Here we cover how your credit history and credit score affects the mortgage rate you obtain when refinancing your current mortgage or purchasing a new home. Traditional vs. non-traditional credit, how to improve your credit score and important credit report tips.
Do you happen to have “less than perfect credit” or “bad credit”? There are many homeowner’s or potential homeowner’s that don’t have great credit and locating a new mortgage might seem impossible. Just because you have less than perfect or bad credit does not mean you can not obtain a new mortgage. There are many loan programs available to those … Read more
According to news reports, the average national credit score hit 700 for the very first time. Great news for those seeking a new car loan or mortgage since a higher credit score results in lower car loan and mortgage loan rates. As most of you know your credit score is a major factor in personal finances and this should continue … Read more
Most people know that your credit history plays a big role in the approval process when it comes to applying for a mortgage. Wether you are refinancing a current mortgage or purchasing a home, the mortgage lender will review your credit history. There are two broad types of credit that lenders will consider when underwriting a new mortgage application: Traditional … Read more
Recently there has been two new programs introduced to help those that might need help with improving their credit score. The goal of the two programs is to address the consumers that might not have traditional credit (ie credit cards, car loans etc) to show their credit worthiness. Additionally these programs will help those that might have missed some payments … Read more
They are going after credit repair companies that are misrepresenting their ability to repair someone’s credit. In their complaint they are seeking penalties against four credit repair companies totaling $2,000,000.00. The four companies targeted by the CFPB are Prime Credit, IMC Capital, Consumer Credit Consultants and Park View Law. Per A Statement From CFPB Director Richard Cordray: “Today, the bureau … Read more
According to TransUnion – 55% of people shopping for mortgages in the first quarter of 2017 were non-homeowners (renters). This is a 50% jump compared to last year and a 45% jump compared to 2015. Digging deeper in to the study you’ll find that 29% of renters who shopped for a mortgage were millennials, up slightly from the 28% in 2016 … Read more