If you’re thinking about buying a new home, you may or may not be keeping tabs on the state of inflation and the Federal Reserve’s plans for lowering its interest rate. And if you’re not, you should.
The Fed wrapped up another policy meeting in June. While they didn’t lower the Fed funds rate after recent multiple increases, they did release an updated “dot plot”. This is a chart of each Fed member’s projections through the end of the year and into the future for the Fed rate.
In the current climate, the expectation is that both the Fed rate (the amount banks pay to borrow money from each other overnight) and mortgage interest rates (the amount consumers pay to borrow money to purchase a home) will start to come down when month-to-month consumer prices and job market statistics indicate a sustained reduction in inflation.
The exact month when that will happen isn’t written in stone. It can only be estimated, even by economists and other market experts. But at some point, inflation and interest rates will decrease and homeownership will become more affordable for more people.
But you’ll still have to have a healthy credit history and credit score to secure a mortgage. Is yours where it needs to be to get approved for a home loan? If you’re not sure, or you know you’ve had some credit issues in the past, you might be considering enlisting the services of a credit repair company.
At CredEvolv, we’re not a credit repair company. We’re something different, something better. And we’re something you should seriously consider as you plan your home purchase strategy.
Here are six ways that our way is better than their way:
Customized Solutions
Their Way: Those other credit repair companies offer an outdated, one-size-fits-all solution. This may actually jeopardize your mortgage readiness.
Our Way: Our approach to improving your credit score combines artificial intelligence and other high-tech solutions with high-touch human involvement. We gather your information and connect you with a nonprofit credit counseling agency. That agency will sign you up and paired you with your own personal credit counselor. Your counselor will create a customized Success Plan for you, which is your blueprint for getting loan ready. It’s based on your unique credit score makeup and goals.
Relevant FICO® Scores
Their Way: Most credit repair companies don’t use the same FICO® scores that mortgage lenders use when determining if you qualify for a home loan. This creates a disconnect between what you see and what the lender sees for your credit score. And the last thing you want when you’re trying to buy a home is not being on the same page as the person who can help you get a loan!
Our Way: No disconnects here! We use the same mortgage-specific FICO® scores lenders use. Even better, you can watch your score rise as you become loan ready in an average of 3 to 5 months (sometimes sooner)!
“I’ve learned more about credit in the last few months than I have over the last decade. Together we are achieving significant results, and I am so grateful for this company for allowing me to dominate in an area that once felt unattainable.”
Deidre J.
Transparent Pricing
Their Way: Since those other so-called, self-proclaimed top credit repair companies are not legally allowed to pull credit, they charge extra fees for credit monitoring services.
Our Way: The counselor partners on our platform are fully transparent with their costs up front. They are legally mandated to keep costs affordable and low – and are incentivized when you succeed. And they don’t need to enlist the services of another company (nor charge you) to pull your credit. In fact, they only pull your credit (soft pull only) after you’ve given them permission to do so.
Support From An Actual Human Being
Their Way: Most if not all credit repair companies leave you to do all the work on your own with little additional support.
Our Way: You’ll meet virtually with your coach each month. You’ll also get 24/7 access to a secure portal to share information, messages, and documents with your counselor conveniently, from any device.
Their Way: Traditional credit repair companies have minimal communication with Mortgage Loan Originators and Licensed Real Estate Agents.
Our Way: When your lender or real estate agent are on board with the CredEvolv platform, we can keep them informed (with your permission) about your progress toward your credit score goal. Then, when you’re mortgage ready, we’ll let your connected lender or agent know. Together, you can start house hunting with confidence!
Legally Compliant
Their Way: Consumer Financial Protection Bureau (CFPB) regulations have become increasingly strict and applicable to the credit repair industry. Many of the top credit repair companies like the ones you see advertised on TV or in your social media feed are not in compliance.
Our Way: There are no such legal concerns with CredEvolv. We’ll connect you with a highly vetted nonprofit credit counseling agency that is fully compliant with all legal regulations.
These are just some of the reasons why we don’t call ourselves a credit repair company and we’re able to get testimonials like this one from our consumers:
“I’ve learned more about credit in the last few months than I have over the last decade. Together we are achieving significant results, and I am so grateful for this company for allowing me to dominate in an area that once felt unattainable.” – Deidre J.
Planning on buying a house soon? Get loan ready now with CredEvolv. You deserve it.