If you have bad credit, you are not alone. At First Capital Mortgage, LLC, our goal is to help you re-construct your credit and help you devise a plan of attack to improve your credit score.

Here is a word of caution when applying for a mortgage. While it is a great idea to shop, you do want to be cautious about how many brokers you apply to. Believe it or not, if you credit is constantly being pulled, the score will go down. Your credit score is affected by how many inquiries you get, how many open lines of credit you have, the balance to the actual limit of the debt (credit cards, installment accounts, etc.), and how you have paid your debt. Your credit report will show how many past 30, 60 and 90 day lates you've had, any foreclosures, auto repossessions, etc. Therefore, it is safe to stick with applying to only only three companies to keep the score as high as possible.

When a lender receives an application for a purchase or refinance in a bad credit situation, the first thing they will do is pull your credit. Based on the information provided from the report, including the variables mentioned above, the lender will begin to establish what criteria they are dealing with. In other words, will a borrower with this credit score fit into this new loan program? Do they meet all the criteria, is it stated income, is the borrower self employed, what is the debt to income ratio, how is the loan to value on the subject property, etc. There are many factors involved to get you the best possible interest rate with the best loan program to fit YOUR needs.

Another word of caution: interest rates on poor credit loans WILL be higher then conventional mortgages, closing costs will also be higher. First Capital Mortgage, LLC does have a program that will wrap those closing costs into the entire loan (if the loan meets certain criteria). We understand that if you are in a tight financial spot, the last thing you want to do is pay out thousands of dollars at closing just to save money on your monthly mortgage payment.

Call First Capital Mortgage, LLC today to discuss your options, we are here to help you. We have the knowledge and experience to help you get the best possible loan within your circumstances.

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