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    Credit Repair

    Of the many numbers in our lives, few are more important than our credit scores – also known as a FICO score. Our credit scores dictate what we can and cannot buy, and, when it comes to a new home loan or 203k loan, a strong credit score can make all the difference.

    So, do you know what your credit score is?

    Your credit score is an average of three credit scores issued by credit reporting agencies (CRAs) TransUnion, Experian and Equifax. These scores reflect your credit history, meaning the age of your credit accounts, outstanding balances and on-time payment history. It is typically scored in the manner seen below:

    We can help you find out your credit score! Contact us for assistance.

    What your credit score can do for you

    With a 621, you can qualify for an FHA home loan (FHA loans require a credit score of approximately 640 or above, but even if your score is around 580, you may still be able to qualify). Obtaining an FHA loan with a lower credit score could mean you face high interest rates. At First Equity Mortgage, we want our clients to be able to afford the homes they want, and sometimes that means helping them repair their credit ratings to a stronger standing before locking in an interest rate.

    How we can help your credit score

    Our credit rebuilding program takes a fresh look at your FICO scores and helps to put you in stronger standing to apply for a home loan. We work to clear inaccurate and extraneous information from your credit report so your good credit history can shine. We have had a great deal of success with this rebuilding program in the past and we were able to get our customers affordable home loans in Monmouth, Ocean and Middlesex counties.

    A word of warning

    There are many credit repair scams out there, so be careful who you speak to about your credit and to whom you give your important personal information. Your credit repair company should never:

    • Charge you for services before they are rendered
    • Tell you they can remove all your negative information from your credit report
    • Misrepresent you in any way to the credit bureaus
    • Build you a brand new credit identity

    Here at First Equity Mortgage we believe the best time to review and rebuild your credit is before you start looking at homes and before you start getting rate quotes. In today’s environment, many borrowers find out that if they only started the process with a mortgage consultant, they would be in a much better situation.

    Whether you’re purchasing a home or looking to refinance an existing mortgage, the experts at First Equity Mortgage can offer you a free consultation that will let you know exactly what you qualify for and exactly what your options are. Contact us today to get started on repairing your credit and building your future.