#71 Monday Morning Mortgage Tip: Justin Froiland with Fairway Mortgage

Posted by Shane Andersen on Wednesday, January 23rd, 2019 at 8:25am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Justin Froiland from Fairway Mortgage. Justin explained why not having a credit score can be just as detrimental as having a poor credit score.  You can reach Justin at 605.695.1429 or justin.froiland@fairwaymc.com.  His office is located at 412 5th St., Brookings SD 57006 or on the web at www.BrookingsMortgage.com 

 

 

 Can I Get a Mortgage if I Don't Have a Credit Score?

 

- Good morning, everybody. Shane here from Brookings Home Team, powered by Century 21. I've got Justin here this morning. Yes, it is Tuesday morning. It is no longer Monday. I hope everybody had a great holiday yesterday, those of you that were able to take it off here, and our plan was to do it yesterday, but Justin wasn't feeling the best.

- Yeah, this is true.

- So we don't wanna spread any of that fun germs at all, so thanks for rescheduling--

- You bet.

- And coming in this morning, here. So, as always, I'll have Justin's information on the top, on the bottom, or on the sides, wherever the device allows you to see that. And today we're gonna talk a little bit about credit rating, credit scores. I know we've talked something similar to that before, but Justin wanted to touch base on-- and actually, I've had, if you're listening, I've had a couple clients out there say that, you know what, I just don't have a credit score, and, you know, Justin has some great options and opportunities for you. Maybe everything else falls into place, and you just simply don't have a credit score. That happens, and he's to kinda talk to you, and how he can help you with that.

- Definitely.

- So, take it away.

- Thank you, Shane, and yes, like Shane said, we've covered this topic before on the Monday Morning Mortgage Tip but it's a very important topic, so I think it deserves attention multiple times, and especially in the last week and a half, I've started working with two individuals that don't have any credit at all. And so everyone is probably aware that having bad credit is not a good thing, but you might not be aware of having no credit is actually almost as bad of a thing, really, because it can hinder you from getting a mortgage. Most people think, and rightfully so, that having no debt is a good thing, but when it comes to buying a house, that can actually hurt you, because you don't have a credit score. And so there are certain ways around that. Sometimes if you just have minimal credit, but not a lot out there, and we need some compensating factors, we can get what's called non-traditional credit references, and that entails getting a verification of your utility bill or your cell phone bill, some sort of bill that you pay on a monthly basis, but it doesn't report to the credit bureaus. And so that's a way of somewhat bypassing that, but, generally speaking, if you're going that route, you're gonna probably have a little bit higher interest rate, the terms might be not quite as favorable, and you might not qualify for all the programs out there, and so we've got, at Fairway, we've got an alternative option that we can use.

We've got a department called the credit tool department that works with both people that have no credit at all, and people that have, you know, maybe made some mistakes, and don't have as high a credit as they want, and they work with those individuals to bring their credit scores up to a point that we need them to be at, or to just simply get credit scores. And so it can be a very, very lucrative department to work with, and the big benefit to you, as the consumer, is it doesn't cost you a dime, where there's a lot of companies out there that will do this same exact thing, but they're gonna charge you for it, and, you know, you're probably gonna be paying $100 a month or whatever it may be. And so this is a nice option that doesn't cost you anything, and it can get your credit improved, or get your credit out there to begin with, quicker than if you were just looking at doing it on your own. So, there's definitely some options as far as that, but just wanted to reiterate the importance of having not only good credit, but credit at all, when you're going and looking at buying a house.

- Yep, good information. Like I said, I've had a couple clients I've talked to on that, and actually, I gotta refer one of them to you.

- Yeah, yeah.

- Because I know, I know you're doing the program that you have there. So, great program. Give Justin a call if you have any questions on that. Again, information will be on this post, somewhere, depending on where you're seeing it, so feel free to reach out to him, and if you have questions for me as well, just feel free to comment here. Again, wherever your device allows you to put that. And any questions for us in the future, let us know, and we'll have the answer to that for you as well.

- Definitely.

- That is the Tuesday version of the Monday Morning Mortgage Tip. We'll be back next Monday, so be looking out for that next week. And, of course, feel free to share this video with anybody else that you think would also benefit from it. So tag 'em, or however it takes to get 'em to see it. So, thanks for watching, everybody, and stay warm. It's cold out there.

- Yes, it is.

- It's cold, so have a great week, and we'll be in touch. See ya.

- Thanks, guys.

 

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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