Credit Repair facts

Been Refused for a Mortgage?

If you have been refused for a mortgage it is time to examine what you can do to improve your chances next time. Did you know that there are specific remedies that My Credit Repair USA can use to make certain that this will never happen again?

You are not alone.

According to the Mortgage Bankers Association, lenders refuse almost 1 in every 2 applications they receive to refinance a mortgage, so you are not alone. There are many reasons people get turned down for a mortgage loan.

Not Being Able to Document Proper Income

Many people are self-employed and make enough income to qualify for a mortgage loan but do not document it correctly. Mortgage approvals are more difficult for self-employed people who don’t receive a paycheck from an employer.
Keep accurate financial records and document all your income. Be able to provide the lender with tax returns from the past two years.

Job-hopping or Gaps in Employment

Lenders view job-hopping as an indication of a lack of career stability. They may assume you either get fired too often, you get bored easily or you just can’t seem to find the right job. An employment gap could happen involuntarily due to layoffs or termination for any number of causes.

Having Commission Income

Commission income, even though it might be a high level of commission, can affect a mortgage loan because it makes it difficult to document your income consistently. If your commission isn’t always consistent. It could also make the lender a little hesitant.

Big Debt, Big Potential Problem

Having debt can also negatively affect your chances of getting a mortgage. Debt is defined as owing something such as money, an obligation or liability to pay something to someone else.

Delinquencies, Repossessions and Unpaid Debt

Common factors such as delinquencies, repossessions and unpaid debt also undermine your success in acquiring a mortgage.

MyCreditRepairUSA – Here’s Our Process

You as a borrower just need to take a few simple steps to improve your credit. This is where MyCreditRepairUSA comes in to help you. First, we need to determine why you have been refused the Mortgage.

Get to know all the credit factors.

The mortgage company by law is supposed to provide you with the reasons you were refused. If you already have your credit report we will need it or we will get it for you.We need to get your report up to par so that a mortgage underwriter will put the stamp of approval on your loan. A mortgage underwriter is a credit analyst. They ultimately approve or refuse your credit request. They assess the total risk by reviewing all the different factors to determine your credit worthiness.

We work with you to resolve poor credit history.

Our team of experienced professionals will begin by writing letters of dispute to your creditor(s) and to the three Credit Bureaus, Experian,TransUnion and Equifax according to any negative records they have in your files.In some cases, credit can improve with just one round of dispute letters which only takes about 30 days.Other cases could take up to or about 6 months, or in some extreme cases, even longer.My Credit Repair USA will get you on the right track to improving your credit to get you your mortgage loan.

Give us a call at MyCreditRepairUSA +1 (844) 296-6010.

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