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Mortgage For $16000 Near 56031, Minnesota With A Credit Score Of 622

$16000 Mortgage – Fairmont Minnesota, Credit Rating Of 622

  • Experian: 634 – This client had a good Experian rating
  • Transunion: 609 – Brook had a good credit score with Transunion.
  • Equifax: Brook’s Experian score was 622, which is a good credit rating using the Experian rating scheme.

Contact Details for Fairmont Federal Savings and Loan Association, the provider of this mortgage

  • Fairmont Federal Savings and Loan Association
  • City: Fairmont
  • State: Minnesota
  • Address: 115 West First St
  • County: Martin
  • Zip code: 56031

Brook was not approved by First State Bank, Lake Lillian, Minnesota 4 times prior to being approved by Fairmont Federal Savings and Loan Association at 115 West First St

On November 21, 2013, Brook applied about borrowing $39,000 from Farmers and Merchants State Bank of Lamberton with Karen, their friend from just outside Fairmont, and even with the co-signer, Brook was rejected for this mortgage. With good credit, it can be a challenge to procure financing, even with collateral and a co-signer.

Brook’s Overall FICO score at the time of acceptance for a mortgage, taking into account their nursing professor job and their future job as a court reporter

Fico Score: 622

Installment loan for Brook, a graduate of University of St. Thomas and a nursing professor working for over $66,000 per year

Brook, an alumnus at University of St. Thomas and a nursing professor in Fairmont, Minnesota needs a mortgage to purchase something frivolous. Brook has instead decided to get an installment loan for $1,000 and is currently seeking lenders like Forest Lake State Bank to provide it.

Before applying for this mortgage, Brook had an Experian score of 634, which is good, so Fairmont Federal Savings and Loan Association likely cannot provide Brook a mortgage

Experian Score: 634

Several other requests for credit have been made by Brook in the past, including one from Peninsula Savings and Loan, FA in Fairmont, Minnesota before Brook was accepted for the $16000 by Fairmont Federal Savings and Loan Association

Brook made 6 previous tries to obtain a mortgage, 2 of which were with Peninsula Savings and Loan, FA, a bank in Fairmont, Minnesota known to specialize in mortgages specifically. Before finding Fairmont Federal Savings and Loan Association, Brook was very concerned due to their inexperience and good credit score.

Signature Loan found in Fairmont, Minnesota for $16000 with good credit by Brook

A lot of prospective borrowers have difficulty with finding signature loans in Fairmont, Minnesota, and Brook is not an exception. Brook went to 4 lending institutions or more prior to settling on Fairmont Federal Savings and Loan Association, who offered Brook a signature loan for $16000. Typical signature loans simply require a client, like Brook’s signature to obtain them, up to $25,000 in some cases. Brook was able to get $16000 as a mortgage, which is very high for a mortgage. Because signature loans don’t need a cosigner, they generally require better credit, as high as 710

Brook has a disappointing current gross income, but has a high number of prospects

Brook has always wanted to be a court reporter, but would need attend University of St. Thomas again to become one. Brook has other possibilities as well, including sports physician, account collector, and office machine mechanic, which pay $51,000 through to $101,000 per year, at least. For this reason, we think that Brook can afford this mortgage of $16000.

Brook’s Transunion score was changed by the mortgage loan, changing to 609 from 622, which is typical in our experience.

Transunion Score: 609

9 Months in the Past, Brook Tried to Find a High Risk Loan for $23,000.00, but They Didn’t Find What They were Expecting

There is an ongoing struggle for clients to find high risk loans in a non-harmful manner. a lot of high risk loans end up originating loan sharks or the like, which can be frightening to borrowers like Brook. Brook chose not to obtain a high risk loan this time. High Risk loans are generally given by lenders to terrible credit borrowers. Individuals with credit scores as low as 414 can inquire for a high risk loan and have a chance to be approved.

When Brook was 20, they tried to obtain a student loan from 7 different banks, which damaged their credit score. Below is a chronology of Brook’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $24,000.00 on January 28, 2009
  • Attempt 2) Loan for $21,000.00 on August 27, 2011
  • Attempt 3) Loan for $32,000.00 on December 11, 2010
  • Attempt 4) Loan for $20,000.00 on May 20, 2011
  • Attempt 5) Loan for $27,000.00 on April 9, 2009
  • Attempt 6) Loan for $37,000.00 on December 10, 2008
  • Attempt 7) Loan for $36,000.00 on November 1, 2009

Personal Loan for a nursing professor named Brook in Fairmont, Minnesota to Pay Off Commerce Bank

Brook had a tonne of credit card debt on their NFL Extra Points and their Zions Bank Visa Credit Card, and they were starting to get in over their heads. Despite Brook’s job as a nursing professor, they struggled to make payments on the $23,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Debt Consolidation Will Assist Any Highly Indebted Borrower to Escape Bad Debts like Loan Sharks

Normal debt consolidation loans range from $23,000.00 to $52,000.00. They are normally used to pay off existing high interest loans like credit cards. Brook required a debt consolidation loan to pay for their existing mortgage and their loan shark loan. Brook was able to find a mortgage in the end. Debt consolidation, or just consolidation, is a tactic in the debt snowball method which changes your less desirable, high interest loans to a single reduced interest loan. Debt consolidation loans usually have interest rates as low as 3.5%.

Paraphrased and Standardized Quote from Brook for this mortgage of $16000, provided by Fairmont Federal Savings and Loan Association

Hello, I am Brook and my hometown is Fairmont in Minnesota. Martin, county is where I grew up, and now I need a mortgage in Minnesota for $16000 to avoid bankruptcy. It has been difficult, but Fairmont Federal Savings and Loan Association really came through for me with this loan for 8.7% interest APR and a term of 15 years. I will repay the loan over the 15 year term, including interest. A big thanks to Fairmont Federal Savings and Loan Association for giving me a chance and my good credit. It look me 6 years to create my credit to 622, and I won’t tarnish it any future. I’m happy with Find Texas Loans for assisting me this far.

Client Profile: Brook Manford of Fairmont, Minnesota
  • Full name (Changed if requested): Brook Manford
  • Current Credit: loans.hit.utils.Fico@579bb367
  • Current City: Fairmont
  • State: Minnesota
  • Zip code: 56035
  • Yearly income: $55,000
  • Current Job: nursing professor
  • Current County: Martin
  • Goal Yearly Income: $140,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $7000

Fast Loans for Brook in Fairmont, Minnesota to prevent bankruptcy or harm from debt collectors.

Fast loans in Fairmont, Minnesota aren’t actually that difficult to obtain, particularly if you have some finesse like Brook. Brook was able to find a fast loan for $16000 from Minnwest Bank Central and Frandsen Bank & Trust, but declined both offers in favor of their mortgage from Fairmont Federal Savings and Loan Association. The improvement with a fast loan over a installment loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 5 weeks for personal loans. A big difference in the case that a client is in a pinch.

Previous requests on Brook’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$88710.00 9 5.6% $1047.57 Marquette Bank Cannon Falls November 18, 2010
$88710.00 6 6.5% $1491.21 Root River State Bank February 25, 2013
$89140.00 3 8.3% $2805.68 Clinton State Bank January 12, 2014
$89270.00 8 9.5% $1331.09 Peoples State Bank of Plainview August 13, 2014
$88600.00 10 10.1% $1175.77 Security State Bank of Wykoff October 1, 2014

Conclusion of Brook’s mortgage

In the end, Brook was able to find a mortgage for $16000 with an interest rate of 8.4% interest APR from Fairmont Federal Savings and Loan Association in Fairmont, Minnesota repayable over 15 years from today.

Will Alexander

Will Alexander has over 10 years of experience as a financial expert and writer. The goal of his work is to assist the people of Texas in finding loans for lower interest rates than they thought were possible. Will specializes in bad credit loans.

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Names of borrowers and lenders have been modified, substituted, or fictionalized for search and privacy purposes. Information presented here is for entertainment purposes only and should not be interpreted as the truth.