Las Vegas Real Estate
 

 
Las Vegas Real Estate
Over 28,000  Las Vegas homes and condos to view online!

Las Vegas Real Estate for Sale    Selling Your Las Vegas Home    Top Ten Las Vegas Real Estate Deals    Contact Las Vegas Realtors - Real Estate Agents

Las Vegas Homes for Sale
search the MLS Listings
or call us at
702-985-7654


 

  Las Vegas Real Estate
   
Las Vegas MLS
   
Las Vegas New Homes
   
Featured Listings
    Las Vegas Condos
   
Las Vegas Foreclosures
   
Las Vegas Land
   
Golf Course Homes

  Housing Information
   
Neighborhoods
   
Buying a Home
   
Selling a Home
   
Las Vegas Mortgages
   
Relocation
   
Investments

  Local Information
   
Clark County Schools
   
Las Vegas Maps
   
City Services
   
Living in Las Vegas

  Las Vegas Realtors
   
The Tonnesen Team
   
Client Referrals
   
Site Map


Las Vegas Credit Repair

 The first thing to do if you suspect your credit might be slightly "tarnished" is ask your mortgage lender! There are a lot of "credit repair" companies around who say they can "fix" it for several  hundred dollars per month over a six to twelve month period. But often your mortgage lender is able to do it for you, or tell you how to easily go about it for a much lower cost and much more quickly.

Have your mortgage lender run your credit, and let him/her tell you what they think the best approach for your situation would be. And even if you already have good credit, sometimes clearing up one or two items on your credit report will allow you to obtain a better interest rate.

One local Las Vegas mortgage lender, Residential Capital Mortgage, has developed a proprietary credit reporting system capable of helping prospective purchasers determine the quickest way to boost their credit scores within 30 to 60 days. This “smart” system, Credit Compass, pulls the borrower’s credit from each of the three major credit reporting bureaus: Experian, Equifax and TransUnion, and then prints out a summary for each credit bureau. The summary details exactly how many points the borrower’s score will be raised at each bureau if they pay off/down certain credit lines, pay off specific collection accounts, or have items deleted from the report that should not even be there. 

Most lenders “guess” which items are having the most adverse affect on a borrower’s credit. They have the buyer pay off a bill or two and then have to wait for a credit rescore to determine if the borrower will be eligible for a loan. If the lender guesses incorrectly, the borrower could spend thousands paying off the wrong bills and still not be able to qualify. Residential Capital’s innovative new system allows the borrower to prioritize which items on the credit report should be addressed first for the least amount of money out of pocket to raise the borrower’s scores enough to qualify for a purchase.  

Once specific items have been identified and taken care of,  the borrower’s loan officer would contact the credit reporting bureaus and have them initiate an immediate credit rescore. Already many borrowers have had their credit scores raised 50 to 60 points within a short time period, allowing them to buy a home or condo far more quickly than with conventional credit systems. And for far less money.  

All types of loans use the “middle” score from the three credit bureaus to determine eligibility. FHA and VA loans require a minimum 620 credit score to qualify for a loan, but the rate is the same no matter how high the score. Conventional loans require higher credit scores, and the interest rate charged on a conventional  loan varies according to the credit score based on federal risk guidelines. Raising a credit score from 680 to 720 could save 1/4% or more on the interest rate charged. (By the way, this lender’s rates and fees are consistently lower than Bank of America, Wells Fargo, and Chase.)

And the cost? A mere $22.00 for the credit report AND summary! If the borrower pays off a credit line or has an item deleted from the credit report, there would be an additional charge of $25 per item per credit bureau to have the credit rescored. The lender would only have the credit score updated on as many credit bureaus as necessary to increase the borrower’s middle score quickly, within three to five days. For example, if the buyer needs two items updated on two different bureaus, the cost would be $25 per item or $50, times two credit bureaus = $100. The third bureau will automatically update at the beginning of the month, so in most instances there is no need to pay for a quick update on all three credit bureaus, and sometimes an update is only necessary on one credit bureau. The $25 per item is charged by the credit bureaus, and is NOT a lender charge. 

To see what Credit Compass might be able to do for you, just fill out an Online Mortgage Loan Application

 

 

Apply for a Mortgage Loan Online!
A local company is often the most responsive to your needs. And try reading the article Correcting Your Credit Score

[ Las Vegas Homes Menu ]   [ Las Vegas Site Search]    [ Contact Us! ]  

Las Vegas Real Estate  Henderson Real Estate


Text-A-Home

All New!
Driving by a home that looks really interesting? Get the price and photos on your phone IMMEDIATELY!

  More Info
 

Featured Areas

MGM City Center - Las Vegas
MGM City Center

Lake Las Vegas Real Estate
Lake Las Vegas

Anthem Country Club Home for Sale
Anthem

Summerlin Home for Sale
Summerlin

Las Vegas Golf Course Home
Green Valley

Panorama Towers
Panorama Towers


More
featured
Las Vegas homes

 








 


[
Las Vegas Real Estate ]   [ Las Vegas Site Search ]    [ Contact Us ]

The Tonnesen Team of Prudential Real Estate
Main Office
871 Coronado Center
Henderson, NV 89052
Corporate Office
2140 E. Pebble
Las Vegas, NV 89123

 

Prudential Real Estate
EMAIL:    Sold@GreatLasVegasHomes.com

   After 16 years we have moved from Century 21 to Prudential Real Estate in Las Vegas!
 

 Las Vegas Real Estate Site Map - Las Vegas Real Estate

This page, and all contents, are Copyright © 2000 -2006 by Diann Tonnesen
All Rights Reserved.