Mortgage Preparation Services
Build My Scores specializes in credit restoration and enhancement, helping people achieve their financial goals without having to run from pillar to post. We collaborate with our referral partners and leverage wide-ranging experience in mortgage prep, to deliver premium mortgage preparation services.
Our deep understanding of federal credit laws, paired with expertise in consumer education, enable us to eradicate all conceivable hurdles that our clients may face throughout the preparation process.
Mortgage Qualification & Credit Score
Maintaining a good credit score is indispensable to mortgage preparation. Financial institutes decide the interest rate of your loans, as well as the premium of your insurance policies, based on your credit score; the higher your credit score, the lower the interest rate on your mortgage.
Most mortgage lenders require that you maintain a minimum credit score of 640. Still, you can qualify with a lower score, based on some mitigating factors, such as purchasing a home in rural area, buying your first home, benefits for veterans, etc. The credit score is an indicator of your ability to meet your payment obligations in future. This is just one aspect of mortgage prep.
People often search for a home when:
- They are financially stable
- Market becomes affordable
- Lending options, including mortgage rates become affordable
- They have saved the required amount for a down payment
- Their credit scores have improved
Easy online access to extensive information on mortgage overwhelms many homebuyers. But making a decision based on half-baked knowledge is always prone to backfire. This is where the mortgage preparation specialists at Build My Scores can make a difference. Our professionals ensure your credit score is high enough to qualify you for a low mortgage interest rate.
How We Improve Your Credit Score
We not only fix inaccuracies in your credit report that may have an adverse impact on your credit score, but also advise you on how to enhance it further. Maintaining a good score may not be as easy as it seems. For example, did you know that paying off your debts in collection can actually lower your credit score? If no, speak to our experts to learn various such lesser-known facts.
If an account is in collection and you later settled on it by paying it off, this may register negatively in calculation of your credit score. Paying off collection accounts is not rewarded by FICO. Remember that accounts are not removed from your report for many years after the last activity on them.