IMPROVE YOUR SCORE

…industry within a 30 day period only count as one inquiry. Many lenders will scare you from shopping with a different lender by telling you otherwise.

…the practice of moving short-term debt, into a home refinance loan. At closing any debts that have been chosen and listed will be paid from funds, above what is necessary to pay off the original mortgage balance.

…keeping clean credit
Minimize credit inquiries;
Pay bills early; 3. Pay off revolving cards monthly; 4. Never close a credit account; 5. Don’t switch credit cards to get the best rate; 6. Keep the oldest credit account on your credit report; 7. No more than 2 major bank cards; 8. No more than 50% […]

…refinance may cause your total mortgage payment to increase. This is because you will be borrowing more money, to pay off the debt. Don’t worry though, because if you are paying $400 in credit card debt every month and your mortgage payments increase by $200. You will still be saving $200 every month!

…making the minimum credit card payments, then it may take you several years to pay them off. This is considering that you continue to make those same minimum payments throughout the life of the debt. If you were to do a debt consolidation, you could have that debt paid off within a matter of weeks.

…Your credit score is only as good as what shows up in your credit report. Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late […]

…of a debt consolidation refinance you should factor in the amount of time and money it will take you to pay off those credit accounts with your current payment schedule.

…have slightly (or not so slightly) different information on file about you. Since all three credit scores will be taken into account when you apply for a mortgage, it is important that you clean up your report with all three bureaus.

…refinance you should look at your short and long term financial goals. Paying high interest bearing credit accounts with your mortgage will often times save you thousands over time.

…from the 3 credit bureaus every year is very important. However, credit reports can be difficult to read and interpret. I can go over your credit report with you and tell you what it means.

…one pays on their mortgage is generally tax deductible while the interest on your personal debt is not. This is a great item to keep in mind when looking to do a debt consolidation refinance.

…entitled to receive a free credit report every time you are denied credit, employment or insurance. You also may be entitled to a free report if you receive some types of public assistance or are unemployed.

…through a refinance a borrower is able to not only save money from their total monthly expenses but they are able to reduce their mortgage rate and term also. Such as changing from a 30 year to a 20 year mortgage or a 20 year to a 15 year mortgage. This can not only save […]

…they are utilizing the free annual credit report each year to verify that the information contained within their credit report is accurate and the credit report contains no false information. When obtaining your free credit report you should make sure you definitely take advantage of obtaining reports from all 3 credit bureaus (all 3 will […]

…home to pay down high interest credit cards you can possibly save your family hundreds of dollars per month. You also benefit by being able to deduct your mortgage interest. You should seek the advice of a mortgage broker before proceeding with your refinance to ensure you are matched to the right loan program.

…idea to obtain a free copy of your credit report months before you plan on purchasing your home. It might take a little while to fix any errors on your report. Also, if your scores are low, there are things that you can do to boost your scores. By doing this, it will help you […]

…is when a borrower uses the equity in his/her house to consolidate some or all of their existing debt by refinancing their current mortgage.

…Every consumer is allowed a free credit report once a year.Effective December 1, 2004, consumers were entitled to receive one free credit report each year. The free annual credit checkups were mandated by the Fair and Accurate Credit Transactions Act, signed int law last December by President Bush. This law includes a number of provisions […]

…are subject to higher Credit and Loan to Value restrictions than no-cash-out refinance loans.

…out what your credit rating is currently. You go online to one of numerous sites and obtain a free credit report. By making sure your credit report is accurate and optimal, you can be confident that your credit rating will not negatively affect your interest rate.

…used for debt consolidation which ultimately lowers your monthly obligations.

…mortgage is NOT like shopping for a car or a computer. Rates change daily and sometimes they change through out the day. The best way to shop for a mortgage is to get mortgage quotes on the same day. Don’t just shop rates, shop for service, and fees as well. The best overall package of […]

…cash out possible, cash out on the first and cash out on the second, you will need to adhere to strict loan to value (LTV) guidelines.

…money by doing a debt consolidation loan. You can also save a lot of money by getting a LOC and paying down your existing mortgage using a timed amortization schedule.

…loan programs to refinance into. Do not be intimidated or overwhelmed by the many financing options available to you today. Your mortgage broker will be able to help you make an educated decision on the loan program that is right for your refinance.

…popular and for good reason. The fact of the matter is that there almost no less expensive way to borrow a substantial sum of money than with the first mortgage on your principal residence. Funds that are obtained from a cash out refi are typically used for home improvements, to consolidate other debt, college expenses, […]

…too often When shopping around for a mortgage, don’t just give out your social to anyone. Too many inquires on your credit report will definitely lower your score. A lower score means a higher risk and a higher risk to the bank means a higher rate. So go with a mortgage professional you trust. Someone […]

…balances low and make all of your monthly payments on time By keeping credit card balances low and making all of your monthly debt payments each month on time this will help to insure that you keep your credit scores as high as possible. By keeping and maintaining high credit scores this will help to […]

…cash-out refinance on an investment property there is no 3 day right of recession and you can usually walk away from the closing with a check in hand (or at least have the check by the next business day)

…Refinance mortgage to pay off credit card debts, keep in mind that credit card debts are non-secure debts, you cannot lose your home if you default on this type of debts. A mortgage is secured with your house. If you default on mortgage payments, you could lose your home.