, D.C.
HPAP
| EAHP Loan Officer

When I tell people about the D.C. Government’s Home Purchase Assistance Program for first-time homebuyers, at first, they don’t believe it.  “This is too good to be true!” they say.  HPAP is sponsored by the D.C. Government and administered by the Greater Washington Urban League, a not for profit organization. 

Let me help you work through the HPAP program.  The process at first glance may seem overwhelming, stressful and complicated... but with a little effort and my expertise you can do it!

 

 

 

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Understanding credit, and credit scoring

Credit is the ability to borrow tomorrow’s money to pay for something you get today. Credit can help or hurt when trying to finance a home. Lenders look at capacity, capital, collateral and also credit.

Capacity- Does the potential buyer have sufficient income to repay the loan?

Capital- Capital refers to cash reserves savings, investments, property or assets possessed by an individual that may be liquidated.

Collateral- The value of the property that the borrower owns which is pledged as security for the satisfaction of a debt is considered collateral. For a mortgage loan, the collateral is the home you are buying.

Credit- lenders will review and applicant’s credit history to determine overall creditworthiness

Credit scoring uses information contained in your credit report and provides the lender with a credit score. By understanding the key credit related factors and tools utilized by lenders and creditors, you will be better prepared to successfully secure credit at favorable terms and better positioned to build and maintain a good, solid credit history.

A credit score is a three-digit credit rating used to determine the likelihood someone will pay back a loan. Lenders get these scores from the three major credit reporting agencies: Equifax, TransUnion, and Experian. A credit score usually ranges from 300 to 850. Credit scores take into account the borrower's payment history, amounts owed on accounts, length of credit history, new credit, and kinds of credit used. Information such as age, race, religion and marital status are not considered. Loan rates are typically determined on the basis of your credit report and credit score. “A” Loans are for people with good to excellent credit and have the lowest interest rate. “B” or “C” Sub prime loans have higher rates due to past or current credit problems such as late payments.

Excellent: 720 +
Very Good: 700 - 719
Good: 680 - 699
Fair: 660 - 679
Needs Improvement: 620 - 659
Poor: Less than 620

The primary key to establishing a good credit history is in honoring your promise to repay loans or credit cards as agreed, in a timely fashion. Consistently paying bills on time and keeping your credit card balances low are some ways of increasing your credit score. If you have missed making payments on your bills, get current and stay that way. Furthermore, strive to pay off debt instead of just moving it around. The higher the score is, the more likely that the borrower will repay a loan.

Each lender will have its distinctive means of determining a borrower's risk level. Some lenders will have their own scores, which may use the credit score, but which may consider other kinds of information. Check your credit report at least once a year by obtaining a copy from each of the following credit agencies. Equifax 800-685-1111 www.equifax.com, experian 888-397-3742 www.experian.com, Trans Union 800-888-4213 www.transunion.com. Checking on your credit report generally will not affect your score. Furthermore, as your methods of handling credit change over time, so will your credit score.