Webinars

Use your Credit Score to Save $100,000 on your Mortgage

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Description:

Jay Robins, America's #1 Real Estate Credit Specialist, knows the dirty little secret of the post-meltdown mortgage industry: The "Big Three" credit bureaus' scoring practices are costing United States homeowners billions of dollars in excess mortgage interest rates and closing costs.

That's the reason you need to start taking action now ... before you contact a lender.

There's no bigger mortgage-lending factor than your credit score. Not income, not assets. Fair or not, that magic "middle score" of the three that lenders obtain from the "Big Three" bureaus will be the key. It will determine whether you qualify for a mortgage. And whether that mortgage can be conventional or must be government-backed. And how much the lender will charge, or overcharge, you if you have a low score that implies greater risk.

Because your credit score is in the hands of three companies that favor lenders' interests over borrowers, you need to know all the traps the credit bureaus use that lower your score, including, but not limited to:

• How the credit score a lender obtains for your mortgage application is a different number than the score that appears on your consumer credit report.
• How the "Big Three" credit bureaus downgrade your credit score even if you pay your bills on time.
• Why your score goes down when lenders get in financial trouble.
• Why the fact that 79 percent of credit reports have inaccuracies create opportunities to raise your score (Source: US Public Interest Research Groups)
• How the fact that TransUnion uses a new scoring system that is different from Equifax or Experian, which can create an opportunity for a higher middle score.
• How to improve your debt-to-credit ratio to boost your score.
• How, if you're a real estate professional, your clients' low credit scores can cut your commissions.
• Why a higher score can save you thousands of dollars on your closing costs.
• How just applying to different lenders can lower your score by 100 points

One blemish, or even an error, on your credit report can crush your dreams of homeownership. Before you even consider buying a home, you need to optimize your credit score to obtain the best terms, rates and closing costs. Register for this training session and learn, step-by-step, how to:

• Obtain and review your three credit scores.
• Break down the elements of your credit score — payment history, debts, length of credit history, types of credit (used and new), etc.
• Set a target score you need to qualify for the mortgage you want.
• Boost your score by correcting errors and optimizing debt-to-credit ratios.
• Manage relationships with brokers and lenders to make a difference.
• Get "preapproved" rather than just "prequalified."
• Take action as a buyer or seller to create a smooth path to closing.

Presenter:

Jay Robins

Jay Robins is a 10-year mortgage, real estate and credit education professional with extensive experience in distressed real estate, debt and credit. Read more "I know what it feels like to go through tough financial times," says Jay. "I personally went through foreclosure and bankruptcy. I now teach property and business owners what I went through, how to avoid it and what I’m doing now. I love to teach what I know!" Jay was born in Baltimore, Md., but has been living in Florida for 11 years. He enjoys spending time giving back to the community in the form of participating in growing many local charity events. Close

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