Go into the mortgage process prepared!
You want to buy a home either because you need more space for your family or you’re tired of wasting money renting something you will never own. The problem is you are scared to apply because you have a low credit score.
FACTS ABOUT MORTGAGE LOAN APPROVALS:
Most consumers under a 620 credit score get declined
Besides score, negative markings and accounts on your report can cause a declined application
If you get approved with a score under 620 your interest rate will be a lot higher
Your credit is an issue that must be addressed before you go in to apply for a home. If you never fix it you will be stuck renting for the rest of your life. If you do get approved for your home with a low score your interest rate on the home will be higher.
A difference of 1% on a mortgage interest rate can increase your monthly payment by $100-$200 depending on the amount of the loan.
You will pay that extra money for 30 YEARS!
If you want a home but have bad credit and SERIOUSLY want to take the next step call us for an appointment today.
William Frazier
NACC Certified Credit Counsilor
Clean Slate Credit
