Foreclosure Strategies
May 10 2018
The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure laws... [Read More...]
November 29, 2013 By
Mortgage Rejection Rate
There is currently a 30% rejection rate by financial institutions for those individuals applying for a mortgage. When you take into consideration the housing market has been improving in the United States, and foreclosure rates have been going down in most metropolitan areas, a 30% rejection rate is very high.
So what do you do if you do not have a 740 or above credit score? You can still obtain a mortgage. However, you will most likely have to pay a higher interest rate for the mortgage.
Credit Reports
Before going into the housing market to look for a home to purchase you should check your credit score. You can obtain a copy of your credit report on the internet. Carefully look at your credit report to determine if all the material on your report is accurate. If there are inaccuracies in your credit report contact the credit reporting agency in writing to correct these inaccuracies. Your credit report will also show you the balances on credit lines, personal loans, and credit cards. It will be helpful to bring the balances on your indebtedness down prior to submitting a mortgage application. Banks take into consideration all of your overall debt when they underwrite a mortgage.