In episode five of “The Peter Dellane Mortgage Show,” we talk about how you can do a credit enhancement to improve your credit score.
In episode five of The Peter Dellane Mortgage Show, we’re focusing on the subject of credit enhancement. Basically, if you don’t quite qualify for the loan program you want to qualify for, you can do a credit enhancement to remedy the situation.
As always, we’ve timestamped the highlights of our latest discussion so you can forward to the points that are most relevant to you:
(0:23) A mortgage credit score will give you the strongest score in the industry because it has the largest amount of collateral tied to it.
(1:50) If you don’t qualify for the program you’re looking to qualify for and need help with your score, you can work with your lender to do a credit enhancement.
(3:52) The credit enhancement process typically has a quick turnaround, and after your score is adjusted, your lender can renegotiate the pricing on your loan to get a better rate during the home buying process.
The credit enhancement process typically has a quick turnaround.
(5:55) Once you’re pre-approved, don’t do anything that would mess with your credit.
(7:33) The two best things you can do to improve your credit are paying your bills on time and the percentage of your total allowable credit available versus how much you’ve used.
(8:23) The biggest compensating factors you can use if your credit score is substandard are your rental history, your reserves, and a larger down payment.
(10:25) Always talk to your lender before making any credit decisions after applying for a loan.
Don’t hesitate to take advantage of this service we offer if you think it can help you. To hear our full discussion about credit enhancements, watch the video above.
As always, if you have any questions for us, feel free to give us a call or send us an email. We would love to hear from you.
11,506 total views, 7 views today