ANBLIK Weblog

Frank Scozzaro has been working overtime to help ease the credit stress for home buyers hoping to secure a new home. Frank Scozzaro hopes now to implement a host of innovative, customer-friendly services for the credit impaired, which make up the largest sector of the home buying public.
When it comes to credit blemishes we often think of the young couple buying their first house, or the working family who has suffered some set-backs hoping to find affordable housing. Many are surprised to learn that just the opposite is true; the vast majority of credit challenges permeate from the middle and upper-middle class income buyers. It’s fair to say, in today’s home buying economy, more buyers will face a credit issue than won’t, which makes it all the more important that a buyer work with a mortgage specialist who knows the intricacies of credit and finance.
Over the past two decades the entire lending community has had to reassess its definition of credit worthy, relaxing once stringent standards, casting a wider net than it may have liked. Across the board, credit is evaluated drastically different and far less rigid than it was just ten years ago. Though the automobile industry leads the way, offering loans to buyers with bruised credit who, a decade before would have been flatly refused financing, the home mortgage business has not been far behind.
Financing insiders attribute the shift to less demanding credit standards to a number of factors, some obvious, others not so apparent. For example, the career model of the American worker has changed. In the 1940’s, 50’s and 60’s, workers stayed with companies for a long time, if not a lifetime. Today, most companies don’t enjoy that kind of life expectancy, and the demise of a company historically has often filtered down at some point and show up on the credit reports of its former workforce.
Today, as at no time ever before, millions are self-employed, many successfully so, but many underestimate the complexities of running their own business and end up in credit trouble. A failed business no longer automatically disqualifies someone from obtaining a mortgage as it once did.
According to Frank Scozzaro, “I see people with a few unfortunate marks on their credit who were once considered loan-lepers. Except now they’re getting into homes, and that’s good news for all of us.” Lenders are not less cautious when it comes to doling out the dollars, they’re becoming more realistic. It’s an economic fact that the pool of buyers with whistle-clean credit is getting progressively smaller and smaller. For lenders to stay in business, they have to turn to the next level of credit holders, which is opening homeownership to more and more people each year.
Still, home buyers with credit issues who try to navigate the mortgage waters without the safety line of a knowledgeable and skilled specialist, like Frank Scozzaro, sometimes find themselves paying exorbitant interest rates or unnecessary closing expenses. The best move a marginal buyer can make is to call and set an appointment to discuss their alternatives with someone who can help. Frank Scozzaro can be reached at 262-308-2667.