bad credit: Will forbearance hurt my credit score?
- 04/28/20 08:40 AM
Many people are struggling these days. Mortgage forbearance (pausing payments) may seem like the answer. One of the biggest questions people are asking is, will forbearance hurt my credit score? The answer is both no and yes. Per the CARE ACT, lenders are not allowed to report any paused (missed) payments as a late payment on the credit report, so technically no, it shouldnt effect your credit score. BUT, the word forbearance WILL show up as a comment under your mortgage (I've seen it already). Lenders will know, and will be extremely reluctant to lend to you in the near future. Long standing underwriting guidelines … (2 comments)
bad credit: Boosted Credit Scores WON'T Help for a Mortgage
- 12/09/19 08:52 AM
Have you seen the advertising by one of the big credit bureau's on how you can boost your credit score. Sounds great, but it appears it isn't going to help anyone get a mortgage loan as much as you might think. Experian recently create an offer where you can self-report tradelines, such as utilized, cell phone, etc, to “boost” your credit score. As a mortgage lender, we are now seeing these reports come through, so we wanted to share with you how Fannie Mae and Freddie Mac deal with theses self reported trade lines, and how lenders will handle them. On your credit report, lenders … (0 comments)
bad credit: Are you making this credit score mistake?
- 10/06/17 10:43 AM
CREDIT SCORE TIPSAre you making this credit score mistake? Many people are. Many people believe that needing to run up credit card balances, then making on time payments or paying it in full each month will build higher credit scores. This is a MYTH! You don’t need to carry a balance or use your card in order to build credit. This pervasive myth usually gets said around a dinner table or past among friends, and of course is all over the internet - but is a terrible piece of advice — especially if you have bad credit to begin with. Carrying a balance says you have credit, need … (1 comments)
bad credit: Reasons why millennials are not buying homes. Truth or myth?
- 07/19/17 09:45 AM
There has been a lot of talk that the reasons why millennials are not buying homes is student loan debt. Is this true or a myth? First, while the purchase numbers for millennials are down, millions of people buy homes every year, including millennials who have student loans. Most of the talk about millennials centers around the inability to purchase a home because of student loan debt makes affording a home impoossible. Studies after study does show that tuition costs are up, and that student loan debt has roughly doubled in the past 10-years. There is also a noticeable decline in homeownership rates … (2 comments)
bad credit: Tips to Improve Your Mortgage Approval and Credit Score
- 07/02/14 04:50 AM
Tips to Improve Your Mortgage Approval and Credit Score Minneapolis, MN: When you are looking to purchase a home, or refinance your exiting home, your credit score is very important. One of the first things your lender will do is check your credit report to assess your creditworthiness. As everyone knows, the better your credit score, the more options you have, and the lower the mortgage interest rates will be available to you.
However, if you have a very bad credit score, it could be causing you to be offered high interest rates on your mortgage that could cost you … (0 comments)
bad credit: Getting a home mortgage loan with bad credit
- 01/21/12 01:32 AM
Can you qualify for a home mortgage loan with bad credit? What’s Your Credit Score? Lenders rely heavily on credit scores as a major determining factor for getting a home mortgage loan. I hate to be so blunt, but lenders DO NOT give home loans to those with bad credit anymore. If you are denied by one lender, contacting 10 more probably won't result in success. What credit score do I need for a home loan? Generally speaking, in today's mortgage world, if your middle credit score is below 640, it is very unlikely that you will qualify for … (3 comments)
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
Many people are struggling these days. Mortgage forbearance (pausing payments) may seem like the answer.
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