Mortgage Financing With Less Than Perfect Credit
You are more than a credit score to us
A good credit score has many advantages in finding a home mortgage loan with a low interest rate. In general, the higher your "credit score" (also known as "FICO score") is, the lower your interest rate.
But if your credit score is less than perfect, it is not the end of the world. Here at Mortgage Wizards, Inc., low credit scores are our specialty and we can help you find the correct mortgage loan.
First, let's look at how a credit score is determined.
According to Federal Trade Commission (FTC), your credit score (ranging from 350 to 850) is calculated on the basis of "your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts."
Dozens of similar variables are each given individual points to generate your total credit score, which is like a mini summary of your credit worthiness.
The lenders believe that the higher your score is, the more likely you'll pay back your loan on time without defaulting on it.
You can and should verify your credit score regularly, and especially before applying for a home mortgage or refinancing loan.
According to the federal Fair Credit Reporting Act (FCRA), all credit reporting bureaus like Equifax, Experian and TransUnion have to provide one free credit report per year for all consumers who ask for one.
If you've been rejected for mortgage financing by a bank or any other lending institution due to a "less than perfect" credit score (anything under 680), we can help you.
Mortgage Wizards can help you first of all by looking at your credit report and telling you if there are any valid grounds for demanding a correction and an updated report.
Secondly, we are specialists at niche "nonprime" loan markets that cater to consumers with low credit scores but not necessarily any major delinquency in their payment history. Sometimes even not having enough credit cards, or not having a long enough credit history can lower your credit score.
Even if you have defaulted on your payments or filed for bankruptcy in the near past, we can get the right mortgage loan for your situation. We at Mortgage Wizards Inc. are experts at finding a unique working formula to get you the mortgage financing you need even if you have a sub-600 or sub-500 credit score.
We explore all other alternatives and leave no stone unturned. Perhaps you have inheritance funds, or a big job promotion coming up? If you can document such possibilities beyond any reasonable doubt that would certainly help. Or if you have other assets that you did not mention in your original application, we can work with that too.
These are just some of the many variables that we take into consideration to find a solution for you by shopping around through the dozens of trusted lenders that we do business with on a regular basis.
Your home is your castle and kingdom rolled up in one. We know what it means for you and that's why we are ready to do our very best to marshal our resources and expertise even if your credit score is not "perfect" for one reason or another.
Call us TODAY at (877) 310-FUND for a confidential and free consultation on how we can start serving your financing needs right away.
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