When using a loan program that does not require a credit score it will become very important that your rent payments be verified. Always make sure that you are making your rent payments in a traceable and verifiable manner. Do not make your rent payments in cash. Be sure to keep a file of all rent receipts and canceled checks. Being able to prove that you have made twelve or even twenty four months of rent payments on time will go a long way in securing a mortgage when you have no other traditional credit trade lines.

Interest rates are low by historical standards so it is not a bad time to refinance. Any time you can safe money by refinancing it is a good time to refinance.

Fannie mae’s my community program will allow you to use alternate forms of credit such as phone bills, utilities, and rent.

It always a good time to refinance if you can lower your monthly obligations or shorten your mortgage term. Think long term and call your mortgage broker.

The lenders that will lend money to people for a mortgage and have no credit and no credit scores are not nearly as abundant as the lenders that will lend to people with credit and credit scores. This is one reason why using a mortgage broker makes the most sense. A mortgage broker will generally know which banks have programs for consumers with no credit or credit scores and they have the ability to shop between those banks that will lend to these types of borrowers and get the best financing for you. A mortgage broker will also know what is expected and what requirements those lenders will have so that they can find the lender that will fit your needs the best.

Refinancing to consolidate debt is always a great option which provides many benefit’s such as lower monthly payments, lower interest rates on debt, additional tax deductions, etc therefore, refinancing to consolidate debt is always a good idea and it is always a good time to refinance for this reason no matter where rates are as long as you can see the benefit in doing so.

In some cases having no credit score is better than having bad credit. Many people with no scores can show a history of timely payments for accounts that do not report to the credit bureaus. Most lenders will require 3-5 forms of non-traditional credit. You can obtain a letter from any company you pay a regular monthly payment to such as: electric, water, cable, phone, isp, gas, cell phone, etc. Even other monthly bills you pay for something like a self storage facility can be used.

It depends on what your looking to accomplish. Your mortgage is probably the largest debt that you will incur in your lifetime. A restructuring your debt and home equity can help you increase your overall monthly cash flow, increase your tax benefit’s, lower your payment, and reduce your mortgage terms. Any of these can still happen in today’s market.

Do you have no credit history but would like to qualify for a mortgage? There are numerous lenders that have no score programs for home loans, some even allow no money down. However, borrowers will be asked for non-traditional credit references such as utility payment history, telephone payment history, and other verifiable payment references.

Is it a bad time to refinance? Are interest rates high right now? Some may say it is not a great time to refinance because the interest rates are slightly higher than they have been 6 months ago. Others say it is still a good time to refinance if your adjustable rate mortgage (arm) is going to adjust up. Unless you have a crystal ball, you never know if the interest rates are going to get worse than they are at this present time. What will you do when your arm adjusts?