Refinance Advice

Bad Credit Issues

Oftentimes, first time home buyers, or even people who have owned their home for many years, find that because of unintended circumstances, their credit has deteriorated and their credit score is good enough to qualify for a new loan but so low that they are forced to accept an interest rate that is higher than the best rates available. When this happens, an experienced loan person will probably explain several strategies to best fit that customer's unique goals and needs.

Regardless of which strategy the buyer chooses, at some future point, if they maintain a good record of paying their bills on time, correct any collections or liens, etc. their credit score will improve.

When those who can document their income have reached a credit score of over 620 points and when those who must state their income (see stated vs. full documentation) have reached a score of over 680 points, they will be ready to seek the best rates available in the marketplace.