Frequently Asked Questions

What If I don’t have Credit?

How Does a Low Credit Score Affect My Interest Rate?

How Does the Underwriter View My Score?

Can I get a new loan even after bankruptcy or foreclosure?

What if I am currently late on my mortgage payment?

What if I am currently late on other obligations or have collections and judgments?

What's the difference between a refinance and a home equity loan?

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What If I Don’t Have Credit? - A borrower will sometimes not have enough credit references to obtain the loan they wish to secure. In this case, start by opening small lines of credit that report to one of the three major credit reporting agencies like Experian, Trans union, and Equifax. Only make purchases that can be paid off easily. Instead, make a small purchase so the card shows up as an active account on your credit report, and you will begin to be awarded points for your long term credit history.

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Does a Low Credit Score Affect My Interest Rate? - Yes. Lenders will estimate your ability to pay back money based on your credit scores. The risk factor they take on is contingent to your interest rate as an interest rate. Therefore, a low credit score results in a higher rate of interest, higher penalty fees, and a higher amount of total interest being paid over the life of the loan.

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How Does an Underwriter Weigh My Credit Score? - If you are considering a home purchase, it is in your best interest to make every effort to increase your credit scores, especially if you know you have issues you should be dealing with. It is often the case that people are not aware of derogatory history on their credit history until they apply for financing for a home loan or Automobile.

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Will I ever get another new loan after bankruptcy or foreclosure? - Of course it is. Every day we hear from people who've been told that they can't get a new home loan after they file bankruptcy or have been through a foreclosure. That's not always true. Seth Taylor of America’s Mortgage has the funding sources to give homeowners another chance, including mortgage loans to homeowners just discharged from bankruptcy. If you've heard "no" from other lenders then we encourage you to call Seth Taylor of America’s mortgage. We have the loan programs and products that give us an edge over the competition and we have the flexibility to say "yes" to your new home loan.

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I am currently late on my mortgage payment, Can I do anything? - At most mortgage companies, being late on your monthly payments even once in the past 12 to 24 months would prevent you from getting a new mortgage. We commonly assist homeowners who are 30, 60 even 90 days or even in foreclosure or forbearance on their mortgage get a new home loan and a fresh start on their budget. We have the experience along with hundreds of testimonials from our satisfied customers to prove it. Let us prove it to you today.

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What if I am currently late on credit cards or have judgments and old valid collections? - Nearly everybody has late payments, collections or judgments on their credit report. You probably know now after it happens the frustration of having creditors and collectors who keep hassling you for payments while you're trying to get rid of those bills plus meet your ongoing living needs for your family. Seth Taylor at America’s Mortgage can end the frustration. With a new home loan from Seth Taylor at America’s Mortgage, you can pay off your past due creditors and get a fresh start on your budget. Plus the bonus, stop the barrage of phone calls and get some peace for you and your family! Call us and let’s end the frustration today.

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What's the difference between a refinance and a home equity loan? - Many borrowers believe that a mortgage refinance and a home equity loan (HELOC) are the same thing. They are not, however you can refinance a home equity loan. With a refinance, the old first mortgage is paid off and any cash out to consolidate bills or given to you at close is rolled together into one new loan. The rate, loan, and payment become one. A home equity loan is pretty much synonymous with a second mortgage. If you take out a home equity loan (fixed amount or line of credit) you will most likely have a second loan and a second mortgage payment. Second mortgages usually have a much higher interest rate. For most homeowners, refinancing is the single best way to get cash and consolidate high interest debt. Remember, this is because first mortgages have lower interest rates than 2nd mortgages.

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