It has been a tough year or two for many, so this letter is for those that have had financial difficulties or anyone that knows someone who went through a financial hardship. That should include just about everyone.
As a mortgage broker, my primary job is to help clients buy a home or refinance one when the interest rates go down. But with the disastrous impact the economy has had on so many people’s credit, my job is getting pretty difficult. After all, how can you refinance or buy if your credit is messed up?
Let’s look at the things that may have impacted your credit (or the credit of someone you know).
- A modification. When they came out they weren’t supposed to hurt credit, but the guidelines changed and now it looks as bad as a foreclosure to a new lender.
- Bankruptcy. Let’s face it. Times have been hard on a lot of people. Bankruptcy may have been the only choice.
- Foreclosure or short sale. These are the same as far as getting a new loan goes. They both require a few years of “seasoning” before you can get a loan.
So how does someone buy a home today if they have these problems on their credit profile? You have to know the process to get your credit cleaned up. It is best if you can start it today, by understanding the underwriting guidelines and start shaping your credit profile now.
Don’t rely on luck to see if you qualify for a loan in a year or two. With a little guidance, you will be able to know what to expect and when you will be able to qualify for a loan.
The following website is something I am building to help individuals improve their credit so they can buy a home again (or for the first time). It is free and no obligation to use it.
Why would I do this for nothing? Truth be told, I am looking down the road a little and trying to build a client database that will use me for a loan when it comes time. Hoping that by helping out today, I will have a long list of clients that want to get a loan, and I am the first person they call.
What to expect.
First of all, let me reiterate that it is free. No sign up required, no credit cards, just totally free with no obligation. But what you will find on the site is:
- Is a Free Credit Score worth anything? Or do you need to pay for one?
- Who to contact for professional help – in regards to getting credit repaired. Are credit repair companies reputable?
- The best way to rebuild your credit - if you have damaged credit, rebuilding is essential.
- Plus a general knowledge of what to expect for time frames for being able to complete each step.
Now there are paid services on this site that you can sign up for, but everything listed is available for you to do for free. The paid services are if you want to hire someone to do it for you. These services are companies that I worked with on other clients, so I have seen what they can do for you.
So just get the knowledge and then start working on getting the great credit needed to buy a home (or refinance) as soon as possible.
I hope you enjoy the site. Your feedback is welcome. Please, provide constructive criticism only. I would like to make this a great resource for hopeful homeowners.