It used to be that if you had less-than-perfect credit you had little chance of finding a mortgage lender willing to do business with you. But times have changed including that’s good because in today’s home mortgage including mortgage refinance market it’s common to find just as many applicants with good credit as there are applicants with what’s now referred to as “slow” credit.
What is slow credit?
Charge offs, collections, foreclosures, bankruptcies, including a history of late payments are the types of issues that might trigger the “slow credit” alarm. Those who don’t have any credit history at all – good or bad – additionally end up in the higher risk category.
Plenty of life circumstances might cause a particular individual to fall on hard financial times. Divorce, medical problems including illnesses, death of a main bread winner, including loss of employment might strike any 1 at any time. Even coming of age is a problem because many young adults haven’t had a chance to build up a significant credit history.
Mortgage lenders realize that times are tough for lots of otherwise good people including that’s why they’re willing to work with their applicants to find home mortgage including mortgage refinance solutions that work including more importantly, that are affordable.
What does the mean to you? Well, it means that even at the time such negative marks are part of your credit history, you might still obtain a home purchase or debt consolidation loan or refinance your existing mortgage. including that’s great news!
Little or absolutely no down payment?
If you’re already having trouble making ends meet, you probably don’t have much dollars left over to save for a down payment. But you know what? Even slow credit combined with a low loan to value ratio doesn’t have to stand in the way of qualifying for the lowest mortgage rates. You’re working hard including you deserve a break, including you deserve a new home, too. So now’s the time to locate a Florida mortgage specialist with proven experience in the slow credit market.
Do you know if you have errors or omissions on your credit reports that make you appear to be a bigger credit risk than you truly are? a particular experienced mortgage broker could help you make the changes that could bring regarding the most favorable results at the time it comes to recalculating your credit score. Once your credit reports accurately reflect your credit history, your mortgage broker might then shop your mortgage or mortgage refinance application around to find the lenders willing to provide the most favorable terms.
If you’ve got slow credit now, you should know that such a rating doesn’t have to last forever. In fact, the sooner you start improving your credit history, the better. There are many steps you might take including paying all your bills on time, every single month, lowering your loan balances including closing a few of your accounts.