Dramatic changes are occurring in the mortgage industry, changes that are making it significantly more difficult to obtain a new mortgage or competitive rate refinance with anything other than the highest of FICO® scores. These changes, compounded by decreasing property values make your FICO score even more critical.
Your credit score is the most important item in determining your loan eligibility, interest rate, and how much you can borrow (loan to value or LTV.) The first step in getting the best mortgage is knowing what’s on your credit report and obtaining your FICO scores. The problem is that consumers no longer have direct access to all of their FICO scores as Experian no longer permits the direct sales of a credit report containing an Experian FICO score to a consumer. The only way to obtain all three of your FICO scores (Experian, Trans Union and Equifax) is through the mortgage process. All sites advertising three credit scores are providing “other” credit score models (often referred to as “FAKO” scores.) Maximizing your credit score so you qualify for the best mortgage possible is challenging as credit scoring is counter-intuitive. Changes that you think will improve your credit score often have the exact opposite effect (click here to see how 1 point can cost you thousands on your next mortgage or refinance.)
The Secret to Getting The Best Mortgage
A Single Phone Call Can Save You Thousands
Choose Your Mortgage Professional Wisely
Don’t make the mistake of choosing a mortgage lender or program without knowing your options. Lenders with access to Credit Technologies advanced rescoring solutions could save you thousands on your mortgage or refinance, or help get you approved when other lenders say no. Here’s a simple example –
“Certain credit cards used by millions of consumers are virtually guaranteed to lower your FICO score, often by 20+ points. This occurs even if you have never had a late payment. Simply having this type of credit card in your purse or wallet can unknowingly cost you thousands on your mortgage or refinance.” Ask your mortgage professional to explain this credit card dilemma to you and determine if your credit score is impacted (the solution is often a single phone call.) If they can’t, you may pay too much for your mortgage or refinance.
Locate Certified Mortgage Professionals in Your Area
Whether you’re looking for a mortgage, or just want a second opinion – We can provide you a free list of certified professionals in your area specially trained to make sure you qualify for the best loan possible. Send us an email, or simply call us at 800.473.1380. All we need is your name, address and an email address to send you a list of mortgage professionals in your area.
Knowledge is The Key
There are usually simple ways to improve your FICO score and save thousands on virtually any loan including your mortgage, refinance – even your auto insurance rates. Learn the magic mortgage numbers.
- Explain your FICO scores, and how they impact your loan
- Explain why your scores differ between the repositories (Experian, Trans Union and Equifax)
- Identify credit score issues and provide a concise, easy to follow plan to quickly improve your scores (often 72 hours or less) enabling you to obtain the best mortgage loan possible.
Please note – Credit Technologies does not release your information to any third party. We instead provide you contact information for mortgage professionals in your area that are certified through Credit Technologies and have access to our mortgage credit rescoring technologies.
If you’re already working with a broker or lender that does not have access to Credit Technologies, have your mortgage professional call 800.445.4922 – we’ll work with your chosen professional to get you the best loan available.