I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can raise fico scores within 3-4 days in most cases. You may qualify with a minimum 580 fico score and as low as half percent down payment programs. Depending on your fico scores, you may qualify for conventional financing from a minimum 620 fico score and 5% down with NO Mortgage insurance (Lender paid MI) or minimum 700 fico score for 3% down conventional. FHA financing is from a minimum 580 fico score and 3.5% down or as low as half percent down. Here are some links to study and consider that I offer.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
What Mr Cook said is absolutely right. As I posted in your other question, you need to sit down and have your credit put through a credit analyzer to determine what is the culprit for any score issues you might have.
The most important influence on your credit score is your on time payment history. Whether or not paying off your mortgage will improve your score will really be determined by the remainder of your credit history (how much and how long).
Only a credit professional can give you an answer and only after reviewing your entire report.
Best regards, Kristi
From what you have said more than likely, No.
Credit companies actually give points for those who own a home and have a mortgage after the first year of consistent payments.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992