Credit Repair For Mortgage Approval With Best Rates
In this blog, we will cover and discuss hiring credit repair for mortgage repair. Many people planning on buying a home decide to take action by hiring credit repair for mortgage approval. Hiring credit repair for mortgage approval is not recommended. Credit repair companies can do more damage than good when it comes to fixing your credit so you can qualify for a mortgage.
The team at Non-QM Mortgage Brokers, Inc. are experts in helping borrowers re-establishing their credit and maximizing your credit scores at no cost. Loan officers cannot legally charge for credit repair and be the client’s loan officers as well. By the end of this blog, you will realize the ins and outs of credit repair and how to rebuild and maximize your credit scores at zero costs.
Can Credit Repair Companies Raise Your Credit Scores?
Paying for credit repair is a waste of money. Whatever a credit repair company can you, you can do it yourself . How can Non-QM Mortgage Brokers increase people’s credit scores? Non-QM Mortgage Brokers is not a credit repair company. Non-QM Mortgage Brokers are mortgage brokers licensed in 38 states including the District of Columbia, Puerto Rico, and the U.S. Virgin Islands (Not yet licensed in NY and MA).
Over 80% of our clients are borrowers who could not qualify at other mortgage companies due to lender overlays or because the lender did not have the mortgage loan option they were looking for. The team at Non-QM Mortgage Brokers help borrowers with credit repair for a mortgage and gets them the best mortgage rates at no cost. Non-QM Mortgage Brokers has a national reputation for being able to do mortgage loans other lenders cannot do.
How Can Non-QM Mortgage Brokers Help With Credit Repair For Mortgage Approval?
Non-QM Mortgage Brokers has a not-for-profit financial resource digital media news service where the staff needs to be voted in as members to become an associate contributing editor. Only experts in their respective fields become who become authors of technical publish blogs, newsletters, and comments.
Non-QM Mortgage Brokers powered by NEXA Mortgage, LLC is a mortgage broker licensed in 48 states and we do not charge for bad credit repair. Our service to help borrowers rebuild, reestablish credit, and boost credit scores is so the client can qualify for a mortgage at the lowest pricing when locking their rates. The team at Non-QM Mortgage Brokers are experts in helping homebuyers qualify for a mortgage. With historically high mortgage rates, if you do not have higher credit scores, you may be required discount points.
Do Higher Credit Scores Get You Low Mortgage Rates?
Higher credit scores mean lower mortgage rates. It is best recommended you try to maximize your credit scores before applying for a mortgage. The services of your loan officer at Non-QM Mortgage Brokers, Inc are at zero cost. The loan officer will help you maximize your credit scores so you can prepare for a mortgage.
Not only will the expert mortgage professionals boost your credit scores for the best possible rate you can achieve, but they can also help rebuild your credit. There is no charge for a credit repair consultation. Most of the expert advice is on this informational website. There is no need for you to hire a credit repair company. Whatever a credit repair company can you, you will be able to do it yourself and save money.
How Can You Increase Credit Scores Fast To Qualify For Mortgage
Many renters do not realize that you can qualify for a mortgage loan with credit scores as low as 500 FICO. Homebuyers with only a 3.5% down payment do not have to worry about closing costs in most cases. The team at Non-QM Mortgage Brokers are experts in helping buyers’ closing costs can be paid by a seller concession or a lender credit.
Non-QM Mortgage Brokers will advise homebuyers not to hire any credit repair company or dispute any information they cannot prove is not yours. Non-QM Mortgage Brokers does not market to the public consumer. It is absolutely zero dollars for any type of consultation from our agents. No member of a mortgage broker, banker, or other financial institution should ever charge a fee for a credit report for a mortgage.
Who Can Help Me With Credit Repair For Mortgage Approval?
If you are intending on purchasing a home, one of the first things you need to do is contact a mortgage loan originator. The loan officer will qualify you and run your credit. You can go over your credit report, credit history, and credit scores with the loan officer. See if credit repair or a credit boost is required. You can get an FHA loan with bad credit. If you want an FHA loan with only a 3.5% down payment on your home purchase, you need a minimum credit score of 580 FICO.
Not all cases are like the example we used but cases like this happen often. Credit may be necessary for those homebuyers who have very low credit, no credit, or recent late payments. The team at Non-QM Mortgage Brokers can help those who have credit scores under 580 FICO boost their credit scores to over 580 FICO so they can qualify for a home loan. One thing about credit scores is that it fluctuates from month to month and can easily be boosted by using some tricks of the trade.
Property Tax Prorations Can Be Used For Down Payment
In Chicago, all property taxes are paid in arrears, which means that the seller needs to give the home buyer a property tax proration. The home buyer is due one year’s property taxes from the home seller and this property tax can be used towards the down payment.
For example, say a renter with a 580 FICO credit score wants to make an offer to purchase a $100,000 home through an FHA-insured mortgage loan. Let’s assume that the closing costs are $3,000 which includes escrows, one year of homeowners insurance, title charges, recording charges, attorneys fees, and other closing cost fees.
Closing Costs Paid by Seller Concessions or Lender Credit
The home buyer does not need to worry about closing costs because the seller contributed to all of the home buyers closing costs. Now, the home buyer will need to show 3.5% of the purchase price which is $3,500.
The down payment needs to be verified and sourced or the down payment can be gifted by a family member.
Property Tax Prorations For Down Payment
Let’s say that the home buyer gets a property tax proration of $4,000. The homebuyer can use the $4,000 towards the $3,500 down payment required for his or her home purchase.
In this case scenario, the home buyer will walk away with the keys to the home and receive a $500 check from the title company back at closing. In this case scenario, the home buyer walked out with no money out of pocket and got money back, and is a homeowner.
FHA Loans For Bad Credit
If your credit scores are below 580 FICO, there may be a reason for the low score that you can easily boost up. Having no credit tradelines will yield a low credit score, having recent late payments will yield a low score, having too many inquiries will yield a low credit score, and having high credit balances will yield a low credit score. You can go to Chicago fraud credit and read more about Chicago city credit repair fraud.
Can You Qualify For Mortgage With No Credit Scores?
No credit is the same as bad credit. If you have no credit, the chances are that you will have a lower credit score. To correct this issue and have your credit scores boosted right away is to add your name as an authorized user on a family member’s credit card.
Get three to three secured credit cards. Each secured credit card can boost your credit scores by at least 20 or more points depending on how low your credit scores are.
Can You Qualify For a Mortgage With Recent Late Payments?
One recent late payment can plummet your credit score by 50 or more FICO points. If you just have been late on one credit payment, contact your creditor and ask if they can delete the late payment from your credit report as a one-time courtesy. Most creditors will remove a one-time late payment as a courtesy to their valued customers.
If the representative does not budge on the request, ask to speak to a supervisor. Your credit scores will eventually improve over time with a late payment but if you need to improve it faster, you should add positive credit to offset the credit score drop from the recent late payment. This is done by getting a few secured credit cards.
Lower Credit Utilization Ratio For Best Credit Repair For Mortgage
If you have high credit card balances or balances that are maxed out to your credit card limit, this will definitely drop your credit scores. If you pay down your credit card balances to 5% of your credit card limit, your credit scores will skyrocket.. Do not apply for new credit unless you absolutely have. Each hard credit inquiry will drop your credit scores by 5 plus points.
Renters Can Own For The Same Amount Paying Rent
For borrowers with poor credit or low credit scores, bad credit Chicago advises you to pay down the balance to a 10% utilization ratio. Bad credit Chicago advises on what to do to maximize your credit scores so you get priced at the lowest rates possible.
There are many cases where home buyers who buy a home, have their mortgage payments either the same or lower than the amount they pay for rent
Non-Qm Mortgage Brokers Mortgage Homebuyers Boost Credit Scores
Housing rentals in Chicago are extremely expensive and many first-time homebuyers who are currently renting do not realize that with the amount they are paying for rent, they can actually own a home and enjoy the many benefits of homeownership such as building equity and writing off their mortgage interest.
If you need a free analysis of your housing payment and see if you qualify, please contact me at 800-900-8569 or email us at gcho@gustancho.com. There is no cost to going through bad credit. Do not hire any credit repair companies. Bad credit Chicago is not a credit repair company. Bad credit repair Chicago is a service the team at Non-QM Mortgage Brokers provides to qualified borrowers who cannot get pre-approved due to one or several credit issues.
