You hear over and over that before you go out shopping for a new home you should get preapproved. Many people think it is to make sure that you can qualify for the loan program you are looking at based on your income. However today there are so many programs with different rules, guidelines and credit requirements that the income component is just a one part of the equation.
Your credit score and how it affects the different loan programs that are out there is a big part of it as well. Some might say it is the biggest qualifier as it can potentially affect so many parts of the loan. Nothing is worse than thinking you have all your “ducks in a row” only to find out at the last moment a parking ticket you knew nothing about because it blew off your windshield is outstanding against you as a past due collection. Perhaps you did not realize you had a missing a payment you thought made it to your credit card holder in time only to find out they did not apply it on the proper day of receipt. Now you are behind 60 days to them compounding interest and late fees they imposed that can sink your credit scores faster than the Titanic hitting an iceberg.
So what do you do? Well if you start the preapproval process fast enough we can go to your creditors and try to work out an arrangement to have these derogatory items removed. It takes time, documentation and sometimes not willing to take no for an answer but it can be done in a weeks to a few months time. But what is you do not have that kind of time because the perfect home fell into your lap? It is at that time that we can help speed the process along with a Rapid Rescore Request to the bureau(s) in question that are still reporting this information. In short, it is a shortened period that we work with our vendors to deliver to our clients a refreshed score that more accurately depicts your true credit worthiness by using the documentation you provide us to remove the derogatory information from your credit in days, not weeks to months.
This is just one of the many credit repair tools we have at our disposal to try to get you the best possible outcome for your home buying experience. It just happens to be one of the biggest game changers you can do for almost every loan in the market place to get you the best rates and the best underwriting experience.
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