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Evesham Twp and South Jersey- I have bad credit but need to refinance what should I do?

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Mortgage and Lending with Village Home Mortgage

 

Many Americans find themselves in a similar position today.  They have a mortgage payment that is either too high because of a loss in gross income or because their mortgage adjusted and thus their rate has increased. While some of these people have been able to refinance or purchase because they have maintained their credit, many others have seen their bills overwhelm them and thus have lowered their credit scores below the acceptable mark.  What can one do to make things better for themselves financially?

1.  The first thing to do is seek help from a credit specialist.  I work directly with a company whom I connect applicants with poor credit to through a conference call.  While credit specialists charge a small fee for their services, these fees are warranted by the results they achieve for their customers.  If you refuse to try to fix your credit, then you have no one to blame but yourself.  Credit specialists will work directly with the credit bureaus and will remove any erroneous credit issues or potentially some blemishes that are legitimate.  They are experts in the field and can work much more efficiently towards improved scores than you and I can.

2.  While your credit repair specialist is working on your credit report, you should be also looking to add positive lines of credit to your profile.  This can be done by obtaining credit cards, possibly secured cards that are paid for upfront and are given to those with any credit score. 

3.  Making sure all your bills are paid on time.  If you cannot pay a bill, do not simply ignore it.  It will not go away.  Call the company that you owe and try to work something out with them.  Many others are in the same shoes and many companies are willing to work with you before they hit your report with blemishes. Simply put, people that ignore bills cannot expect to get mortgage approvals.  Would you lend a large sum of money to someone that shows a history of not paying other bills?

4.  Develop a relationship with an honest mortgage consultant that will answer your calls, return your calls in a timely fashion, and will have you ready to go once the credit specialist gets your scores up.  Do not settle for a bank that does not return your calls and is of little help other than trying to earn your business once scores are up.

5. Get approved and close on your loan.

It may be intimidating or frustrating at first to tackle these issues, but trust me getting that credit fixed is the only option you have if you ever want a home loan.  The qualification standards have been raised and there will never be loans given to those with poor credit again.

Contact me if I can be of assistance to you in anything mentioned above.

 

 

 

 

 

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