Refinance Mortgage Loans

If you have been turned down for a mortgage refinance, especially a cash out or debt consolidation refinance, because your lender says your credit score is under 500, there are a variety of new options and strategies available which can help you get the cash you need now to pay off your credit card debts, collection accounts, and other derogatory or poor credit accounts and improve your FICO credit score to the point where you can qualify for a low interest, fixed rate loan.

First, you may be wondering why the number 500 is such a big deal. A FICO credit score is a number from 300 to 850 which is meant to represent your reliability as a borrower, and takes into account how much credit has been extended to you, how much money you owe and whether or not you pay it on time. Banks like to tell us that 99% of people in the US have credit scores of 500 or higher, and use this as an excuse not to even bother lending to people with credit scores under the magic 500 FICO score. As far as they’re concerned, since only 1% of the population has a FICO below 500, they simply don’t have the time to design programs to help these people buy or refinance homes.  Learn more about USDA mortgage loan programs by visiting Loan Trust.

We’ve worked with dozens of people who have come to us with FICO scores below 500 over the years, and every one of them says the same thing. ìI just need help right now, and everyone I talk to keeps saying NOî. This is because until very recently, it was extremely difficult to get a loan if your credit score was 499 or less, and even today, only a few mortgage lenders, whether they’re banks or brokers, have the time or attention required to focus on the needs of what they think are a few unfortunate people. So until very recently, if your credit score was under 500, the only chance you had at refinancing or obtaining a home loan was if you went to a hard money lender.

If you’ve ever come across these individuals, you might not have been able to tell the difference between hard money or private mortgage lenders and a loan shark, and while that comparison is not entirely fair, it is to a certain extent accurate. Hard money lenders are small investors who lend only against the hard equity in your home, generally not more than 60% or 70% of the property value, the loans are generally short term, very high interest rate (12% to 15% or more), command huge upfront fees and closing costs, often up to 10% of the loan amount, and rarely if ever do they report your timely payments to your credit bureaus, making it harder to improve your credit. Why would anyone borrow money from a lender like this? In the past and even today, banks and other mortgage lenders have said no to sub 500 credit score mortgages or home loan refinances, and sometimes you just need the money that badly.

Many people have touted the benefits of credit repair services to prospective borrowers with scores under 500. The proposal often reads like this, first, give them a thousand dollars out of your pocket to fix your credit, which they will accomplish in six months, and then once your scores are over 500, they get a loan done for you. Of course never mind that $1,000 is a lot of money for most people with 700 credit scores, and very often a heck of a lot for an individual seeking a mortgage / refinance to consolidate debts. Add to that the fact that conventional credit repair takes too long for most people to wait without the extra cash to pay off bills that you get with a refinance, and you can see that credit repair by itself is not a very efficient proposition if what you really need is a refinance loan today. That’s not to say credit repair doesn’t work, it’s just that it doesn’t work very well for most people who are under 500 FICO seeking a debt consolidation, refinance or home purchase loan.

Over the years we’ve taken a harder look at the numbers, and it turns out that the banks and credit reporting agencies may have drastically underestimated the number of people in this country whose credit ratings are actually under 500 FICO. There are literally millions of people nationwide who fit into this category, and we have spoken with our share. What do we know? That most people with credit scores below 500 are hardworking, honest people whose credit is suffering from the realities of living and working in America today. As tight as our budgets are stretched in this country today, it only takes a very short term disability or unemployment to severely damage our credit scores. And some of us might have gotten in a little over our heads when we were younger, but in the years since we’ve been trying to get back on the road to good credit, and we’re sick of getting charged sky high interest rates every time we get a new credit card, apply for a car loan, or get denied for a bank loan and wind up calling on the aforementioned hard money / private mortgage lenders. We knew the banks had missed something. Our friends below 500 were not only more numerous than they had previously estimated, they were also more than some credit score, they were good people. Learn more about Fix and Flip Loans by visiting Loan Trust.

So we developed a strategy which we are sharing in the hopes that other borrowers under 500 can reap some of the benefits that our own clients have. We’ve helped borrowers with no money in the bank, $50,000 of bad debt, and sky high monthly payments driving them into the poor house get out of debt, get some money in their pockets and eventually achieve major financial improvement in a very short amount of time.

And how does it work? First, there are a few major, institutional lenders which have programs that allow us to arrange and refinance real mortgage loans at competitive interest rates for borrowers with credit scores under 500. These are real, federally and state regulated lenders, not private investor groups who will take your last dollar and send you on your way. Ask your mortgage broker about these programs, and if he doesn’t know what you’re talking about, get a new broker.

The typical strategy is a credit improvement strategy, where the goal is to take enough cash out of your home to pay off as many of your past due, high interest, or high payment debts as possible. We recommend taking a little extra cash from closing if possible, or to use some of the savings from your lower overall payments so that you can enter stage two of the strategy, which is third party credit repair. A good quality credit repair agency should cost less than 300 dollars overall and can clean up your credit and remove a lot of delinquencies and other items which are negatively impacting your credit. Combined with all the truly harmful items which you’ve paid off with your debt consolidation refinance, you should be able to improve your credit score by 50, 100 points or even more. I have seen a client go from a 485 FICO and $65K in combined credit card and auto loan debt and a total monthly payment of over $2800 to a 610 credit score and a payment of $1900 per month in less than 4 months. How did that payment get so low? Once their credit score went over 600, we were able to qualify them for a new mortgage at a low interest rate, because now our friends had good credit, and paid off the few remaining debts which they had by consolidating through refinance. Before the process, their average interest rate across all debts including home, cards and cars was nearly 22%, and afterwards, the average rate was under 9%.

We hope you find this information useful in reshaping your own financial future, and hope that you tune in for the next mortgage series of articles.

Tech support is the service of providing technical assistance to customers, according to technology expert Joshua Shuemake. This team is made up of qualified individuals who can diagnose and fix problems with software and computer systems. They can also handle user inquiries. A technical support representative can also work with developers to create modifications and other software. They can coordinate service with vendors and maintain up-to-date knowledge of new technological trends. They can also offer training to employees. Depending on the type of business, a tech support representative can work with a variety of companies.

There are different levels of technical support. Lower level personnel are responsible for solving known problems and fulfilling service requests by following scripts. Tier 2 and Tier 3 technicians are more experienced and knowledgeable and focus on analyzing issues and developing solutions. They are not programmers or product designers, but they do have access to the highest technical resources. Ultimately, the team consists of highly trained and experienced individuals who attempt to duplicate or define the root causes of issues and provide the best customer service possible.

A team of technical support representatives must help customers resolve technical issues. These problems could be related to perceived or actual deficiencies. In order to offer the best customer service, the team must find the root cause and solve the problem. Technical support teams must grow in number as the business grows. In addition to providing a more personalized experience for customers, it should be able to provide more information and resources to help more customers. Technical support representatives must have strong technical backgrounds.

There are different levels of technical assistance depending on the type of business. There are tiers and levels of support. A multi-tiered support system provides the best customer service and is efficient. A company’s technical knowledge and ability duplicate root causes are key factors in its success. The three-tiered structure is the most common support structure. It is important to understand the roles of each level of support and the different levels responsible and escalation.

In a typical company, there are three levels of tech support. First-line support staff members typically handle common problems while second-level technicians deal with more complicated cases. A third-level technician is capable of answering basic questions, while a second-level technician is able to help with more complex problems. If customers don’t know where they should start, they can help them with complex problems. However, this level of support is not enough.

Technical support specialists oversee the hardware and software of a business and can help customers solve problems related to these elements. They can also help with common problems and solve them efficiently. A technical support agent will also help with installation and configuration of computer systems. In addition to solving common problems, he or she will assess new programs and determine whether they are compatible with the existing system. The next level of technical support will be responsible for the resolution of problems involving software and hardware.

You’re standing at a crossroads, pondering the age-old question: ‘Do I need a college degree?’

The answer isn’t as clear cut as it once was. In today’s fast-paced job market, many factors come into play when considering the best path towards success.

It’s no longer just about having that piece of paper; it’s about skills, experience, and sometimes taking an alternate route.

The cost of college education is skyrocketing, and you might be asking yourself if it’s worth the hefty price tag. Is a degree still valuable in this evolving job market? Or are there other options that can lead to success without leaving you knee-deep in student loan debt?

This article aims to explore these questions in depth by examining current trends, highlighting alternative education paths, and sharing real-life success stories both with and without a degree.

The State of Today’s Job Market

It’s clear that in today’s job market, having a degree isn’t always the golden ticket it once was. Factors such as job outsourcing have contributed to a shift in the employment landscape.

Many companies now prefer to hire people overseas where labor costs are cheaper, leaving fewer opportunities for college graduates at home. Simultaneously, the gig economy has exploded, offering flexible work options often requiring specific skills or talents rather than formal education.

This doesn’t mean that a degree is worthless; it still holds sway in many professions. However, the guarantee of landing your dream job just because you have a diploma is no longer a given.

As you navigate this evolving employment climate, bear in mind that there are other pathways to success outside traditional education systems. These shifts set up an important consideration for our next discussion: assessing whether the rising cost of college education matches its value in today’s world.

The Rising Cost of College Education

You’re probably aware that the cost of a college education is on the rise, with tuition fees and student loans increasing regularly.

The financial strain of attending college can be intense, making it essential to weigh your options carefully.

Understanding how these costs can impact you long-term is critical as you navigate your path towards higher education.

Tuition and student loans

While pursuing a degree can open doors, let’s not forget the hefty tuition fees and staggering student loans that often come with it. The cost of higher education has been on the rise for years, making it increasingly difficult for many students to pay their way through college without incurring substantial debt.

However, there are some ways to alleviate this financial burden. Scholarship opportunities abound for those who qualify, offering a potential lifeline to offset some or all of these costs. Additionally, loan forgiveness programs exist which can help reduce or even eliminate student loan debt under certain conditions.

Yet despite these aids, navigating the world of tuition and student loans is no easy task. It requires careful planning and informed decision-making to avoid falling into a cycle of debt that could take decades to escape from.

Furthermore, while scholarships and loan forgiveness programs offer hope, they’re not guaranteed solutions as competition is fierce and eligibility requirements can be strict. This reality underscores the persistent financial strain that attending college imposes on many students and their families—a topic we’ll delve deeper into next.

The financial strain of attending college

Bearing the burdensome bills for books, boarding, and beyond can cause considerable consternation among cash-strapped students striving to secure a superior education. While there’s no denying that a college degree usually comes with a high price tag, some financial relief might be closer than you think. Scholarship opportunities abound for those willing to put in the time and effort to apply. Many institutions also offer robust financial aid programs designed to help make higher education more affordable for everyone, regardless of their economic background.

However, it’s important not to overlook the fact that while these sources of funding can significantly reduce your out-of-pocket expenses, they don’t necessarily eliminate them entirely. You may still find yourself juggling part-time work or graduating with substantial debt despite your best efforts.

This reality brings us to ponder on one crucial question: is the monetary investment in a college degree worth it when compared against acquiring skills and experience through other means? Let’s delve into this discussion in our next section.

The Value of a Degree vs. Skills and Experience

It’s undeniable that the glow of a college degree often outshines hands-on skills and experience in the eyes of many employers, stirring a deep sense of frustration among those who’ve earned their stripes in the field. This is largely due to what’s known as ‘degree inflation,’ where even entry-level positions require a bachelor’s degree or higher.

However, there’s a growing movement towards skill-based hiring, which acknowledges that relevant abilities and practical know-how can be just as valuable as formal education.

Degree inflation has created an environment where too many jobs unnecessarily require degrees. This not only excludes capable candidates but also adds to societal pressure for people to incur heavy student debts.

Skill-based hiring, on the other hand, focuses on identifying individuals with the right capabilities rather than relying solely on academic credentials.

It provides opportunities for those who may lack traditional qualifications but have gained essential skills through unconventional routes like internships, volunteering, or self-learning.

Finally, this approach can also help companies diversify their workforce and foster innovation by bringing in fresh perspectives from various life experiences.

As we continue exploring this topic further, we’ll delve into some compelling success stories – illustrating how individuals without degrees have achieved remarkable feats in their respective fields.

Success Stories: Degree vs. No Degree

Unearthing the triumphs of those who’ve dared to tread the unconventional path, let’s delve into inspiring narratives of individuals who’ve soared to phenomenal heights without a traditional degree in their arsenal. These stories are not exceptions; they’re proof that entrepreneurial endeavors often require more than what a formal education can provide.

For instance, luminaries like Bill Gates and Mark Zuckerberg, both Harvard dropouts, pioneered technological revolutions with Microsoft and Facebook respectively. Similarly, Richard Branson left school at 16 to embark on an extraordinary journey that led him to become the billionaire founder of Virgin Group.

In other cases, self-taught success has been the mantra for many creatives and innovators. Renowned fashion designer Coco Chanel learned her craft from a seamstress, proving that passion coupled with dedication can equal or even surpass formal training. On another note, consider Steve Jobs who dropped out of Reed College but went on to co-found Apple Inc., transforming entire industries with his innovative designs and forward-thinking vision.

Hence, while degrees can open doors and provide knowledge foundations, it’s clear that there are numerous paths to success which aren’t necessarily paved by traditional academia. With these compelling examples in mind, let’s examine some viable alternatives to conventional college education in our next discussion.

Alternatives to Traditional College Education

You’ve heard success stories from those with and without degrees, but have you considered the alternatives to traditional college education?

Trade schools and vocational training offer hands-on experiences that could fast-track your career in certain fields.

Furthermore, online learning platforms and certification programs provide flexibility for learners while offering valuable skills needed in today’s digital age.

Trade schools and vocational training

Don’t discount the value of trade schools and vocational training; these options can provide you with practical skills and credentials, without the hefty price tag of a traditional college degree. In fact, they might be the perfect solution for you if you’re focused on entering an industry that’s grappling with skill shortages.

Trade schools and vocational training programs are designed to equip students with specific skills needed for particular jobs, ensuring that graduates are ready to hit the ground running in their chosen field. Plus, there’s something appealing about knowing exactly what job you’re preparing for – it gives a sense of purpose and motivation.

Here are some benefits of trade schools and vocational training:

1. Apprenticeship Benefits: Unlike traditional education systems where theoretical knowledge is prioritized, apprenticeships offer hands-on experience which can make learning more engaging and relevant.

2. Shorter Training Periods: Generally, trade school and vocational programs take less time to complete compared to degrees – usually one to two years – allowing you to jumpstart your career sooner.

3. Focused Curriculum: These programs concentrate exclusively on the skills required for your targeted occupation, eliminating unnecessary general education courses.

4. Potential Earnings: Many skilled trades jobs pay well due to demand in industries such as construction, healthcare, or technology.

As beneficial as trade schools and vocational training may be though, they aren’t the only alternatives available when considering educational paths outside of traditional college degrees. Next up on our exploration journey: online learning and certification programs which offer flexibility while broadening your horizons in this digital age.

Online learning and certification programs

Shifting gears from the realm of trade schools and vocational training, let’s navigate into the digital world of online learning and certification programs.

These platforms have revolutionized education, providing a viable alternative to traditional degree pathways.

In today’s digitally-driven society, you can seize opportunities offered by online learning platforms to level up your skills. You’ll find that these programs often emphasize digital literacy—an essential skill in our technology-dominated world.

With unprecedented online accessibility, you can pursue a wide array of courses right from your home or office computer. Whether it’s programming languages or managerial skills, there’s an online course for just about everything.

Moreover, upon completion of these courses, you’re typically awarded a certificate which can be crucial in augmenting your resume and enhancing your job prospects. Remember though, success in such endeavors requires discipline and commitment as much as any traditional college setting would demand.

Conclusion

You may find yourself at the crossroads, questioning whether a degree is worth it or not. It’s no coincidence that while some thrive with degrees, others prosper through skills and experience.

In the end, it’s your unique journey and you choose what fits best for your career aspirations. With the rise of alternatives to traditional education, you have more options than ever before. Decide wisely, as your future awaits.