Essentially, LenderDave will assist you with two basic types of debt consolidation loans:

• A debt restructuring plan to consolidate and control your existing debt
• A debt elimination plan to remain debt free

Gather Your Information:
Just as you would gather information as preparation for doing a tax report, it is helpful to gather all present and planned (future) debt expenses and view them as a unit. In this manner, you will be able to clearly see the present obstacles and possible solutions to overcoming excessive debt(s) and managing debt to become debt free.

Check Your Credit:
LenderDave will check your credit upon your written authorization and make suggestions and notes based upon the existing reports from all three major credit bureaus. In some cases, it may become advisable to create a written strategy plan to improve your debt structure and existing credit score(s) before moving ahead with a new debt consolidation loan. Your version of credit report information may be different from a full three bureau credit report, therefore, a brief credit form taken from an auto dealership or credit union is generally not of use or assistance in creating your debt consolidation plan. Banks and investors require that we obtain your report using secured methods, so avoid ordering your own credit report using mail or online methods once we have begun the process. Doing so will lower your credit scores during the critical loan compilation process.

Credit Scores:
Each credit bureau, Equifax, Experian, and Transunion uses a credit scoring system to rate your bill paying and credit use habits. There are many factors affecting your score, including your age, the age of the account, how often you have changed address or name variations, etc. Primary factors affecting your score include: the amount of the outstanding balance, the use of the credit line, the payment history, and percentage of balance compared to the stated limit on the account, and the nature and type of account itself. For example, a consumer loan through a finance company at a high rate of interest may lower your score, while a consumer credit card paid in a timely manner to national retail account or a major bank will generally improve your credit score.

Consider Your Options:
LenderDave will send you a written report with three suggested methods for debt consolidation and elimination. This report is custom tailored for you, your debt levels, and your goals. Preparation of this report requires that we run your credit report, with your advance approval, and have your consent to examine your bill paying habits. Upon examination, the report will be e mailed, mailed, or faxed to you. Generally, at the time the report is completed, you will simultaneously be on the way toward a loan approval and a new home loan.

Selection and Closing:
Once your loan plan for debt consolidation is selected, the necessary steps to complete the home loan will be taken. Additional documentation may be necessary, such as income and tax report copies, or evidence of income, such as W-2 copies and pay statements. Like other loan packages, each case is custom created for your situation, but the approximate closing time will be about two weeks following the final selection of your debt consolidation plan. Federal law requires that you sign all documents and have a three day review period, called a rescission period, during which time you may back out and cancel the transaction.

GETTING STARTED
If you would like to begin the application process, complete our online application
or learn more about our current rates with today's rate sheet.

If you have questions or would like to speak with me, please give
me a call at 888.691.0151 or drop me an email at dave@lenderdave.com.