So You Want to Get a Mortgage?
Tired of Paying Rent?
What an amazing time to buy a house. Rates are down. Home prices are low, low, low. Wouldn’t it be nice to re-deploy your assets from that monthly rent check to a mortgage payment on a home you can call your own? It can be done. Credit repair can help.
Wow. This is from yesterday’s headlines. Check it out:
“Freddie Mac’s weekly report said the 30-year fixed rate slipped to 4.44% for the week ended Thursday, the lowest since the government-backed lender began tracking the rate in 1971. Last week’s rates stood at 4.49%, and a year ago it was at 5.29%.”
You Are In Charge of Your Credit
It is one of the comforting laws of nature that effect follows cause like day follows night. If you make an effort, something will happen. Your credit is no exception. You have more control over your credit than you know. Credit repair is about regaining that control. It is about self-empowerment, exercising your rights, and putting it all together to clean up your credit report and improve your scores. It does not matter what your credit report looks like today. Credit repair can get you looking good before you know it; good enough to qualify for a mortgage if that is your goal.
Keep the Boat Steady
The only real prerequisite for credit repair is some reasonable semblance of stability. You must have reached the point in your financial life where you can keep up with your current monthly obligations. There is no point to credit repair if new late payments continue to occur. It is helpful to create a budget and start a savings account to provide a cushion in case of unexpected expenses. Now is the time to keep the boat steady.
Prove Yourself to FICO
When a mortgage lender looks at your credit report, the first thing he sees is your FICO score. FICO loves people that know how to borrow money, manage it right, and pay it back on time. If you want FICO to love you (I know you do) then you need to open a couple of new accounts. Secured credit cards are the way to go. They are cheap, easy to open, you will not get denied, and they will get you some serious FICO love. But you have to manage them ever so carefully.
Manage Your Balances
No big news. Make your payments on time and keep your balances down. Here is a credit repair account management tip that might work for you as you prepare for a mortgage. Use your credit cards once a month in situations where you would have paid cash, such as modest recurring expenses like groceries or gas. When you get the bill pay the balance except for ten dollars. Keep the cards active, keep the balances low, but don’t go to zero.
Leave the Clean Up to Us
Who has time to manage the record keeping involved with crafting and sending dispute letters to the credit bureaus? We do! And no one does it better. If you are not already a member of our credit repair program, get started today. We will dig deep and find the issues that need attention. Let us put our uniquely effective credit repair methods to work for you.
8 Responses
what kind of credit do you have to have to even get a mortgage if you want to buy a house?
Hi Eric, If you plan to buy a home and are concerned about your credit you may give us a call to discuss. You may also want to call a friendly local mortgage broker and ask them to pre-qualify you and explain all of the factors (income, assets, down-payment, closing costs, etc) that are involved.
I agree with the part about being tired of paying rent and I keep hearing that bit about it being a great time to buy a house. Do I check my credit first to see what I can afford or how does it work?
Hi Roy, I suggest that you contact a friendly local mortgage broker and ask them to pre-qualify you. That way you will know where you stand. If you need help with your credit that will become clear during your pre-qualification. If that is the case you can join our program and we will help you reach your goal.
Can anyone really get a mortgage? I would like to stop paying rent, but my credit is so bad that I’m afraid to look at it. How long could it take someone like me?
Hi Wanda, Generally speaking, anyone can get a mortgage. It may take time, and some effort on your part as well, but if you are motivated you will reach your goal of home ownership for sure. By the way, we totally understand how difficult it can be to get started (or even look at your credit report). I would encourage you to call us to chat. You can even get your reports and call us for a free initial consultation. I’m sure we can put your mind at ease
You might enjoy this article: How to Prepare for a Mortgage With Credit Repair
I just signed up! I have high hopes. My real goal is to buy a home in the next 2 years. I’m willing to do what ever is needed on my part. I’m wondering how confident you are of helping someone get approved for a mortgage. Thanks in advance!
Hi Natalie, and welcome! Credit repair is a science – and every effect has a cause. Do the right things and you will get the results. We will do our part and once you get rolling you will be given a few manageable home work assignments related to managing your existing debt and rebuilding as necessary. I am 100% confident that you can reach your goal of home ownership within your time frame – subject to any insurmountable obstacles that may be built into lender guidelines. There is no doubt that you will exceed the credit score you need to qualify, but would be smart at this juncture to speak with a mortgage lender to discuss their underwriting requirements. Forewarned is forearmed!