Credit Reports

When refinancing your current mortgage or applying for a new mortgage, getting your credit report is easy. The cost of obtaining a tri-merge credit report is about thirty five dollars.

A tri-merge credit report is a combination of reports from all three credit bureaus. When applying for a mortgage, a single credit report is not sufficient, a tri-merge credit report is required. Mortgage lenders evaluate the three credit scores and use the score which ranks in the middle as your final credit score.

Each time your credit is checked a record is added to your credit report. If there are to many checks on your credit in a short period of time your score may be negatively impacted. At a minimum, the credit checks will be displayed to all subsequent creditors, who may be more cautious if they see to many credit checks.

Credit scores range from about 375 to 900. A score of 700 or above is normally required for the lowest interest rates available. 620-699 for average interest rates. And 500-619 for B&C loan programs.

Credit Reporting Companies

Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Internet: www.econsumer.equifax.com

Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Internet: www.experian.com

TransUnion
Post Office Box 2000
Chester, PA 19022
Phone: 800-888-4213
Internet: www.transunion.com

Through our years in the mortgage lending business we have seen all types of borrower situations were conventional lenders will not or can not acomodate the borrowers needs - due to credit issues, time frame issues or income and employment issues.

In order to meet the needs of just such borrowers we have developed relationships with a number of private lenders that loan their private equity based on the secured asset value of your property alone. Private equity lenders typically do not require proof of income, they will loan based on your stated income and the value of your property or profitability of your project.

Funding is available for all types of borrowers and credit situations.