IMPROVE YOUR CREDIT SCORE

…differ depending on whether you’re applying for a mortgage, credit card, auto loan, or insurance.

…applying for a mortgage loan is a very wise decision. By checking your credit before applying for a home loan you are able to see what your credit looks like, check for errors contained in your report, and make sure there are no accounts that do not belong to you appearing in your credit profile. […]

…person’s whole credit picture. No one factor determines a score. A credit score is a composite of both positive and negative information such as missed payments or bankruptcies (if any) as well as accounts paid satisfactorily. That said, several areas of the credit bureau report carry the most weight in a credit score.

…refinancing rates when the home they are refinancing is their primary residence. The amount they are borrowing is less than 80% of the value of the home. Also, the borrowers getting the lowest refinancing rates must have excellent credit histories.

…credit bureaus that lenders use to pull your credit. These companies are:

…to buy down your interest rate will result in the lowest interest rate to refinance. Paying buy down points makes sense only if you plan on staying in your home for a significant period of time.

…home refinancing rates you will need to have good to excellent credit. Most borrowers who qualify for the lowest rate have a perfect mortgage payment and consumer credit history.

…big factor in determining your interest rate and your ability to qualify for a loan. Even after you apply, changes to your credit bureau score can change your interest rate and your ability to qualify. Many lenders check your credit report shortly before closing. A drop in your score could have an adverse effect on […]

…and mortgage quotes from over 700 mortgage lenders all from our location. Give us a call!

…that monitor your credit scores. For very little money you can be updated every time your credit score changes and also run what if scenarios, to see What if..I pay ‘X’ amount of dollars to ‘Y’ account Here you can determine the most efficient way to raise or maintain your credit score.

…is different for each bureau. They each have there own model in how to score an individual. It costs the creditor money each month to report you to a bureau. This is why some creditors only report to 1 bureau vs. all 3.

…mortgage, refinance, home equity loans, lines of credit and special needs loans for personal situations in at competitive rates with the lowest fees.

…underwriting engines now-a-days many more people can qualify for great rate with strong compensating factors. Compensating factors can be having a very low debt to income ratio, having a lot of liquid assets put away somewhere (bank, investments, 401k, etc..), obtaining a 15 year mortgage versus a 30 year mortgage and so on. Therefore, even […]

…companies promising quick fixes for poor credit. Check with your local office of the Better Business Bureau or ask your loan professional who they would recommend to help you.

…an error on your credit report take care of it right away. If you are dealing directly with the bureau’s it can take up to 30 days to update.

…factor in the interest rate. In most cases, if a home buyer is willing to give up the security and peace of mind that comes with a Fixed Rate Mortgage (FRM) and choose an Adjustable Rate Mortgage (ARM) or a Hybrid mortgage, he can often get a lower starting interest rate.

…report are one of the top reasons for a lower credit bureau score. Because errors are such a common thing it is a very good idea to utilize your free annual credit report from each the 3 credit bureaus once per year. This will allow you to get an idea of what the lenders see […]

…can be obtained by using a mortgage broker that has access to numerous lenders wholesale pricing. These rates will be lower than the retail rate you would obtain by walking into a bank.

…refinances that only change the rate and term of the loan. If you take cash out or consolidate your debt, you might pay a tad higher interest rate.

…bureau scoring system that is being considered by lenders. It is called a Vantage score.

…off old collection items or charge offs. Many times the debt will be re-aged to look like a new collection on your report.

…Rates is only one piece of the refinancing puzzle. Be sure to keep your overall financial goals in mind and choose a loan program for more than just the lowest rate.

…quotes, you can save money and get the Lowest Refinancing Rate for your situation.

…as a person, your credit score only reflects your likelihood to repay debt responsibly, based on your past credit history and current credit status.

…is a very common thing. Many homeowners take cash out of the equity in their homes to send their children to college, take vacations, invest in other areas, consolidate debt, pay for medical bills, regain control of their finances, and for many other reasons as well. If you need only a small amount of money […]

…demographics prohibited under the Equal Credit Opportunity Act, such as race, color, religion, national origin, gender, age, marital status, receipt of public assistance, or exercise of rights under the Consumer Credit Protection Act.

…out the equity in your property there are two choices. First is adding a second mortgage or home equity loan. The second option is to refinance your primary mortgage and extend the balance. Besides considering the cost of both these options you will also want to consider which option will give you the best over […]

…Credit is a good way to cash out your equity, however, if you have a high interest rate or an Adjustable Rate Mortgage also known as an ARM on your primary mortgage, you may want to check with your local mortgage professional to see if you qualify for a better interest rate and a fixed […]

…that promise that by paying them money they will simply erase bad accounts from your credit report. Often, this is something you can do on your own by simply writing the three major credit reporting agencies and disputing the accounts.

…loan makes sense, particularly if you plan on staying in your home a long period of time. Ask your mortgage professional about low cost refinance options as well as a loan with a piggyback line of credit for unexpected future expenses.