What to do if you’ve been turned down for a loan
Turned Down For a Loan? Improve Your Loan-Ability! This article was written by Becky House, Education Manager for American Financial Solutions. For more information about credit scores, budgeting or managing your debt, visit MyFinancialGoals.org or contact Becky at 1.800.894.3946. Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. [more...]
Date: 2009-09-26 14:37:00
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What to do if you’ve been turned down for a loan
Turned Down For a Loan? Improve Your Loan-Ability! This article was written by Becky House, Education Manager for American Financial Solutions. For more information about credit scores, budgeting or managing your debt, visit MyFinancialGoals.org or contact Becky at 1.800.894.3946. Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. [more...]
Date: 2009-09-26 14:37:00
There are several factors…
…that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score ... t use them. Always take advantage of the free annual credit report from www.annualcreditreport.com (which is the only FTC approved credit reporting site) and start working on improving your credit [more...]
Date: 2008-10-15 16:39:59
Texture of the Credit Crunch, Not So Good
Mortgage brokers view of the mortgage meltdown. As a mortgage broker I can tell you that the past several years have been bludgeoned with careless ... to such as the small business owner who grosses $500,000 per year but has a bottom line of $50,000. With a decent ... credit score mortgage with no money down and no real income verification. Are you [more...]
Date: 2009-01-06 21:05:00
The Importance of GOOD Credit
by Rob Kosberg We all should know that good credit is a “must have ... to get a loan, a mortgage, credit card depends on a good credit rating. Our “Credit Score” is most ... FREE Guide on Maintaining and Repairing your Credit [more...]
Date: 2009-01-03 12:23:01
Home loans
by Tom Martens For the vast majority of us, homeownership means a monthly mortgage installment ... this rate, your credit history and credit score are major factors in whether your bank considers ... the best option for you. Administration fees payable every month differs with each loan, so check [more...]
Date: 2009-01-16 14:53:39
The truth about home down payments...right now
Filed under: Real EstateWith all the talk about the credit crunch and tough housing market, ... to get a mortgage. While it's true that credit score requirements are higher than ever -- somewhere north ... to get an FHA loan with a weaker credit score than you would need for traditional Fannie and Freddie [more...]
Date: 2009-01-02 23:30:00
second residential mortgage
If you are still confused about what a second residential mortgage loan is and how you can use it to your advantage, you are literally losing money ... mortgage, check your personal credit report to ensure that your credit score has improved. Lenders ... loans.The other type is a “home equity line of credit” or HELOC. The main difference between the two [more...]
Date: 2009-01-14 10:43:37
Selecting From These Monthly Magnificent 7 For Round 2.
Pipe in if you want. LarThese are the final monthly nominees to compete to go on to round two ... For A Mortgage When One Spouse Has A Low Credit Score By Searchlight Crusade: here are several ... must qualify, credit score-wise. The way around this is a quitclaim to the spouse who has a good [more...]
Date: 2009-01-15 10:19:45
Bad Credit Doesn’t Have To Mean No Loan Help
Everyone faces unavoidable financial problems at some time and find that they are in an impossible situation and unable to meet their obligations ... rate for a home mortgage loan will depend upon your credit rating. If the credit score is 600 ... , but that is not necessarily true. There are two types of bad credit personal loans, secured and unsecured. [more...]
Date: 2009-01-16 09:36:37
Improving Your Odds of Getting Approved for a Mortgage
by Troy Cruz William Engle Dawn Khoury James Nissen Robert Hill Chris Laning Janet Taylor Jack Enders Bruce Gross Rick Bean Keith Wood Ray Johnson ... on what your financial history is like. If you aren’t sure what it is, get a copy of your credit score and your credit report. Banks look at your credit report and score to determine what their risk is [more...]
Date: 2009-01-09 18:30:22
Will a short sale hurt my credit score?
When I meet with homeowners who are struggling with their mortgage are maybe behind on payments and have no equity in their home, ... get this question - “Will a short sale hurt my credit score? And if so, by how much?” I have been doing ... or foreclosure on one’s credit report. I recently came across some great information provided by a mortgage [more...]
Date: 2009-01-15 20:14:24
I Guess Our Mortgage Is Officially Considered Small
As a follow up to the post I wrote a few days ago about the new consumer protection laws and the possibility that thrift stores would have to stop ... scores until now. We went to the annual credit report site and picked Experian. Credit scores were $5.95 each, and the credit report is free (we normally just get the free report). We got my husband’ [more...]
Date: 2009-01-09 08:15:42
Friday’s Rates
Mortgage rates continue to be very volatile. They are improved from last week’s rate report yet higher than the low point (mid 5’s for 30 year) ... properties). The conforming rate quote below is based on owner occupied with a mid-low credit score ... . Pricing based on credit score of 620 or better [more...]
Date: 2008-09-12 21:26:07
Credit Scores and Mortgage Loans: What Is The Minimum FICO Score?
Many people I talk with have had a few issues with their credit in the past. Maybe an unpaid cell phone bill that went to collections, a few lates on a credit card, some have even filed bankruptcy in the past. Usually, if someone is worried about their credit [more...]
Date: 2009-01-02 09:19:18
A Rare Bank Without Defaults
No Credit… No License… No History? No Problem? Even before our current mortgage meltdown, ... of loans - all to customers who have no credit history, zero credit scores, no drivers license and nothing ... default on a loan. And that’s thousands of customers over a 20-year period. How can this possibly [more...]
Date: 2008-12-19 20:22:33
Can homebuyers still get liar loans?
Randy Johnson, president of Independence Mortgage Co ... and they have to like your credit scores, but agree with them ahead of time that you are not going ... professional, graduate degree, self employed for over 25 years. My credit score is over 800. I currently [more...]
Date: 2009-01-16 11:00:49
Improve Your Credit Score - Determine Your Creditworthiness
Sure, the economy may be flailing, but learning to preserve and maintain your creditworthiness and improve your credit score is still extremely important. If you’ve spent any time watching or reading the news, you’re aware that bad mortgages obtained with faulty credit lending practices and other flawed methods have sent the economy into a ... [more...]
Date: 2008-11-22 19:00:48
New Year, Better Credit Score: Post 3
stockxpertcom_id12723501_size0-743295.jpg So FICO has branded you with a not-so-desirable credit score and you have made the resolution to bring ... month. Remember also, not all debt is bad. Items like mortgages and car loans on your credit report ... and see if they will take the late payment off so it doesn’t show up on your credit report [more...]
Date: 2009-01-10 15:55:57
FICO Fitness Fundamentals
A FICO score is the number that determines the interest rate you pay on credit cards, car loans and mortgages ... credit bureaus: Equifax, Experian and TransUnion. The FICO score is linked to just about every ... in your favor) Don’t apply for any new credit cards Review your credit report periodically to make [more...]
Date: 2008-11-25 16:08:53
Liens
If you do not pay State or Federal taxes or pay a debt owed to a creditor, they can make a claim against your property ... from the mortgage and the lien! How does a lien affect my credit report and credit score? This type of security interest looks very bad on your credit report. Potential lenders see a lien on file [more...]
Date: 2009-01-04 00:30:06
Should You Walk Away From Your Home?
(source) Despite the struggle, most responsible homeowners don’t think twice about whether they should make the mortgage payment each month ... back from bad credit and don’t want to let your credit score sink again. Whether you choose to fight ... package. Why refinance (if you have equity) or pay the guy who wrote your original mortgage to take [more...]
Date: 2008-12-03 22:29:29
Secured vs. Unsecured Debt
credit card In speaking to a friend recently about credit cards, mortgages, and personal finance, ... to back it, so the creditor can only attack your credit score and not your home. There are secured credit cards, where you pay a specific amount up front to the creditor, for instance, $500 [more...]
Date: 2009-01-14 12:29:37
The Lazy Homeowner’s Way to Refinance
Refinancing is a top issue that is on many homeowners minds ... . 1. Know your credit score - Before you pick up the phone or step foot in a mortgage lenders office, make sure that you have a ballpark figure of your credit score. If you have a strong score of 720 [more...]
Date: 2008-12-29 00:55:00
N.J. man learns modifying mortgage to cut payments may impair credit rating
by Moe Bedard on September 29, 2009 · 0 commentsin American Nightmare To confuse consumers even more, not all lenders follow the guidelines.That may change on November 1, when lenders can use a new code to report them as a “loan modification under government program.” The code will clarify which borrowers have taken modifications, but because the modification process itself is not streamlined, it won’t be the only worm squiggling out of the can.The bigger impact on credit scores may depend on how [more...]
Date: 2009-09-29 13:48:05
Mortgage Rates — More Changes Coming Soon!
Mortgage rates have improved but continue to be volatile. Today’s rates are actually up about 0.125% from yesterday ... properties). The conforming rate quote below is based on owner occupied with a mid-low credit score ... ? Those with 40% down (home equity), 740 plus credit scores with taxes and insurance included [more...]
Date: 2009-01-09 21:22:08
Refinancing Your Mortgage
Refinancing Your Mortgage Posted by Internet Guru at December 7, ... credit record, but you need a credit score of 720 to access the lowest interest rates. You must fully ... will buy up to $600 billion of mortgage debt. BusinessWeek’s personal finance editor Lauren Young spoke [more...]
Date: 2008-12-07 14:19:44
FHA Streamlined Refinance - Lower your Rate and Payments Without Credit Qualifying or a New Appraisal
With rates near an all time low, refinancing has become a big thing again ... refinance: No credit qualifying. This is not credit score based and it is not even necessary to pull a full credit report. Your mortgage does need to be up to date, and current and we will look [more...]
Date: 2008-12-30 16:30:24
Get The Best Home Mortgage Loans
by John Bear Planning to refinance your current mortgage? There are actually several options that are available for you ... . Now, it is entirely up to the lender to give loan approval that is based on the credit scores. In simple terms, to have a no doc loan, your credit score should be very high. Now, if you think low document home [more...]
Date: 2009-01-14 21:01:19
Friday’s Rates on Thursday
Huh? Since tomorrow is Independence Day, the bond markets will be closed…so I thought I would provide you with mortgage rates on today ... with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan ... . We also had the Jobs Report released today which reported a loss of 62,000 jobs [more...]
Date: 2008-07-03 18:00:27
Get The Best Home Mortgage Loans
by John Bear Planning to refinance your current mortgage? There are actually several options that are available for you ... number and loan amount. Then the lender will just check your credit scores to see if you are qualified ... regarding their finances, income, and employment. Now, why are people with very high credit scores [more...]
Date: 2008-12-30 12:04:27
Free Credit Repot From NEXUS
There are some advantages that can be taken from free credit report, ... prevents you make credit card score fixation. More about this report is required by the lender ... , is used to obtain the mortgage and also ask you to show your credit report when want to load their value [more...]
Date: 2008-10-09 09:28:38
Credit Scores: How Important Are They?
3 years ago, it was possible to get a mortgage even if you had "bad credit". Today, it is very, very difficult to get a mortgage unless you have at least a "good" and sometimes a "great" credit score. 7 Vote(s) [more...]
Date: 2009-09-30 18:49:52
Mortgage Rates on a Friday Afternoon
Changes to rate are noted with a :) for a rate improvement or :( when rates are higher than what I posted last week ... properties). The conforming rate quote below is based on owner occupied with a minimum credit score ... @ 1 Pt: 7.750% (APR 7.656%) worse 0.25% :( FHA. Pricing based on credit score of 620 or better [more...]
Date: 2008-08-08 22:33:56
Friday’s Mortgage Interest Rate Update
The comparison of rates is based on when I last posted on (I skipped a week while our family was vacationing at Lake Roosevelt) ... is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales ... %) improved 0.25% to rate. :) FHA. Pricing based on credit score of 620 or better and loan [more...]
Date: 2008-08-29 21:09:42
Mortgage Rates for Friday Afternoon
Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as you’ll see by the ... rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” ... 0.325% to rate FHA. Pricing based on credit score of 620 or better and loan amounts [more...]
Date: 2009-01-16 21:28:17
Home loan
by Tom Martens Before starting the homeownership or monthly mortgage installment ; ... to the prime rate set by the Fed. When determining this rate, your credit history and credit score are major ... online home loan calculators on financial or property websites to start working out what your payment [more...]
Date: 2009-01-16 14:42:11
Last Mortgage Rate Update of 2008
Mortgage rates are essentially unchanged from what I posted here last week ... properties). The conforming rate quote below is based on owner occupied with a mid-low credit score ... Fixed @ 1 Pt: 5.250% (APR 5.329%) FHA. Pricing based on credit score of 620 or better and loan [more...]
Date: 2008-12-26 19:22:20
Confessions of a Subprime Lender by Richard Bitner
Title: Confessions of a Subprime Lender Author: Richard Bitner Publisher: John Wiley & Sons Books (2008) Here’s why the mortgage mess happened: If you had a Target credit card with a $100 maximum ... had a credit score of 580 (considered very low) you qualified for 100% financing! 100% financing [more...]
Date: 2009-01-15 11:00:32
Sometimes, You Gotta Flush Twice.
Obama pieces together economic planObama released a report from his economic team that claimed a $775 billion economic stimulus package he is ... . With no savings account, and a low credit score, they are hardly rich. You're rich when your money ... the minimums on your credit cards, and just the interest on that jumbo mortgage doesn't make you rich [more...]
Date: 2009-01-10 16:09:00
Commercial Developers: Not a Credible Threat
Ok, I’ve been tardy in posting. I’m very sorry about that, lot’s of things are going on ... that undergirds mortgage models. For residential mortgages, one mainly considers FICO score and LTV (ratio ... , there are multiple metrics for value and credit worthiness of a commercial property. Residential properties [more...]
Date: 2009-01-10 02:24:52
How To Buy A House
There has been a lot written about the mechanics of how to buy a house ... changes are reflected in your credit score, you may be able to apply again and get a mortgage loan ... . But what if you can’t get preapproved? What if you have little income, bad credit or other serious problems [more...]
Date: 2009-01-13 02:01:00
Posts about Mortgage Market Report as of January 14, 2009
Flagstar Bank 12 to 14 month Promo CD Rate - monitorbankrates ... Online Banking Getting a Copy of Your Credit Report Islamabad An overview of housing in Pakistan ... your personal credit report to ensure that your credit score has improved. Lenders … . Read this article [more...]
Date: 2009-01-14 12:23:49
No home equity, no downpayment, no dice
The following is from the The Mortgage Report Blog ... Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates [more...]
Date: 2008-10-22 16:42:00
Taking Home Mortgage Loans
by John Bear Planning to refinance your current mortgage? There are actually several options that are available for you ... loan approval solely on credit scores. In order to obtain a no doc loan, you must have a very high ... at a very good credit report, they reason that an applicant wouldn’t just do anything bad to tarnish [more...]
Date: 2008-12-31 15:42:48
It’s time to refinance ~ but is your home worth enough to get that great low rate?
Short sales, Bailouts, Mortgage Reductions…there are all kinds of programs being talked about, ... . But I have a question. What about the homeowner who has never missed a payment, has a great credit score ... it would be simple with a history of a lifetime of great credit, right? Nope. Not if your home [more...]
Date: 2009-01-17 04:16:58
The Next Batman 3 Villain
The Next Batman 3 Villain Add comments Top Rising Stories Tough Weather At British Open Sends Golf Scores Soaring ... to check it out. Get the full story... Credit Lines FREEZE, But Not For Reverse Mortgages Frozen ... Gusting winds of 30mph and heavy rain sent the average score on the first morning [more...]
Date: 2008-07-18 12:42:13
Taking Home Mortgage Loans
by John Bear If you are looking to refinance your current mortgage, there are several options available for you ... and loan amount. The lender will then base loan approval solely on credit scores. In order to obtain ... with little or no documentation but just by looking at a very good credit report, they reason [more...]
Date: 2009-01-02 16:59:45
"More CRA Idiocy"
Anyone who has looked closely and honestly at the evidence regarding the Community Reinvestment Act's role in the financial crisis has concluded ... areas, regardless of your income, credit score, assets, debt servicing ability, if you were in the redlined area you could not qualify for a mortgage. Although Redlining was made illegal by the Fair [more...]
Date: 2008-12-13 05:00:00
Mortgage Interest Rates Hit New Lows
Mortgage interest rates are sitting at about the lowest they have ever been. The averaged 30-year fixed rate loan is hovering at about 4.97% and the average 15-year loan is sitting at just 4.25% as of the week of September 25 th , 2009. These banner rates will be available to consumers with good credit scores, have significant home equity, and know how to shop around for the best deal. If you meet this criterion, it’s an absolutely great time to refinance your loan. [more...]
Date: 2009-09-30 17:45:59
