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A Qualified Mortgage Consultant Can Help Boost Credit Scores


Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible.

Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it's safe to assume that as the consumer's credit score goes down, interest rates will go up.

A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time.

Loans designed for consumers with less-than-perfect credit - sometimes referred to as "sub-prime" - can range anywhere from A-minus, B-paper, C-paper or D-paper loans.

If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime.

A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing.

Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty.

There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You'll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely.

Once your credit score improves, it's time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available.

This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth.

Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer's Seminars which are open to the public each month in the TampaBay area in Florida. Seating is limited. To reserve your seat at the next event, call 813-833-2568 to RSVP and obtain a free copy of Mr. Johnson's Home Buyer Handbook. You can also contact him at http://www.TampaMortgageGuy.com He is also a contributing author at http://www.Debt-Free-Personal-Finance.com


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Tue. June / 25 / 2019


Buying or refinancing? The mortgage rate frenzy is back  STLtoday.com

Average rates are around 3.82% nationally for 30-year-fixed mortgages, after peaking near 5% in November.


4 irresistible perks of a VA mortgage refinance  Bankrate.com

Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...


If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage  Forbes

The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...


As rates drop, mortgage refinancing surges but home purchase loans remain tepid  USA TODAY

Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.


Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing  Forbes

Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...


As mortgage rates plunge, should you refinance?  Fox Business

Nearly 6 million people can now cut their mortgage payments with refinancing.


Mortgage rates poised to drop after Federal Reserve announcement  The Washington Post

Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed ...


Your money: Buying or refinancing? The mortgage rate frenzy is back  Reuters

Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance.


Mortgage rates predicted to fall to "the lowest they've ever been" | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage rates fell to 3.84% in mid-June according to Freddie Mac, but could they go lower? A lot lower? Even the lowest they've been in 50 years? Mortgage ...


Refinance rates drop off for Wednesday  Bankrate.com

Several closely watched refinance rates fell today. See what that means for your chances of getting a better mortgage rate.


U.S Mortgage Rates – Rates Rise for the 1st Time in 7-Weeks  Yahoo Finance

30-year fixed mortgage rates rose for the 1st time in 7-weeks. The latest FOMC projections and rising geopolitical risk could reverse that with interest…


Mortgage rates are falling—here's how to tell if you could save money by refinancing  CNBC

As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.


Nearly 6 million people can now cut their mortgage payments with refinancing  Bankrate.com

The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...


Refinance rates decline for Thursday  Bankrate.com

Several key refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on ...


Weekly mortgage applications fall as rates rise, volume remains much higher than last year  CNBC

Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.


How low can mortgage rates go? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage rates are low as of this writing, really low, but can they go lower? Lower rates would be great for borrowers and yes, that could happen.


Mortgage rates today, June 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates tumbled yesterday. It's been a while since we saw a fall this big and a long time since we saw rates this low. This happy situation may ...


Refinance rates tick lower for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down.


Guild Mortgage launches refi option for Airbnb hosts  HousingWire

Guild Mortgage has partnered with Airbnb to launch a refinance program for property owners who host guests through the Airbnb platform. The program allows ...


Latest 2019-2021 Predictions: Home Sales & Prices, Mortgage Rates & Loan Volume  Yahoo Finance

Last week, our friends at the MBA released their latest predictions on home sales, home prices, mortgage rates, and mortgage volumes. Rates dropping this year ...


Interest rates are down, so is it time to refinance?  WTOP

Interest rates for mortgages are low __ really low. As of the first week of June, long-term mortgage rates were down for the sixth consecutive week. The 30-year ...


Refinance mortgage rate moves higher for Friday  Bankrate.com

Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


When Mortgage Refinancing Makes Sense  Seeking Alpha

There are many misconceptions about what happens with refinancing a mortgage and the effect on interest payments. The important factors are rate, time and ...


Nearly 6 Million People Can Now Cut Their Mortgage Payments With Refinancing |  RisMedia.com

With interest on the low side, there is a potential to refinance and save.


Airbnb adds another mortgage refinancing partner  Inman.com

Guild Mortgage has become the latest home loan provider to treat short-term rental revenue from Airbnb as income for homeowners applying to refinance their ...


Mortgage rates decrease for Thursday  Bankrate.com

Multiple benchmark mortgage rates trended down today. See how that could affect your home loan payments.


Refinance rates retreat for Monday  Bankrate.com

Several closely watched refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.


Mortgage refinance candidates swelled by 2 million in May  National Mortgage News

The most borrowers in three years currently qualify for refinancing as the average for the 30-year fixed-rate mortgage dropped below 4% for the first time in over ...


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates sunk lower today. If you're in the market for a home loan, see what that means for you.


The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage insurance often gets a bad rap. But according to new data, it actually helped more than 1 million Americans either purchase a home or refinance their ...


Mortgage Investors' Refinance Concerns Rise With Rate Rally  Bloomberg

Mortgage prepayment speeds may rise with the strong U.S. rate rally, and that may be cause for alarm for mortgage investors.


Despite rising home prices, experts pop bubble fears  Bankrate.com

Homebuyers sitting on the sidelines, waiting for housing prices to backslide, might be waiting longer than expected, according to experts. Although the high price ...


Freddie Mac is now offering renovation loans  Washington Post

Freddie Mac is joining the renovation loan space. While the Federal Housing Administration and Fannie Mae have had programs that allow borrowers to wrap ...


Money mistakes you should never make after 30  Bankrate.com

We all make mistakes, but some cost us more than others. As you grow older, money mistakes can have bigger and bigger consequences. Financial miscues ...


Should you get a personal loan instead of a HELOC or cash-out refinance? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

So you want to borrow some money and you're not sure about the right type of loan. Should you get a personal loan, home equity loan, or opt for a cash-out ...


Mortgage rates hold at two-year lows, giving borrowers another shot at the action  MarketWatch

Rates for home loans held steady and declined as financial markets bore the brunt of geopolitical upheaval and concerns about lower growth.


Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

It seems Millennial homeowners are taking advantage of lower mortgage rates. According to new data, Millennial refinances have officially hit their highest point ...


Mortgage Applications in US Dip in Mid-June  World Property Journal

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending June 14, 2019, U.S. mortgage applications ...


Mortgage brokers want relationships, not just tech, from wholesalers  National Mortgage News

Real value comes from the wholesaler using a hands-on approach to ensure that a mortgage broker's customers are treated to the best experience for the life of ...


Mortgage rates move down for Wednesday  Bankrate.com

Multiple closely watched mortgage rates receded today. If you're in the market for a mortgage, see how your payments might be affected.


Mortgage Closing Rate Rises to Highest Level in at Least 16 Months  Mortgageorb

Despite falling mortgage rates, the refinance share of total mortgage volume fell to 32% of all loans in May, down from 35% in April and down from 38% in May ...


U.S. mortgage rates continue three-week hold  Dayton Business Journal

U.S. mortgage rates held form this week and remain near their two-year low point, according to Freddie Mac.


Freddie Mac announces fixer-upper mortgage | 2019-06-19  HousingWire

Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners ...


The Costco Membership Benefits You're Not Taking Advantage Of  SheKnows

From travel and car deals to mortgage loans and more, here are the Costco membership benefits you likely never knew were available to you.


New Freddie Mac Mortgage Combines Purchase and Reno Loans  National Mortgage Professional Magazine

Freddie Mac has introduced the CHOICERenovation loan, which is designed for homebuyers seeking to purchase a home and finance the cost of renovations ...


Mortgage rates level off after six-week slide  The Keene Sentinel

After more than a month of declines, mortgage rates paused their descent ahead of next week's Federal Reserve meeting. According to the latest data released ...


Mortgages for Seniors: Everything You Need to Know  U.S News & World Report Money

If you're retired and applying for a home loan, you're more likely to submit information about your pension and your 401(K) than a W-2.


Debt-Saddled Millennials Are Rushing Into Home Ownership—And It's Costing Them  Fortune

Debt has come to serve as a defining trait for millennials—about 60% don't have enough savings to handle a $1,000 emergency bill—but a lack of education ...


Mortgage market update 6-21  Atlanta Agent magazine

... from the previous week, according to the Mortgage Bankers Association, which was perhaps unsurprising considering the earlier report's record-high levels.


The majority of consumers are wildly wrong about what it takes to get a mortgage  CNBC

The majority of consumers think it is much harder to qualify for a home loan than it actually is, according to a recent Fannie Mae survey of more than 3000 ...


'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing  Forbes

Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...


Freddie Mac Launches New Home Renovation Program  Mortgageorb

Freddie Mac has launched a new home renovation loan program that allows home buyers to also finance the cost of renovations with a single-close mortgage.


With mortgage rates at 2-year lows, here’s how to decide whether to refinance your home loan  MarketWatch

More people are pursuing refinances as mortgage rates have dropped.


Freddie Mac: Low Mortgage Rates, Strong Labor Market to Boost Home Sales  Mortgageorb

Low mortgage rates along with a strong labor market will help boost home sales and origination volume over the next year and a half, Freddie Mac's most recent ...


Guaranteed Rate Rolls Out VA Renovation Loans  Yahoo Finance

CHICAGO, June 24, 2019 /PRNewswire/ -- Guaranteed Rate, one of the largest retail mortgage lenders in the nation, announces a new mortgage product ...


Refinance mortgage rate ticks higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate notched higher. See what that means for you if you're in the market for a home loan.


Mortgage refinance boom goes bust as rates shift higher  CNBC

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.


Refinance mortgage rate advances for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.


Serving an Untapped Borrower Community  Mortgageorb

BLOG VIEW: In today's tight purchase market, Veterans Affairs (VA) renovation loans can deliver a double, bottom-line benefit to lenders. *Service* members ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Attorney Mayo Talks Law - Real Estate Closing Without an Attorney  Cape Cod Today

Whether purchasing a property, refinancing, getting a HELOC, or conveying realty in a private transaction, the decision whether or not to be represented by ...


Here Are Best And Worst Reasons To Refinance Your Mortgage  Bankrate.com

Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...


Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Talonvest negotiates bridge loan for New York City self-storage facilities  SpareFoot

Talonvest Capital Inc. recently completed the negotiation of a $48.4 million refinance bridge loan. Nothing unusual there; Talonvest is currently negotiating ...


Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


Lender sentiment turns positive as low rates spur demand  Atlanta Agent magazine

The trend toward lower mortgage rates doesn't appear to be a short-lived phenomenon, and has already boosted loan application activity to historically high ...


BFS completes refinance facility for self-build  Mortgage Introducer

Bridging Finance Solutions (BFS) has completed a £114,000 loan to help a client finalise a self-built development project in Swansea. The first-time developer ...


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate drops for Friday  Bankrate.com

Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.


Statewide Survey Finds Public Sides With Gov. Evers on Education Issues  One Wisconsin Now

Key findings include a majority of voters trust Gov. Evers and Democrats versus Republicans on education issues.


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


Refinance mortgage rate ratchets higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Refinance mortgage rate eases for Monday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate ticks higher for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate increased. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rate moves higher for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance rates tick lower for Monday  Bankrate.com

Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ...


Rising mortgage rates again reduce refinance application volume  National Mortgage News

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to ...


Mortgage rates trend down for Wednesday  Bankrate.com

Multiple key mortgage rates receded today. If you haven't locked yet, see how your future mortgage payments could be affected.


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


What homebuyers and refinancers should know about timing mortgage rate movements  Bankrate.com

It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Refinance rates rise for Thursday  Bankrate.com

Multiple closely watched refinance rates trended upward today. If you're in the market for a refi, see how your future mortgage payments could be affected.


Mortgage refinance booms are a thing of the past: MBA chief economist  National Mortgage News

The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...


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