A good credit score is important for more reasons than just obtaining new credit. These days, it can factor into everything from landing a new job to getting the best deal on your insurance policies. It's more important than ever to avoid late payments on your mortgage!
A 100 point drop for one late mortgage payment? It’s true. A single 30-day-late mortgage payment can cause your score to drop by as much as a hundred points. Credit scoring algorithms vary based on many factors, and in some instances, the damage may be even greater and last for years.
The costs accumulate. At the time, a single missed payment will cost you only a late fee, but the expense really adds up on your next loan or missed opportunity. Low credit scores typically mean a higher rate and cost. Higher rates can mean hundreds or thousands of dollars of extra expense over the life of a loan.
Missed payments are usually unplanned. Usually, events beyond our control lead to late payments, such as an accident, illness, job loss or family issue. At other times, carelessness or a hectic life may result in a forgotten payment.
What can you do?
Little other than time will decrease the negative impact of a late payment, so prevention is the one sure remedy. If you don't already have a good system in place to assure timely payments and are not sure what's best, reach out anytime. We'll be happy to help set up a plan that's right for you.
Mortgage Loan Officer
Sublime Financial Dallas, TX, USA
Employment Type
Full-Time
Remote Senior Mortgage Loan Officer. Unlimited Potential! This Sublime Financial is hosted by: Shawn Smith Are you a fit?
A bit about us:
Mortgage Loan Officer. Unlimited Potential! Hiring Today! Great Opportunity! Don't wait! Headquartered in the North Dallas area our family-owned mortgage company has been helping customers with their mortgages for almost 20+ years now and we keep growing! We are looking for an experienced Texas Mortgage Loan Officer to join our great team! * Current, Valid Texas and NMLS License Required *
Why join us?
Potential to make $140,000 to $500,000+ per year! Don't wait! Apply Today! Family-owned mortgage company! Ability to build your own Branch/Team of Loan Officers! Competitive commission/bonus options! Top 4 correspondent lender in Texas for Caliber Home Loans! Competitive pricing!
Total Broker Support with a Team of Processors that help get loans closed! Plus a lot more... Job Details
Convert provided leads for potential mortgage business using your skilled mortgage loan officer expertise. Prepare, analyze, and verify mortgage loan applications to purchase real estate or refinance existing mortgages.
Duties/Responsibilities
Analyze the needs of the consumer and prepare a product that best fits their individual needs.Meet with clients to discuss how products can benefit them.
Evaluate loan application and documentation to ensure consumer's creditworthiness and ability to repay.Gathers all supporting documentation and reviews completed applications for accuracy.Receives formal applications and assists clients with completing technical details of the application.
Develops a strong referral network within the mortgage community with builders and real estate agents.Monitors interest rate fluctuations and presents clients with the most attractive terms.Requests credit report on applicants.
Knowledge/Skills/Abilities * Current, Valid Texas and NMLS License Required * Minimum 1-2 years loan origination experience, will train to right candidate with little or no experience. Knowledge of FHA, VA, Fannie Mae, construction, and non-conforming loans. Ability to read and interpret documents such as safety rules, instructions, and procedures. Ability to work approx. 40-45 hours per week, with some weekends. Ability to effectively present information in one-on-one and small group situations. Ability to add, subtract, multiply, and divide into all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent. Ability to effectively use problem-solving skills in standardized situations. Excellent presentation and negotiation skills Works well in a fast-paced environment Comfortable managing a pipeline of 20+ loans Detailed oriented with strong organizational and follow up skills Completion of a High School diploma or equivalent.
For consideration contact
Jason M. Smith / Marketing Manager
972-916-1794 (Direct_
Sublime Financial LLC
Office: (214) 396-8066
14785 Preston Road, Suite 455 Dallas, TX 75254
www.sublimefinancial.com NMLS 1134044
Let’s talk about another common purpose for HELOCs—consolidating debts. A cash-out refi is also often used for this purpose.
With the HELOC, you add an additional loan to your current mortgage. With the cash-out refi, you will still have only one loan. Depending on how much you owe on your current loan and how much cash you borrow against your home’s equity, the total amount may be more or less than what you currently owe.
Even in times when mortgage rates are not at their lowest, home loans can still be an amazing bargain compared to consumer and installment rates. A HELOC or cash-out refi can help you pay off debts faster and reduce both the the total interest and total amount of cash out of pocket you spend each month.
Consolidating multiple debts into a HELOC or one home loan is not for everyone. For instance, using your equity to have the equivalent of a 30-year car loan is rarely a great idea. But it may work if you have the discipline to take advantage of a low rate to speed up—rather than slow down—payment terms. In other words, use the low rate of a HELOC but pay the amount used for the car back in the same 4 years or so that you would have with a typical auto loan.
Consolidation can make debts disappear with less total interest expense than they would otherwise.
Want to explore what a good consolidation plan could mean for you? Reach out, and we'll be happy to help!
Today’s rates
New Home Purchase
Conforming Interest rate
30-yr fixed 3.250%
Rates are not static, they often change throughout the day.
If another lender offers a lower rate, there's a buy-down involved.
Often not mentioned when quoting the lower rate
Actual rates vary based on Loan Amount, Middle Credit Score, DTI, Term
Today’s rates based on a purchase 760 middle score, conforming loan, detached, primary residence, non-self-employed, detached, primary home
30-yr fixed 3.200%
We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for you.
As we discussed in our last email, there are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance.
In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.
Take a look.
Jason, this is the last communication in my series about HELOCs. Thank you for allowing me to send you information these last several weeks. I hope you’ve found it valuable.
If you’re interested in exploring your options more or you have questions about home financing, please reach out. I’ll be happy to help.
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