Tuesday, August 5th, 2008
It seems like every day we read about another mortgage company being taken down for fraudulent activities. As the market tightens, banks have begun raising their standards for those people that can qualify for a mortgage. This affects the many mortgage companies and brokers that made their living by helping people who were turned down by traditional banks get mortgages. Those days are gone, smaller mortgage companies and brokers are now are forced to sell the exact same products that they larger banks are selling.
This basically means, that in most cases, consumers aren’t any better off using a broker than they are walking into a regular bank. Don’t get me wrong, smaller brokers and mortgage companies still offer a personal experience that the larger banks can’t offer. The smaller brokers will work harder on your loan and know which banks to place your mortgage with. However, for the “plain Jane” consumer, who has great credit and plenty of equity, there really is very little incentive for them to use a broker any longer. This segment of the market was a huge part of the smaller mortgage companies business. Unfortunately, when business tightens, this tends to force the rats out of the wood-work, and that’s why we decided to write this article.


The answer to the question, “how can I fix my credit score”, is pretty simple. You either do it yourself or you pay someone to do it for you. Regardless of what you have heard about credit repair, know this, nobody can fix your credit scores faster than you.