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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

Blog posts (164) | Videos (130)

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

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

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

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

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

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

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

Self-Employed Still Getting Denied Home Loans, Despite Easing Market

Entrepreneurs_Home_Mortgage_Woes Entrepreneurs are used to dealing with problems people with steady paychecks often don’t have to worry about ... t get a $500,000 loan for a home in San Francisco, despite having a stellar credit score of 800 ... . Here’s yet another one: getting a home loan. The mortgage-lending crisis that’s frozen so many [more...]

Date: 2008-12-02 14:00:28

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

Mortgage Rates

Mortgage rates are slightly improved from last Friday’s rates by about 0 ... %)   0.125% to rate FHA.  Pricing based on credit score of 620 or better and loan amounts ... entice you to buy? Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties [more...]

Date: 2008-12-19 18:21:45

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

Back in Action

Okay, the holiday’s are over, and it is time to get back to work ... to the loan amount (”LTV” or Loan-to-value in mortgagespeak), credit score, points paid, and how long ... back in November the Fed has started to purchase mortgage backed securities in an attempt force [more...]

Date: 2009-01-06 21:58:39

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

Mortgage Interest Rate Drop Possible with Treasury Intervention

Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S ... for the lower rates. There are already a number of additions to rates due to credit score, loan ... is enormous. We saw the results of the investment of $600 Billion into the MBS market last week [more...]

Date: 2008-12-04 07:30:46

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

Barriers and Problems Refinancing a Home Mortgage in 2009

My quest to refinance my home mortgage continues. Rates are around 5.00% with no points for a 30 year fixed, last I checked ... based on LVT ratio, credit score, and loan type. For instance, take someone with a 95% LVT, good ... Fannie Mae and Freddie Mac underwriting guidelines must have an LTV ratio of 80% or less. Higher LTV [more...]

Date: 2009-01-14 11:00:51

Rain City Mortgage Rates

Just a reminder that next Thursday is Thanksgiving and banks will be closed.  Our office will be closed until Monday, December 1, 2008 ... with a mid-low credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan ... a mortgage with loan amounts of $417,001-$567,500 by the end of the year, please check [more...]

Date: 2008-11-21 22:37:18

Mortgage Mania 19 - The Jumbo Strikes Back

Amid all the celebration and hullabaloo associated with the recent drop in conforming interest rates as a result of the Treasury Department taking ... be willing to buy those that are considered low risk (excellent credit score, low loan-to-value ratio [more...]

Date: 2008-09-09 19:08:17

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

FHA Update: The “It Girl” of Mortgage

This morning I’ve been trying to update articles I’ve written on FHA in an attempt to have the information be accurate during this day and age of ...  credit scores.   Home Buyers can still obtain a gift or loan from family members as long as it meets underwriting guidelines. Rental income credit when buying a new home and renting the existing [more...]

Date: 2008-10-18 17:09:29

Good Time To Ask About Refinancing Your Mortgage: I Might Save $50,000!

With the rate drop yesterday, mortgage rates are at amazing lows. People in the office are bragging about locking in 4 ... . (Especially if you have a good credit score and a loan-to-value ratio below 90%.) My favorite source [more...]

Date: 2008-12-18 11:53:02

Mortgage loans available

Last few weeks ago, I was really concerned about our economy ... monthly payments and to build up that credit score so you do not run into these problems in the future ... With experts that can help you refinance with bad credit and keep you in your dream home, you would [more...]

Date: 2008-10-21 04:24:20

Refi Problems

While mortgage rates may be a historic lows the screening that lenders are doing are stricter than ever ... rates, you'll need a FICO credit score of 720 or higher, says Cameron Findlay, chief economist ... it's not worth the trouble. ...If you have a home equity loan or line of credit, you'll probably need [more...]

Date: 2009-01-16 13:13:00

Rain City Friday Rate Update

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied with a mid-low credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000.  This scenario [more...]

Date: 2008-12-12 21:18:32

The State Of Imagination

We are waiting in the wings for our bailout money, my wife and I ... get a 20 year loan yielding the same $2500 a month mortgage payment while knocking 7 years off ... anxiously. Herself reassured him on that score. We, our government jobs and our strong credit [more...]

Date: 2009-01-13 05:00:00

Just Tricks…No Treats for Friday’s Rates

Mortgage rates continue to trend upwards like mummies crawling out of their graves.  (Sorry…bad reach. Booooo).  October has been terrible for rates! ... and FHA jumbo loans.    We’ll end next week with the goulish Jobs Report.  Most traders should ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-31 19:48:17

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

Friday’s Rates following the Rescue/Bail Out

There have been so many factors that typically influence the direction of mortgage rates over this past week, it’s amazing.  Just this morning we had another dismal Jobs Report with a greater loss than expected ... credit score of 720-739, “full doc” purchase with a sales price of $500,000 and a loan amount [more...]

Date: 2008-10-03 21:29:05

Rates on a Rocky Ride

It’s been tough on mortgage backed securities this week ... properties).  The conforming rate quote below is based on owner occupied with a minimum credit score of 720, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 [more...]

Date: 2008-07-18 16:12:47

Mortgage Rates following a Dismal Jobs Report

This mornings Jobs Report was ugly. 240,000 non-farm jobs lost in October (higher than the expected 200,000) and unemployment at 6.5% ... with a sales price of $500,000 and a loan amount of $400,000. Rates are priced based on a low-mid credit score [more...]

Date: 2008-11-07 16:48:53

Understanding How An Escrow Account Works and If You Should Avoid Them

An escrow account is established by a broker, under the provisions of law, to hold funds on behalf of two or more people until a contract or transaction has been completed.  People are most familiar with escrow accounts in conjunction with their mortgage.  A person’s mortgage lender sets up an escrow account to receive monthly payments from the home buyer which is usually lumped into the mortgage payment and used to pay for obligations such as homeowners’ insurance, property taxes, and assessments. [more...]

Date: 2009-10-01 12:00:44

Mortgage Calculator – Get to Know More About Mortgage Calculator

Proper planning, calculation and decision are very essential to achieve a desired goal! In the same way if your planning is perfect regarding your income and expenditure you will not have to undergo financial pressure. This is not the case always, as sometimes you may have to come across certain unavoidable expenses which may affect your planning and disturb your budget as well. Instead of putting pressure on yourself, you can arrange additional funds through a mortgage facility. [more...]

Date: 2009-10-01 14:22:33

Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.

The pent up inventory is getting ready to unleash in 2010.  The gigantic bet made by the bankers and Wall Street was that somehow by allowing banks to fudge numbers since the crisis started that housing would find its footing and the market would stabilize.  Sweep the collapse under the bailout rug.  This perceived grounding was then going to allow banks to unload these properties and avoid realizing institutional ending losses.  Yet 21 months into this painful recession and trillions handed [more...]

Date: 2009-10-01 07:55:32

Sub Prime Loan Modification

Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose higher costs on their contracts. For credit cards, this is usually a higher fee for over-the-limit spending or late fees. [more...]

Date: 2009-10-01 02:00:26

CIT Group Bankruptcy Likely; No Bailout for Commercial Lender

CIT Group is facing the reality of bankruptcy as shares plunged 93 cents, 45%, to $1.25. Shares got as low as 41 cents for the commercial lender when there was talk of a bailout back in July. The New York based financial institution is one of the largest lenders to small and midsized businesses. CIT is currently preparing an exchange offer that would eliminate up to 40% of its $30 billion in debt. CIT spent the entire summer trying to avoid bankruptcy due to loan losses and funding costs. [more...]

Date: 2009-09-30 13:17:03

Opting For Bad Credit Refinance Is Like Walking On Thin Ice

by Angus Guy Ignorance and indiscipline are the two main detractors who are responsible for destroying our once green credit rating and bringing us to despair to suffer the ignominy of ending up with a Bad Credit rating. Along with this come a host of other problems related to a bad credit history. In the earlier days no bank or lending institution would consider it safe to lend to someone such a history. [more...]

Date: 2009-10-01 10:28:09

Home Loan Modification – Can You Modify to a Lower Mortgage Rate?

Getting a home loan modification can greatly help you avoid foreclosure and stay in your home.  By modifying to a lower mortgage rate or mortgage payment could go a long way to helping you save your financial career.  If you go through the foreclosure process you are going to find that it will be impossible to buy on credit for almost a decade.  This may not sound that bad but in all reality it makes life extremely difficult. [more...]

Date: 2009-09-30 19:19:52

2009: What’s Ahead at Beingfrugal.net

It’s hard to believe it’s the beginning of yet another year.  My mom was right when she used to tell me that time seems to pass more quickly as you get older.  This is the year my daughter will head off to middle school!  What happened to my little pig-tailed toddler? I could probably spend all morning reminiscing on old times, but I won’t [more...]

Date: 2009-01-01 12:00:22

Opting For Bad Credit Refinance Is Like Walking On Thin Ice

Opting For Bad Credit Refinance Is Like Walking On Thin Ice by Angus GuyWondering whether it is possible to get a bad credit refinanced or not? Well, you can most definitely get a bad credit refinanced as there are several people who take to this recourse. Normally, your credit ratings dictate the future prospects of availing a further credit. However, despite the low credit ratings; Bad Credit Refinance is definitely an option available.The bad credit situation is a result of various factors. [more...]

Date: 2009-09-30 21:56:17

Mortgage Assistance – Can Obama Lower Your Mortgage Rate?

Mortgage assistance is something that many home owners are currently seeking.  Getting a lower mortgage rate could definitely help you to save money and make ends meet financially.  President Obama has worked very hard with this staff to do what it takes to lower mortgage interest rates and help home owners to stay in there homes.  There is only so much that the president can do though; you must get out there and actually take advantage of these low mortgage rates. [more...]

Date: 2009-09-30 14:25:59

Try getting a loan

by Misha Weidman: I’ve been talking to lenders over the last few weeks to get a sense of the credit crunch from their side of the desk ... have a stash of cash ready to go for your down payment and your credit score better be impeccable – or you’ll ... . Several were loan officers at big retail banks like Bank of America and Wells Fargo. Others were [more...]

Date: 2008-12-20 16:35:30

Refinance Your Home Mortgage and Get Advantages

If you have been paying your current mortgage from long time like from two years than you could have to refinance your current mortgage through a new mortgage refinance loan. The price of real estate goes up and there is no doubt, you will get a better rate for your home. Several aspects like the value of your house, your income and your present credit score and the presented interest rates as dictated by economic situation will change your mortgage refinance rate . [more...]

Date: 2009-09-30 09:33:58

Used Car Loan – Low Interest Rates for Borrowers

Getting a used car loan has greatly gained in popularity over the last few years.  Getting low interest rates is very important for borrowers as this will cause the overall loan to be much less.  With the recession hitting everyone’s wallet, Americans are doing everything they can to save money.  One of the best ways to save money is to lower the amount you have to pay in bills. [more...]

Date: 2009-09-30 23:05:57

Mortgage Rates Fall to Record Lows

Rates are at their lowest level in decades, but mortgages remain elusive for most homeowners and hopeful buyers January 15, 2009, ... that the government would buy up to $500 billion of mortgage-backed securities backed by Fannie Mae, Freddie Mac ... as homeowners with good credit and equity in their homes—an unusual combination these days—rush to lock [more...]

Date: 2009-01-16 13:41:00

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

NAR should put its money where its mouth is

I’ve hesitated to post this since I’m not sure how it will go over with other real estate agents (or my boss!). But, why not? ... on that loan will vary, based on your credit score, amount you put down, where you live ... purchases. It suggests using federal funds from the Troubled Asset Relief Program (TARP - $700 [more...]

Date: 2008-12-20 16:35:30

Loan with Property as Collateral Authored by Geoff Vaughan in MortgagesPublished on 09-30-2009

A secured loan with property as collateral is when you own land or a home and use the value of that property to secure a loan. Lenders are more likely to approve a loan for you over the amount of $25,000 if you use property as collateral. The negative to using property, however, is if you miss payments, the lender can take your property, and often will turn around and sell the property in an attempt to recoup the loan amount.Sometimes only a portion of the property value is used to get approval. [more...]

Date: 2009-09-30 22:00:40

"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

Credit Scores & Car Loans

Q: What credit score is needed to get a car loan? What are the best options in your opinion? Any help would be appreciated. Thank you so much. Sincerely, Julie A: Even though the economy is seeing a mild recovery, credit is still tight which means it may be difficult to find a low interest rate car loan unless your credit score is above average. [more...]

Date: 2009-10-01 05:00:30

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