Not only can I help you get a great mortgage loan, I also have the technology to ensure you can qualify with the healthiest credit file possible. Did you know your credit file may contain errors or other issues that are holding down your credit score? Instead of simply qualifying based on your current credit score, weâ€™ll use our credit proofreading software to give your credit file a checkup and ensure your credit score is as strong as it can be.
Our technology can analyze how you use your credit cards and suggest slight changes that will strengthen your credit score. We can even detect and remove any errors in your credit file that have been working against your credit score. Our easy to follow, step by step plans can improve your credit health in as fast as 72 hours. Since healthier credit profiles often result in higher credit scores - we may be able to help you qualify for better rates and lower down payments. So before you apply for a mortgage loan, let us ensure you have the healthiest credit profile possible.
Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
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We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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Or perhaps some one who is selling as a short sale might find that a win-win. You can rent-to-own until the your credit and the market rebounds and they are no longer in a position where they have to short sale OR they can get rental income from you until the short sale is completed. Hopefully your credit could be restored by then.
Credit score is the key to determine your interest rate and your monthly payment. By putting down a large down payment, you can lower the interest rate. However, if you have a bad credit, large down payment will not help you much.
The best recommendation for you is that, talk to the loan officer you are working with now, and ask her ways to improve your credit. There are two extra things you can do if you don't have a loan officer to work with at this moment.
(1) Ask for your FREE annual credit report, and look for any credit error that you can quickly dispute and bring up your credit. To do this, go to https://www.annualcreditreport.com/cra/index.jsp
(2) Find a credit analyst to work with. You need to pay them, but the bucks you spend will be worthy.
If you want to save a bit of money and don't have a loan officer to work with. I have a lender who has been in the business for 25 years and has been working with first time home buyers since the first day she is in the business. We can work together to help you. For more information, email me at email@example.com or go to my website:
If this is already done ....get pre approved to see if present credit scores will allow any options