Bad Credit Mortgages

Credit Score Information for Subprime Mortgage

ERATE services Northern California and Southern California for conventional mortgages as well as subprime loans. In the subprime or nonprime world, the credit scores are very important. Your credit score and credit grade are factors in determining the rate you receive when you purchase or refinance a home.

Equifax, Experian, and Trans Union are the three major credit bureaus.

Equifax Tel # 800-685-1111
Experian Tel # 888-397-3742
TransUnion Tel # 800-888-4213

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Start by selecting your state

Select Your State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

According to Credit Repair by Robin Leonard and Deanne Loonin, the key to improving credit scores is to remove negative information.

1. Out-of date information:
   - lawsuits, paid tax liens, accounts sent out for collection, criminal records (but not criminal convictions), late payments and other information older than seven years
   - Bankruptcies older than ten years
   
   
2. Incorrect information:
   - incorrect name, address, phone number, Social Security number and/or employment information
   - bankruptcies not identified by the chapter number
   - accounts not yours or lawsuits in which you were not involved
   - incorrect account histories – such as payment history
   - duplicate accounts
   - closed accounts that still show open

• Complete a request for reinvestigation form or send a letter listing incorrect items and explanation to correct error.
• Credit bureau must investigate issue within 30 days upon receipt. Send follow-up letter after 30 days of no response.
• If credit bureau can’t remove information, then contact creditor (ex. Customer service deparment, president, or CEO).

Note: Credit bureaus are not obligated to make any changes.

One of the key things to remember when trying to repair your credit is knowing what to pay off first. The secured debts should be high priority since they are linked to an item for collateral. The item is anything of value that the creditor can take if you don’t repay such as a house. There is no collateral for unsecured debts. Student loans and alimony/child support payments should be top priority for unsecured debts since creditors can use aggressive collection tactics.

• Mortgages and Home Equity Loan (HELOAN) or Home Equity Line of Credit (HELOC)
• Cars, boats, tractors, motorcycles, planes, RVs
• Personal loans from finance companies
• Tax liens, judgment liens, mechanic liens and child support liens

• Credit card purchases
• Gas
• Student loans – more priority
• Bills from doctors, dentists, hospitals, accountants, and laywers
• Alimony/child support – more priority
• Rent
• Utility bills

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Start by selecting your state

Select Your State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming