How Can A Qualified Mortgage Consultant Help Boost Your Credit Scores? -

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How Can A Qualified Mortgage Consultant Help Boost Your Credit Scores?

How Can A Qualified Mortgage Consultant Help Boost Your Credit Scores?

Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.

Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it's safe to assume that as the consumer's credit score goes down, interest rates will go up.

A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.

Loans designed for consumers with less-than-perfect credit ? sometimes referred to as "sub-prime" ? can range anywhere from A-minus, B-paper, C-paper or D-paper loans.

If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.

A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.

Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.

There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You'll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.

Once your credit score improves, it's time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.

This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.

Jansen Drake is affiliated with 1st Metropolitan Mortgage, A Georgia Residential Mortgage Licensee 15506. For free consultation and a copy of The Certified Guide to Credit Scoring, call Jansen at 678-388-1755 or go to http://www.catquickloans.com

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada.com/saskatoonstarphoenix/news/business/story.html%3Fid%3Dc8037ce2-73c6-4248-8d76-e3b2296d5c5bcid=1255294289ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNGdCuCgh_P_WENhR_wcagKWngJKDAimg src=http://news.google.com/news?imgefp=edJuOkiVPZQJimgurl=a123.g.akamai.net/f/123/12465/1d/media.canada.com/reuters/olcabus_iptc/2008-10-05t230305z_01_btre4941pyq00_rtroptp_2_cbusiness-us-markets-oil.jpg%3Fsize%3Dl width=80 height=80 alt= border=1brfont size=-2StarPhoenix/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601091%26sid%3Da2VTTEAnPufw%26refer%3Dindiacid=1255294289ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNHtAHtFe22D8rHwRdpYA6YfxKNckwOil Trades Below $90 on Demand Slump, Worsening bCredit/b Crisis/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr26 minutes ago/nobr/fontbrfont size=-1Global stock markets have plunged as banks freeze bcredit/b lines to investors and companies. ``Demand destruction is prevalent in developed countries with b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada-digital.com/Canada-energy-stocks-slump-on-credit-woes--outlook_8143.aspxcid=1255294289ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNEA6DqGfBzqTJvzgAQJQJJGlhn41ACanada energy stocks slump on bcredit/b woes, outlook/a font size=-1 color=#6f6f6fnobrCanada Digital/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://tvnz.co.nz/view/page/536641/2184351cid=1255294289ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNG1mIU__tewzku4T79FAgwzyrN6xAOil rises on Aust rate cut, Fed move/a font size=-1 color=#6f6f6fnobrTVNZ/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bloomberg.com/apps/news%3Fpid%3D20601082%26sid%3DaBinqMQPhaAs%26refer%3Dcanadacid=1255294289ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNEvkcdMTgh-H2RoFi1yL6FeF6VJtQCrude Oil Falls as Worsening bCredit/b Crisis May Curb Fuel Demand/a font size=-1 color=#6f6f6fnobrBloomberg/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255294289hl=ennobrall 1,505 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://sanantonio.bizjournals.com/albuquerque/stories/2008/10/06/daily4.htmlcid=1253647892ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNE5XZAm3VsXpFv66MPxDIxtK8mU2wFederal solar tax bcredit/b extended/abrfont size=-1font color=#6f6f6fSan Antonio Business Journal,nbsp;TXnbsp;-/font nobr15 hours ago/nobr/fontbrfont size=-1The Solar Electric Power Association expects solar generation to expand significantly thanks to the extension of federal solar tax bcredits/b to utilities. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://cleantechnica.com/2008/10/06/bailing-out-renewable-energy-tax-credits/cid=1253647892ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNGZKfVZroKeXhg9ls7AGc2jqhXF1QBailing Out Renewable Energy Tax bCredits/b/a font size=-1 color=#6f6f6fnobrCleanTechnica/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.cleantech.com/news/3645/itc-passes-now-whatcid=1253647892ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNH7YUEWHOF5igiYAKcm1HUr31DvKQSolar takes stock after tax-bcredit/b battle/a font size=-1 color=#6f6f6fnobrCleantech Group/nobr/font/fontbrfont size=-1a href=http://news.google.com/news?btcid=1f02df4bba78c72bimg src=/images/news_comment_bubble12.gif alt=google news comment class=comment-iconComment bynbsp;Gregory Wetstone/afont size=-1 color=#6f6f6fnbsp;AWEA Sr. Director of Governmental amp; Public Affairs/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.mondaq.com/article.asp%3Farticleid%3D67328cid=1253647892ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNFZdIvlO5XrCqKH9lEKQfWasP8EawnobrMondaq News Alerts (subscription)/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.housingfinance.com/ahf/articles/2008/oct/1008-guest-new-policy.htmlcid=1253647892ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNEoosS-0oa_AsCJo0MF2Ew7g-24ognobrAffordable Housing Finance/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1253647892hl=ennobrall 619 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/markets/2008/10/07/fed-commercial-closer-markets-econ-cx_cg_lal_1007markets38.htmlcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNEayIWIROHR6RXwgr2V6227y2VVDgFed#39;s bCredit/b Tactic Has Small Effect/abrfont size=-1font color=#6f6f6fForbes,nbsp;NYnbsp;-/font nobr2 hours ago/nobr/fontbrfont size=-1Still, a slight uptick in bcredit/b-market yields indicated that some of the natural buyers of commercial paper might be creeping back into the market. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://afp.google.com/article/ALeqM5gEFfPQSG7Sec1SynHAHdfqWwFhVAcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNG96TmTnn7D3FiefkakpmS0ilVvEAFed to buy commercial paper in bid to jump-start bcredit/b/a font size=-1 color=#6f6f6fnobrAFP/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/07/AR2008100700851.html%3Ftid%3Dinformboxcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNHSIyGtzzojtSLQwAqoamwv7cSomAFed Moves to Thaw bCredit/b Markets/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.crikey.com.au/Business/20081008-US-economy-in-free-fall.htmlcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNGC42gh1xbK6QSfRnSiaRDEE6V0qwConsumer bcredit/b numbers show the US economy is in free fall/a font size=-1 color=#6f6f6fnobrCrikey (subscription)/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.pbs.org/newshour/bb/business/july-dec08/creditfix_10-07.htmlcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNFBbJVmGJfaBfL7xHCox2IZc14FgAnobrNewsHour/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/finance/2008/10/07/cme-pimco-treasury-pf-ii-in_pr_1007dividend_inl.htmlcid=1254976631ei=JDjsSJKJI6Te6AOE44nHBgusg=AFQjCNH-l7fU1yl0fkI3XGmlvoGGKElytgnobrForbes/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254976631hl=ennobrall 1,655 news articles/nobr/a/font/div/font/td/tr/table

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