Credit

Getting Mortgage Approval After Loan Modification

Many homeowners faced financial hardships during the recession. Loan modifications were and still are a  way for homeowners to hold on to their home instead of losing it in foreclosure. If you are in the middle of a home modification or have had an approved modification you may be wondering what will happen if you want to move to a new home. Here is what to expect when you are in a modification and searching for a new home and home loan. The loan modification is a change from the original terms of a mortgage that resulted in the restructuring of [...]

Understanding Debt and What Your Options Are

Debts: Understanding Your Options and How You Could Benefit from Freedom Financial Are you drowning deep in debt? Well, it's a fact that a lot of us—at some point in our lives—find ourselves financially indebted to someone. The sad truth is that debt repayment is not as easy as borrowing the money in the first place. That's why a huge percentage of borrowers often end up defaulting on loans which cause more and more people to lose their flawless credit scores as time goes by. Having financial struggles is not something to be ashamed of, but the steps you take toward [...]

How Can I Raise My Credit Score Quickly?

If you search for quick fix credit repair on the Internet you're likely to get thousands of responses but surprisingly, it's not that quick to actually do the job. I get this question a lot and that's not surprising at all because most people want to improve their credit score in order to get a lower rate on a home loan, refinance or home equity line of credit. But is there any real way that you can fix your credit score or report fast? There are options for those that need fast credit score improvement such as rapid rescoring. This [...]

Can I Buy a House with Poor Credit?

Maybe 2017 is the year you buy a house. They could happen! You've been wanting it for some time but you've also been struggling with poor credit or a bad credit score. Maybe that pork credit score came from an ex-spouse or someone else that may have damaged your credit history or report. Maybe you've been trying to get it back where it should be over the last few months and now you'd like to look into the possibility of owning your own house. Many people think that if they have poor or bad credit homeownership is simply not even [...]

How to Buy a House When Your Partner Has Bad Credit

Oh my, you know it. You spouse or partner has racked up too much credit card debt and his or her credit score is in the toilet. But now you want to make the ultimate purchase together and you're afraid their credit will harm your chances or cause you to get poorer terms. So, what can you do? First, you need to determine if you even need their income to qualify. If you don't, you can always add them to the title once the mortgage closes. But you need to know that they will be obligated to the mortgage as [...]

How Long Does it Take to Increase My Credit Score?

This is a common question. And it all depends on where you're starting from. If you've faced a foreclosure, short sale or bankruptcy in the past 12 months, your credit score probably needs some serious repair, and this can be done, but it will take some discipline and time.  If you have 2-3 years, you should be able to not only repair your credit score but your overall credit in general. Rebuilding your credit does take time but with good payment history, paying things on time and establishing an abundance of credit, in general, will naturally increase your score. I recently had [...]

Can I Still Buy a Home With Bad Credit?

Bad credit. It can follow you around for years, even after you've done everything possible to correct certain mistakes, errors, or even lapses in judgment. We've all done it! Put something on credit when we know we should have held off or missed a payment or two. But what if you want to buy a house? You might be a responsible bill payer paid your mortgage on time for years so just because you had some hiccups in your credit history, doesn't mean you have to let go of those dreams of ever being a homeowner? I talk to potential homebuyers [...]

Foreclosure or Short Sale- What is Worse For Your Credit Score

Since the economy took a downturn in 2008/2009 there are still a larger number of homeowners who are underwater on their home loans meaning they owe more on their mortgage than their home is currently worth. This has lead homeowners to wonder what will happen to their credit should they put their home up for short sale or face a foreclosure. This is good information to know because both of these things can end up on your credit report for seven years making your decision about a short sale or foreclosure a very important one. A loan in foreclosure will [...]

FREE CREDIT REPORT

FREE CREDIT REPORT Looking for an insight into your credit score before applying for a mortgage? Don’t forget to take advantage of three free credit reports each year. Free? Yes, FREE! Each of the three nationwide consumer reporting agencies (CRAs) — Equifax, Experian and TransUnion — are required to deliver a free credit report to you each year at your request. What’s in the report? Your credit report contains the data used to calculate your credit score — the score itself is not included in the report. The information in a credit report is made available to lenders, insurance companies, landlords and employers investigating your [...]

Getting a Home Loan with Bad Credit – How long to wait?

Below are the newest guidelines for Fannie Mae and Freddie Mac (Conventional Loans) which show how long you would have to wait to get a home loan after a "Bad Credit" event.  Conventional loans are typically the best rates and terms available. There are other options if you don't fit the rules below. Call me with your scenario. I can help!  949 -600-0944 Waiting Periods to get a Home Loan with Derogatory Credit  (Effective September 2015) FANNIE MAE FREDDIE MAC Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances Waiting Period Requirements Waiting Period with Extenuating Circumstances Bankruptcy Chapter 7 or 11 4 years 2 years Defined by Loan Prospector [...]

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