Richards Mortgage Group Articles

For many of us, debt is a way of life. Installment payments and credit cards can be useful financial tools. But if not controlled, credit eventually can control us. To qualify for a mortgage loan, your credit history doesn’t have to be spotless, but your history must clearly show your willingness to manage and pay your debts.

Last updated: May 2019 As a mortgage broker, one of the things I hear over and over again, especially with younger buyers, is that they think they have some credit report items that will prevent them from getting a mortgage. While that may be true, more often than not, it is actually a lack of down payment savings and/or too much personal debt that is the real culprit.

(Last Updated 2019) A lot of people think it is their credit holding them back from getting a mortgage so they can buy their first home. Possibly, but credit is easy to fix. Truth of the matter is that saving for a down payment is the hard part. If you require more discipline as it relates to saving – perhaps you spend whatever's in your bank account and just squeak by to the next pay-cheque – then this article is for you! Here's a Down Payment Savings strategy to help you SAVE FOR DOWN PAYMENT, BUILD YOUR CREDIT SCORE, and GET THE GOVERNMENT TO HELP TOO. It's easy, it works, and it is set 'n' forget. The end result is you get to buy your own house, and you feel great!

Last updated: May 2019 The credit score, also referred to as a “FICO score,” is a mathematical formula created by Fair, Issac and Company. The credit score is used by most companies to decide if the applicant is a good credit risk or not. Equifax and Trans Union will calculate the numbers from the credit report and generate a number between 300 and 900.

Hey - if you are reading this, tell everyone you know that if they ever want to buy a house, you have to work on your credit score well in advance.

Last updated: May 2019