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What If I Have No Credit?
A borrower will sometimes not have enough credit references to obtain the loan they wish to secure. In this case, start by opening small lines of credit that report to one of the three major CRAs, and make purchases that can be paid off easily. Instead, make a small purchase so the card shows up as an active account on your credit report, and you will be awarded points for your long−term credit history.
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How Does a Low Credit Score Affect My Interest Rate?
Lenders estimate your ability to pay back money based on your credit score. The risk factor they take on is built−in to your interestrate as a financing fee. Therefore, a low credit score results in a higher interest rate, higher monthly fees, and a higher amount of interest being paid over the total life of the loan.
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How Does the Underwriter View My Score?
If you are considering a home purchase, it is in your best interest to make every effort to increase your credit score, especially if you know you have issues you should be dealing with. It is often the case that people are not aware of bad marks on their credit record until they apply for financing for a major purchase, such as a home.
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Can I get a new loan even after bankruptcy or foreclosure?
Every day we hear from people who've been told that they can't get a new home loan after they file bankruptcy or have been through a foreclosure. That's simply not true. FlexPoint Funding has the resources to give homeowners another chance, including loans to homeowners just discharged from bankruptcy. If you've heard "no" from other lenders then we encourage you to call FlexPoint Funding. We have the loan programs and products that separate us from the competition and give us the flexibility to say "yes" to your new home loan.
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What if I am currently late on my mortgage payment?
At many mortgage companies, being late on your mortgage payment even once in the past 12 to 24 months would prevent you from getting a new home loan. Not at FlexPoint Funding. We commonly assist homeowners who are 30, 60 even 90 days or more past due on their mortgage get a new home loan and a fresh start on their budget. We have hundreds and hundreds of testimonials from our satisfied customers to prove it. Let us prove it to you.
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What if I am currently late on other obligations or have collections and judgments?
If you are currently late or have ever had late payments, collections or judgments you probably know firsthand the frustration of having creditors and collectors nagging you for payments while you're trying hard to get rid of those bills plus meet life's ongoing financial needs for you and you family. FlexPoint Funding can end the frustration. With a new home loan from FlexPoint, you can pay off your past due creditors and get a fresh start on your budget. Plus, stop the nagging calls and get some peace of mind again for you and your family. Call FlexPoint and end the frustration now.
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What's the difference between a refinance and a home equity loan?
Many homeowners incorrectly believe that a refinance and a home equity loan are the same thing. They are not. With a refinance, the old first mortgage is paid off and any cash out to consolidate bills or given to you at close is rolled together into one new loan. One rate. One loan. One payment. A home equity loan is synonymous with a second mortgage. If you take out a home equity loan (fixed amount or line of credit) you will have a second loan and a second mortgage payment with a usually much higher second mortgage rate. For most homeowners, refinancing is the single best way to get cash and consolidate high rate debt.
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