Need a Loan in a Hurry? Try Raising Your Credit Score in 24 Hours
February 19, 2010 by JoelC2009
You’ve decided that you need a loan and you want to go see a lender tomorrow. This is possible but you need to check what your credit history looks like. With the new technological advancements you can raise your credit score over night. This is of course in the case where you have a few points missing and you can only get the loan you want if those few points are made up. You don’t have to give up now you will be able to raise your score by the time you want that loan.
When you have obtained your credit report the first thing you need to look at is mistakes. The mistakes on the credit report might be the reason why your score is so low. These mistakes should then be disputed by sending it to a credit bureau, creditors and collectors. The mistake can be drastic and your score will be raised by a lot. These mistakes can be fixed within a few hours and you can get that loan you deserve. This is only if the mistake was quite drastic and you had only a few points missing. If, in fact you still need some points there are a few other steps you can take.
If you feel that you need to raise your credit score within a few hours you can also choose to go for a “rapid rescore”. This is a process where you need to go through a mortgage broker to have your credit report rescored and with this your score gets bumped up a few points. The process involves a quick check where you can pay some debt off where it’ll make the most difference.
An alternative to the latter is a temporary “bump up”. The word “temporary” is what’s important here; you will only have the few points that get added on your score for a short period of time. This is not the best option for your finances as you must try getting your credit score up on a permanent basis.
It is good to try to raise your credit score but it is recommendable to try get your score back on track over a longer period of time than in 24hours. You should take professional advice and this will take some time. It’s better to do something properly and productively.
A simple written notification that you have decided not to proceed further with your loan application.
Three most common ways to find a broker are A)referrals from friends or family, B) referrals from your realtor and C) through comparison shopping online.<br />
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If this is your first time buying a house, you want someone who is knowledgeable and patient. He/she should help you analyze your financial situation, explain to you differences between different mortgage options, and guide you through the entire process. <br />
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The broker should also be able to find you competitve rates. When comparing rates, you should take into consideration the points the broker take for himself/herself, not just the rate the bank is charging you.<br />
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Whenever possible, ask the broker for references. If someone is confident about his/her work, he/she should provide them.<br />
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Do your homework by comparing rates online first. That usually gives you a sense of what the range of mortgages you'll get. <br />
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Be careful about some of the online offerings though. Since you don't know the brokers or have local access to them, they can be slow to respond. If you're shooting for a tight timeline, shop for a backup broker.<br />
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Here are a couple good sites to start:<br />
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http://www.homegain.com
You shouldn't find a home and then look for financing. You need to know what you can afford so you know what homes to look at. (No use falling in love with a $300,000 house if $150,000 is the max you can get.) Plus you need a preapproval letter to submit as part of your offer when you do find the right house.
A mortgage broker just shops different programs. It’s not likely they can get you a ton more money than a bank; it’s more that because they check many loan programs they can get you several more options than a single bank: different interest rates, loan lengths, down payment requirements, etc.
Mortgage Profits System is the #1 Loan Officer Training Program in the country. The program provides loan broker and mortgage broker training for individuals at every level of the mortgage industry-from basic training for those just starting out, to advanced skills for seasoned mortgage professionals.
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