Have you been
turned down for a mortgage?
Less than perfect credit?
At Freedmont Mortgage, we understand
that dealing with life's challenges
may lead to falling behind on payments.
That's why we offer special financing
programs for customers who may have
difficulty qualifying for traditional
mortgage loans.
Freedmont Mortgage offers:
- Flexible qualifying guidelines.
Choose from a variety of refinance
and purchase options, including
fixed and adjustable-rate (ARM)
loans.
- Another chance. Help
heal damaged credit by making timely
monthly mortgage payments.
Best for people who have:
- No credit history
- "Less-than-perfect"
credit
- Previous bankruptcy, foreclosure,
or delinquent taxes
Explore a full range of purchase
or refinance loans with the help of
a Freedmont Mortgage consultant. The
first step to gaining control of your
finances is as simple as a no-cost,
no-obligation consultation. Contact
a live
consultant or call (800) 955-8508
to get your life and credit back on
track.
Dealing With Past
Credit Problems
If you're thinking about buying
or refinancing a home, it's important
to know how your credit history
may affect your mortgage application.
Credit history plays an important
part in a lender's decision, so
it pays to address any blemishes
as early as possible.
Learn
how to improve your credit score
with Freedmont's exclusive Credit
Simulator
Order your credit
report.
Your credit report is the primary
tool that lenders use to evaluate
your creditworthiness, so it's a
good idea to know what it says about
you. You may order your credit report
directly from Equifax for a fee.
Look carefully through the entire
report and make sure that all the
information is correct and up-to-date.
Address negative
entries.
Don't let inaccurate information
hurt your chances of getting a mortgage.
If you find outdated or incorrect
information, contact the credit
agency as soon as possible to clear
it up. It's up to you to be proactive
in resolving inaccuracies. You may
have to do some probing, but if
it means the difference between
getting a mortgage and being denied,
it will be well worth the trouble.
If the negative entries on your
credit report are timely and accurate,
you may still be able to mitigate
their impact on your mortgage application.
Lenders are generally willing to
consider extenuating circumstances
that may have contributed to missed
payments. If you were ill, lost
your job, or were otherwise burdened
by circumstances beyond your control,
let the lender know. Sending a letter
to your lender explaining your situation
certainly won't hurt your chances
for approval, and may help.
If you do have past claims, follow
up with that creditor immediately
to work out a payment plan. In addition,
make sure you close any old credit
lines you're no longer using, prior
to making application.
Establish good
credit habits.
Depending on your history, it may
take time to reestablish good credit,
but with a little planning and a
lot of discipline, even the most
severe credit problems can be remedied
over time. Negative credit report
entries usually disappear within
seven years, but that doesn't mean
you have to wait that long to get
a loan. Even if it doesn't cancel
out previous missteps, initiating
a pattern of responsible credit
use now can show lenders that you're
moving in the right direction. Limit
the amount of new debt that you
take on, as new applications for
credit can adversely affect your
credit rating.
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