what is the best way to fix my credit?i want to buy a new home.?

Answer 1

I am assuming that you currently have a home, since you say you want a new one.

Although the gentleman above says not to get into an adjustable rate mortgage, sometimes that is actually the best answer. While it's true that the rate will (I repeat, will, not may as you might be lead to believe) adjust when the fixed period is over, generally if your loan officer is on the up and up, he will have you out of the loan long before that period is over and into a fixed rate that you wouldn't have qualified for. The rates are lower for fixed adjustable mortgages, so you're paying less while you're waiting for your credit to improve.

It's essential for you to listen to your loan officers advise. Generally it will be something along the lines of curbing your spending, not running up credit card bills and not having your credit pulled... these are smart things to do. Consult your loan officer for any financial decision (or employment decision) for advise on how to proceed and how it will effect your loan during this time.

Things to be careful for if you're going this route: Pay Option ARM's and depreciation.

Pay option ARM's are great for investors. Not a typical home owner.

Depreciation is the one thing that is out of your control that may hurt your chances to refinance. You should leave enough equity in your home to make sure that if a level of depreciation occurs, you'll be able to refinance out of the ARM, or into a longer ARM.

If you would like to discuss your options further, email me at [e-mail]

Or visit the website: Aapexfund.com

Answer 2

Start by going to annualcreditreport.com and getting your free annual report. This is the only official site to do this. If you want your scores, you'll need to pay, though.

Look for anything bad or inaccurate that can be fixed, and start your dispute process.

Or start shopping for a good loan officer (try one bank, 2-3 brokers) who can help you get your credit fixed with you, so you'll do your loan through them. Try to find someone who wants to give you a 30 year fixed FHA or Fannie Mae loan, not just someone who will do a sub-prime 2 or 3 year fixed ARM.

Answer 3

What is wrong with your credit?



There is something called rapid rescore and credit simulation where we can see what your score will go up to by paying things off. First you need to see your credit report. I would also speak with a mortgage expert.



You should also just be pre-approved anyway to at least see what is needed down based on your current situation.



Scott

Answer 4

Pay off debt so that you have minimal debt to income ratio.
With nearly no debt they usually authorize purchases where the monthly payment will be about 35% of your AGI.
As your debt load increases, the lend-able amount decreases.

Answer 5

You may have some great luck with a couple of these websites. Just check it out, I heard that they are great.
www.danas009.BetterCreditPro.com
www.danas009.BetterRatesPro.com www.danas009.PWSMortgage.com