Wednesday, June 28, 2006

Mortgage Brokers: A Helping Hand

Your credit report is usually the most significant of all qualifying aspects that investors and lenders look at when deciding whether or not to approve your loan. They especially consider the last to years of your credit history, and the amount you have to put towards a down payment. It is not uncommon for people to have less than perfect credit scores when applying for a mortgage loan. Collection accounts, charge-offs, liens, and especially bankruptcies and foreclosures can be particularly damaging to your FICO score. Fortunately, mortgage companies have programs designed for all credit grades.

If you think your credit history may be standing in the way of you and the purchase of your home, we recommend that you have a credit review with a mortgage consultant. A mortgage consultant will carefully look over your credit history to try to determine what aspects may be holding you back from loan approval, if any, and will also contrive a game plan in helping to resolve any credit issues you may want to address before applying for the actual loan. Many people find that their mortgage loan is not out of reach as they thought it to be.
Your broker should make you aware of the many services available those with credit problems. These services may include credit repair agencies and/or debt consolidation companies. Sometimes a little more cash towards your down payment is all it takes to get you qualified for a great loan program. One way or another, a good mortgage broker will work hard to ensure a positive outcome to your loan position and personal expectations.

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