Are Your Credit Problems Holding You Back From Qualifying for A Home Loan?
Mortgage companies base home loan qualification on your credit score.
If you do qualify, the interest rate will be based on your credit score. In general, the lower the score, the higher your interest rate will be. This is really important to consider when you’re working t qualify for a home loan.
The impact of credit problems is magnified when you go to buy a home.
For instance, a 578 credit score versus a 601 credit score may be the difference in qualifying or being forced to spend tens of thousands of dollars on rent.
Under 720 Credit Score – An Example
Similarly, a credit score of 698 versus a credit score of 742 is huge. It may not seem like that much of a difference, but there is a break point in credit score right around the 720 mark. It could mean the difference in payment of $600 per month. That is $7,200 per year. And remember, that is after tax money. So, you need to make roughly $10,000 per year to make that difference in payment. For 30 years!!! That is a $300,000 difference over the lifetime of the loan, simply due to a 44 point (742-698=44) credit score difference.
Credit Repair Companies May Actually Hurt Your Efforts To Qualify For Your Dream Home?
Yep. To qualify for a home loan, many people rely on expensive monthly payments to a credit repair company. They do this in the hopes they will arrive at the promised land of home loan qualification. While there are a few services out there that can help, many of them focus on dragging out the process so that they can keep charging you monthly. On top of that, they are not approaching the credit repair situation from the standpoint of home loan preparation. Many of these so-called credit repair companies are sending frivolous dispute letters to the credit bureaus. Frivolous claims often say that legitimate items do not belong to you. These credit repair companies also often ignore the things they should be focused on when attempting to help you qualify for a home loan.
We have made it our mission since 2004 to provide consumers with the most cutting-edge approach to credit improvement with a focus on home loan preparation. A home loan is the biggest and most important, potentially life-changing, purchase most folks will make in their lifetime. That said, going into the process with the most optimal credit report and credit score is key.
In case you haven’t yet, here’s how you get started.
Tap or click here to get your $1 credit report.
We’ll need it to do your credit analysis.
This is for a $1 seven day trial.
You can cancel it in the first seven days if you want, but we need this as a first step, in order to help you.
You will get a login and password for IdentityIQ, when you set up your $1 trial.
Go to this page on TheCreditMovement.com.
Share your username/password for IdentityIQ in the form on the page.
We are here to help you buy a home. We will introduce you to a lender once you will qualify for the loan you want.