Mortgages and credit repair
Important Statistics Concerning MortgagesIf when a consumer’s credit score is around 620 or below it will determine which lending category you are in. Lender's will use your credit score to decide if you qualify for the lowest interest rates or if the consumer will be limited to sub-prime lending. Sub-prime lending often brings higher borrowing costs, larger down payments, and exposes consumers to predatory lending.
A recent study found that consumers are at risk for being placed into the sub-prime (highest interest rates) due to inaccurate information in their credit report and found that 1 in 5 consumers are at risk. This is extremely serious. Waterfield Credit are advocates of fair mortgage lending and do not think consumers should be victims to high interest rates and large lender fees.
Provided is an example of the costs of poor credit when securing a mortgage:
Example B's mortgage penalty? Over $180,000!! However, the example does not include: the fact that the average person moves every 5-7 years; Example B's loan probably was not a fixed rate mortgage, nor the time and effort that was required for Example B to find home financing. Removing negative items from your credit is the most important thing you can do to raise your credit score and qualify you for better interest rates. Waterfield Credit will work closely with you and your mortgage lender to help secure a loan with a great rate and low fees. We also have relationships with many experienced lenders.