Understanding Traditional vs. Non-Traditional Credit: 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 … Read more
A Higher Credit Score Equals A Lower Mortgage Rate: This is a fact of life when it comes to obtaining a loan; the better your credit the lower your interest rate (up to a point). Some people work really hard at keeping a high credit score and others don’t pay much attention to their credit report unless they’re applying for … Read more
Two Ways You Can Boost Your Credit Score In 2019: 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 … Read more
Average Credit Score: 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. News of this came via a CNBC article (see link below). As most of you know … Read more
The Consumer Financial Protection Bureau (CFPB): 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 … Read more
Per a study by 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 … Read more
Credit Problems: 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 … Read more