Fix Your Credit Score Quickly to Qualify for a Mortgage Loan
This BLOG on Fix Your Credit Score Quickly to Qualify for a Mortgage Loan Was UPDATED by Bill Burg on December, 29th, 2017
To quality for any mortgage loan program there is a minimum credit score requirement that the lender requires If you apply for a lender with “No Bank Overlays” it will be lower. However, it is to your advantage have your credit scores as high as possible prior to applying for a mortgage. The simple reason, the higher the credit score, the lower your mortgage interest rates will be. A few points equal thousands or possibly tens of thousands of dollars over the length of your loan.
The following are the current guidelines and each minimum credit score required.
This may be the most important thing to know about lenders and credit score requirements. The proceeding is the bare minimum middle credit score requirements. Most lenders will have additional lender overlays on credit score requirements and other added requirements, so even if you qualify and are higher than the scores listed above, you still may be turned down. Mortgageledingplace.com and USA Mortgage have no additional bank overlays on conventional and/or government home loans, so we just provide loans based on the above minimum credit score mortgage guidelines. It is still true, the higher your scores are the better you interest rate, but we say yes, more often.
Boost Credit Score Instantly: How to Fix Credit Fast to Buy a House
One of the questions I am asked constantly is how to fix credit fast to buy a house. If you have several credit cards with high credit balances (over 10-30% of the total available balance) you can easily and quickly improve your credit by paying down the existing credit card balances.
Secured Credit Cards for Borrowers with Bad Credit Can Boost Credit Scores Instantly and Help with Mortgage Ready Credit Repair
There are many cases is which you pay your bills on time and you are told you have bad credit. The answer is usually prior bad credit, no credit, or not enough credit. This may be the only reason for no or low credit scores. The go to quick fix in these situations is to get one to three secured credit cards.
Quick Credit Score Fixes to Qualify for Mortgage: A Zero Credit Balance Adds Zero Points to Your Mortgage Ready Credit Repair
Credit Cards and Secured credit card are the easiest, and fastest Quick Credit Score Fixes to Qualify for Mortgage. To maximize you points each month on your credit reports, optimize each item in your credit report.
The reasons why are:
Getting Added as Authorized User on A Credit Card: Make Sure It Has a Perfect History.
Your History can be their history by being added to another person’s credit card as an authorized user, it will only help you if:
I would recommend as soon as you can, and you have secured the loan, have yourself taken off the credit cards. Your credit score can plummet if the authorized user does not maintain his perfect credit history and co-existing credit score. As soon as possible or as needed, have the main user remove you as authorized user. This will increase credit scores, minimize your long-term risk and most likely make the other person feel better about your relationship. Don’t forget them at their Birthday and Christmas, they may have been the answer to your Mortgage Ready Credit Repair.
We specialize in helping mortgage loan borrowers who have problem credit or poor credit scores quality for mortgage loans. If you are thingk about purchasing a new home, but have poor credit scores and want to improve. Contact Bill at 941-444-0010 or text Bill Burg on his cell phone for a faster response. You can also email us at email@example.com or even start your application at mortgagelendingplace.com.
Bill Burg is a 3-time Author in teaching other about the Financial and Real Estate Business. He is an experienced Senior Mortgage Loan Officer with USA Mortgage and USA Mortgage is one of the few banks that has a business model of success without adding Bank Overlays. Overall, he has invested the last 13 years helping hundreds of families and investors achieve the dream of home ownership.
Bill Burg at Mortgagelendingplace.com and USA Mortgage NMLS# 1647508