Utah Home Mortgage Specialist

Many people who modify their home mortgage using the President’s Foreclosure Rescue Program are getting a big surprise. According to CNNMoney.com , people didn’t expect that their credit scores were going to take big hits as a result.  But think about it for a minute.  People are calling their lender and telling them they can no longer make the payment and want to modify the original terms of the loan.  I’m not sure how people didn’t think this would happen. Is this something that should affect a person’s credit?  What do you think?  I would love to hear your comments.

Credit is the first thing that lenders review when qualifying a borrower for a home mortgage.  However, most loan officers don’t understand how to help a person improve their credit score.  Honestly it is really complicated.  There are many variables that go into making up a credit score that each individuals situation is different. There is no one size fits all solution.  Helping people fix their credit is a very specialized skill.  I honestly admit this is not an area where I have focused much attention.  I understand how credit works, I know some tricks to help increase your score.  But in situation where a lot of work needs to be done I lack the knowledge to really get the job done right.

To overcome this weakness I have found a great person who really knows credit.  Surprisingly he is not the most expensive. Mike Burnett owner of Pinnacle Consulting Group is the best.  Part of the reason he is so good because he has been on the other side of the poor credit scenario.  But don’t take my word for it.  Here is his story in his own words…

I am driven by the desire to make a difference in other people’s lives — by helping them create wealth, enjoy greater peace of mind… and a better life.

Having personally lived through the nightmare of bankruptcy and foreclosure and financial ruin — I’ve made it my life purpose to help people free themselves from the “shackles” of poor credit.

Over the last 7 years as a private practice consultant, I’ve had the opportunity to personally help over 3000 individuals improve their credit scores.

My fees are already among the lowest in the country, and on top of that, I’m currently offering a $200 DISCOUNT — so my current start up fee is only $95!

Finding the FASTEST ways to get people qualified for their loans and mortgages. Having been through bankruptcy and foreclosure I have a unique level of empathy for my clients. This isn’t just my business — It’s my life purpose.

I had a borrower tell me he feels like he is just a number.  He felt the only thing lenders were interested in was his credit score.  I told him he was partly right.  Lending money for a home mortgage isn’t like it was in the 1920′s.  Then the banker was your next door neighbor or someone who you knew all your life.  Or more importantly knew you your entire life.  Now days the lender may be in another state or just met your 10 minutes ago.  To compensate for this lack of knowledge the credit reporting system was born.  Lenders needed a way to see how you have fulfilled your credit obligations in the past to help them determine if they should approve your request for credit now.

A FICO® score is a valuable guide to future risk based solely on credit file data. The higher the score, the lower the risk to lenders when extending new credit to a consumer. The score is an objective measurement of your credit risk at a particular point in time.

While a person’s credit score isn’t the only thing a lender will look at it is one of the first things that is evaluated.  Lenders do also evaluate other types of information — such as data you provide on the credit application (for example, income, how long you have lived at your residence, or how much equity you have in your home) in their loan evaluation process.  But at the beginning of the process your credit score is the first thing that is reviewed.

Make sure you know your Lender FICO® score. Let me know if you want a copy of your own lender credit report, it takes only moments and it is FREE!

Collette