Tag Archive for: credit score

Short-Term Credit Repair Can Lower Rate 1%! It’s Free and Easy

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We always offer free credit repair to borrowers whenever we see the potential for obvious “fixes” on a credit report. To be clear, increasing a score by 140 points is a big reach, but we do often increase scores by as much as 60 points – and that can still result in a rate that is as much as 1/2% lower. We use credit repair software to run “what if” scenarios, and then advise borrowers on what to pay off or how to shift balances. Borrowers don’t usually have to pay off entire balances either, but instead need to simply pay them down to optimal levels.Read More

How to Get a Mortgage as a Self-Employed Person with 1 Year of Income

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Absolutely! While there are certain nuances that can make purchasing a home slightly more challenging for self-employed individuals to obtain a mortgage compared to traditionally employed individuals, it’s definitely possible. Lenders typically assess your financial stability and ability to repay the loan. The key lies in demonstrating your income and financial health convincingly.Read More

How To Improve Your Credit Score For A Better Mortgage

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Are you considering stepping into the world of homeownership, but you’re unsure how your credit score might affect your journey? Perhaps you’re wondering, “How can I improve my credit score?” […]Read More

How to Fix Your Credit to Get a Mortgage

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Are you looking to buy a home but concerned about your credit? Don't worry. We have a comprehensive guide to help you fix your credit!Read More

Minimum Number of Tradelines & Why We Have To Pull Credit

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Buyers often come to us and say something like this: “I have a 780 credit score; I make $275,000 per year; and I want to put $500,000 down against a […]Read More

In Defense of FHA! Misconceptions Persist!

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FHA financing is ideal for first-time homebuyers or borrowers with low credit and limited savings. FHA loans have lower rates than conforming (Fannie/Freddie) loans. This is especially the case for borrowers with low credit scores (under 680).Read More

“Private” Mortgage Insurance vs. FHA Mortgage Insurance – Huge Difference!

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I recently blogged about three options to eliminate Private Mortgage Insurance (PMI), and I received several notes asking why I did not mention FHA Mortgage Insurance. By the way, I […]Read More

How Credit Scores Affect Mortgage Rates; Real World Examples

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We recently had an agent scream at us (yes, scream) because of the rate we quoted to her client. Our rates of course are notoriously low and we also are not allowed to quote different rates to different clients. As I remind readers often in this blog, there is "no one interest rate for every borrower" because there are so many factors that influence every borrower's rate.Read More

What Credit Score Do I Need To Buy A Home?

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When looking to buy a home, many will ask themselves, "what credit score do I need?" This will depend on the type of mortgage loan you're applying for as well as the mortgage lender you work with. Even if you do not have perfect credit, or in fact, have a poor credit score, it's still possible to get a home loan.Read More

Credit Inquiries – Way Too Much Concern

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On Friday, I blogged about the difference between consumer credit scores and mortgage credit scores: Does Credit Karma Lie To You? In that blog I pointed out why we need […]Read More

Does Credit Karma Lie To You?

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After my wife Heejin and I moved to Texas, Credit Karma sent me an email with this subject line: “You’re making moves, Jay. Literally.” It reminded me of the Police […]Read More

What Credit Score Is Needed To Refinance A House?

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Credit scores play a significant role in determining what mortgage rate you qualify for when refinancing. There is no "one interest rate" that lenders quote each day because of the many factors that affect individual rates. Credit scores can drastically change the rate that lenders are able to quote borrowers for refinances.Read More

Understanding Your Credit Score And How To Improve It

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There are many components to your individual financial profile that lenders assess when examining a mortgage application. One of the most important is your credit score. A question for many first-time homebuyers is, what is a good credit score? And how can you improve it?Read More

Can I Still Get A Home Loan With A Low Credit Score?

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A critical factor that influences a person's eligibility for a mortgage is their credit score. But what if you have a low credit score? Are you not going to qualify for a loan? This is a widespread concern among homebuyers with low credit scores. However, it's also a tough question to answer because every loan scenario is unique. Here's an overview of how your credit score affects your home loan application.Read More