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Credit Repair

Did banks decline your mortgage request? Don’t wait, call now to fix the problem.

DID THE BANKS DECLINE YOUR MORTGAGE REQUEST? DON’T WAIT CALL NOW!! FIX THE PROBLEM! YOU HAVE TO FIX THIS FAST!

Don’t wait to deal with your credit problems at renewal time or when you are looking to buy a new home… do it before. You can save thousands dollars of your hard earned money.

Wouldn’t it be easier to deal with 2 or three monthly payments instead of 7 or 10 or more?

Ask about our credit rebuild programme which will help rebuild your credit and give you valuable piece of mind.

You may be surprised to know that you can still obtain a mortgage. Whether you’ve had a bankruptcy or your credit is only slightly bruised, you can obtain financing, and get that financing at a much better rate than your credit card interest rate!

Did you know the consequence of a forgotten bill can be thousands of dollars in higher mortgage payments? Why?

Falling behind on a bill, car loan, cell phone account, 407 bills, makes a mortgage lender think you won’t be responsible with the mortgage payments and therefore increasing their risk in giving you a mortgage. How?

How it works for them:

You have a cell phone account with ABC Company. Your phone was lost and the company explains to you that you must pay out the contract. You refuse and ignore the calls and letters and feel it’s not fair. The bill to pay out the contract is $900.00 and it goes into collections.

2 years later you go to refinance your house. Your mortgage rate used to be 2.5% and rates have gone up a little bit to 3.5%, but now your credit score has dropped because of that cell phone issue. In addition, you have to pay that collection off. Because the lender now sees you as a higher risk, they either decline you or your best rate now is 4.5%, instead of that 3.5% that everyone else can get.

Fine you say, but what does that actually mean. Well, on a $ 400,000 mortgage that can mean you are paying an extra $4,000.00/yr or $ 20,000.00 over 5 years to the mortgage company…. (simple interest not amortizing, amortizing is worse!) Why? Over that $900.00 cell bill….That’s an awful lot of money to donate because they believe you are riskier!

Stop donating to them and donate to yourself by applying or calling here:

Lenders have various criteria, but two general rules of thumb are common:

GDS

The gross debt service ratio (GDS) is a debt service measure that financial lenders use as a rule of thumb to give a preliminary assessment about whether a potential borrower is already in too much debt. Receiving a ratio of less than 30%* means that the potential borrower has an acceptable level of debt.

Calculated as:

TDS

A total debt service ratio (TDS) is a debt service measure that financial lenders use as a rule of thumb when determining the proportion of gross income that is already spent on housing-related and other similar payments. Lenders consider each borrower’s property taxes, credit card balances and other monthly debt obligations, calculate the ratio of income to debt and compare the number to the lender’s benchmark for deciding whether to extend credit. (Less than 40%* is acceptable)

*Varies from lender to lender

Line of credit, car loans, credit cards, and student loans can all impact those numbers and result in a decline.

That three-digit credit score and our credit report can make the difference between being granted a home loan and being rejected out of hand. Why? Because our credit report tells a financial story of us as payers of debt, and it has a long memory.

A low credit score means that you will be charged a much higher interest rate when you apply for a home loan. Additionally, you will be required to contribute a much larger down payment of cash. Finally, if your score is very low, you might simply be denied altogether, although virtually every mortgage company now has special programs designed to help those with bad credit get loans for home purchases.
We see all kinds of credit ratings every day and we have the strategies to help improve and even heal, damaged credit.

You should check your credit with either Trans Union or Equifax annually to ensure its accuracy. If you notice any errors ensure you dispute them as soon as possible. For more information, contact one of the credit bureaus directly at:

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