Mortgage Brokers:

Finding The Best Loan

Using a mortgage broker is the best way to find a loan. It is their job to find you the best loan, at the best rate possible. They receive wholesale rates and often have relationships with banks that allow them to get special loans processed. Mortgage brokers also shop your loan around at different lenders. Shopping loans makes its possible for you to find a loan at the rate and terms you desire.

Credit:

Why do we need credit reporting?

Credit reporting is needed because it provides the information that helps consumers make purchases, secure loans, pay for college educations, and manage their personal finances. Credit reporting makes it possible for stores to accept your checks, banks to offer credit and debit cards, businesses to market products, and corporations to better manage their operations to benefit the world's economy

What is a credit inquiry?

An "inquiry" is a listing of the name of a credit grantor, or authorized user who has accessed your credit file. Each inquiry is posted to the credit file so you know who has obtained a copy of it. Credit grantors post an inquiry before offering you a pre-approval credit card application. These are listed as "promotional" inquiries on your credit file because only your name and address were accessed, not your credit history information. They are NOT sent to credit grantors or businesses for reasons of credit reporting. They are listed for your informational purposes only.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is the federal law regulating credit reporting companies like Equifax, Esperian, and Trans Union. It has been in effect since 1971. A revised FCRA became effective October 1, 1997. This law protects consumers' rights, such as the right to review and contest information in their credit profiles. It also specifically defines who can access the information in a credit profile, and how you are notified of this activity. You may obtain a copy the FCRA from the Federal Trade Commission.

Repair Your Credit.

Repairing your credit can greatly improve your chances of qualifying for a loan, reducing your interest rate and other costs. Gulfside uses several companies to help our customers repair their credit. Please visit Trinity Enterprises LLC for more information.

How does divorce affect consumer credit?

A divorce decree does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.

Should I use one of those companies that promise to help correct my credit?

It's your choice. However, beware of companies that promise to remove accurate information from your credit file. Accurate information cannot be removed from a credit file. There is nothing they can do for you that you cannot do for yourself by contacting the credit reporting agencies directly. Only time will heal a delinquent credit history.

What if an item on my credit profile is correct, but I disagree with it being reported?

For those items in your credit profile which you feel deserve further explanation (such as an account that was paid late due to the loss of job, military call-up, or unexpected medical bills), you may send a brief statement to the appropriate credit reporting agency. The information will be placed on your credit profile and will be disclosed each time your credit profile is accessed.

Save Money:

Refinancing Your Adjustable Rate Mortgage.

Now that your ARM's teaser rate has expired, your interest rate has probably increased. That means your monthly payments have increased, which could be causing you problems. Rates are still historically low, so refinancing to a fixed rate mortgage could reduces your monthly rates considerably, saving your thousands in interest.

Interest Only Options

Interest only options mean you only pay the interest on the remaining principal. Gulfside has interest only options on many of our loans. Contact us today and ask about interest only payments.

Consolidate Your Debt.

You can refinance your home and roll all your debt into a mortgage. Mortgage interest rates are much less than traditional consumer loans. If you have any high interest rate consumer debt, you can save hundreds of dollars in interest by rolling it all into your mortgage.

How To Lower Your Rate.

There are many ways to lower your rate. One of the easiest ways to to have a good credit score. With a clean credit report, and a good score, lenders will think you are less of a risk and give you a lower rate. You can also make a higher down payment, or use a mortgage broker. Mortgage Brokers have the ability to shop your loan through a variety of lenders to find the best rate and program suited to your needs.

Lower Your Mortgage Payment.

Lowering your payment can be done in a variety of ways. Increasing your credit score is one option to consider. Mortgage rates are based upon the credit score of the borrower(s). Taking the time to work on your credit will be well worth the effort in the long run and it will help your mortgage broker to be able to offer you the very best rate available. Another option is to extend the mortgage term. There are programs available that offer 40 and 50 year terms. There are also interest only loans and the popular "Option Arm" which would offer the very lowest payment using payment options.

Paying Your Loan Off Early.

Paying off your loan early is good if you can afford to do it. It will save you thousands in interest, and save you the headache of making a mortgage payment every month. Be careful that the terms of your mortgage don't include a pre-payment penalty. If you have the money to pay the loan off early, you have to consider, could you earn more money with another investment? If so, paying off your loan early might not make sense, especially if there is a pre-payment penalty.

Realtors:

Find The Perfect House.

A realtor is knowledgeable about the market area, price range, and the neighborhood where you wish to buy. A real time saver! They are Expert negotiators. A realtor brings experience and objectivity to the transaction and at presenting your offer to the home owner. And your realtor assists with their buyers contractual obligations and coordinates the supporting paperwork for settlement.

Choose A Realtor.

Choosing the best Realtor will make your home buying experience much better. Local Realtors know the area they serve, and can find you a home specific to your needs. Gulfside has relationships with many Realtors. Feel free to ask any of our loan officers for a quality reference.