Why does it matter who you chose to close the sale of your home?- A lot of people don't know this, but title companies play a vital role in the sale of a home. A title company
Repairing Your Credit To Prepare For A Home Purchase 4 Of 4
Adding Tradelines and Rapid Re-scores
There are a few tricks that most lenders have to help you get a mortgage loan when you have some credit issues.
The first thing lenders can do is to request a "tradeline" to be added to your credit. A tradeline can include local utilities, cellular providers, insurance companies etc. This can show a good payment history when one is lacking. It is important to note that doing this will only affect your ability to get this mortgage. This will not be added to or affect your actual credit report with each of the three bureaus.
The other thing that lenders can do is a "Rapid Re-score". This is especially useful when you have a credit score just below what you need to qualify and you have something on your credit that is incorrect. For instance if you had a lien incorrectly placed on your credit and you have disputed it with each of the bureaus your lender can then order a "Rapid Re-score" to quickly adjust your credit score.
Be aware that both of these options may have a small fee attached to them. That fee can be anywhere from $10 to $60 per item. It can be a priceless option though when trying to qualify for your dream home.
Ultimately, if you are looking to purchase a home in the next 3 to 6 months THE FIRST thing you should do is contact a highly qualified lender to pull your credit and walk you through what you should do and when to be in a position to purchase when you are ready.
There are a ton of loan officers out there and it really does matter who you choose. Don't wait any longer contact me today! I am here to help you become a proud home owner!
Regina McKinney is dual licensed, meaning she holds real estate licenses in both New Mexico and Arizona and she actively works in both markets. She is an "outside-the-box" thinker with her finger on t....