credit restoration: Credit Repair - An Ethical Solution to a Big Problem? - 07/12/10 11:29 AM
Is Credit Repair An Ethical Solution To A Big Problem?
-by Henry Daniels, CMC
Many wonder if it's unethical to attempt to remove valid bad credit issues from a credit report.  I say, “Yes, it is,” and here’s why.
The credit reporting and ranking system has been and continues to be unfair to American consumers. We are forced to participate in something we did not volunteer for and are punished for mistakes whether they are ours or not.  We cannot opt out of this system and no consideration is made for circumstances that are beyond our control.  However, "credit repair" is … (0 comments)

credit restoration: My Credit is What!?! How do I fix that!?! - 10/26/08 04:44 AM
There are many benefits to cleaning up damaged credit scores, even if you already own a home. By improving your credit score, you could save money on items such as car insurance, automobile loans, or any other type of loan. This is especially true when it comes to refinancing a home loan, because higher credit scores will always work in your favor. The goal is to secure the best interest rate available and save money. It's that simple. If you've ever had credit issues in the past but still managed to qualify for a home loan, it's likely that you took … (3 comments)

credit restoration: Give Yourself Some Credit: - Easy Ways to Score Points with Underwriters - 10/19/08 02:46 PM
We all know the phrase "buy low, sell high." Many of you may be wondering if now is the time to "buy low" in the real estate market. Prices are down, inventories are up, and interest rates are near historic lows. In this blog  we look at how a smart investor or homeowner can become loan ready, and prepare their credit profile to take advantage of the buyers' market. Whether you are looking to invest, buy, or refinance now or in the coming months, your credit is going to play a more significant role in today's tight-fisted credit environment than it … (0 comments)

credit restoration: VA Loan Credit Issues - 08/24/08 04:24 AM
VA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. On the opposite side, a borrower who reflects continuous slow payments, judgments and delinquent accounts is not a good candidate for loan approval.Below is a list of items concerning the borrower's credit.
LATE MORTGAGE PAYMENTS In circumstances not involving bankruptcy, satisfactory credit is generally considered to be reestablished after the veteran, or veteran and spouse, have made satisfactory payments for 12 months … (0 comments)

credit restoration: Overview of Credit - 07/29/08 10:03 AM
Even though an applicant can afford a mortgage today, will he or she continue to pay on it for years in the future?  In short, what is the applicant’s financial reputation?The best guide to a person’s future action is the person’s past actions.  The obvious place to start is with the applicant’s credit history.  How has he/she handled previous mortgages?  Has the applicant had trouble with credit cards?  Has he/she paid off a car in a timely fashion?  How the borrower will pay is usually discernible with established credit.One of the most important indicators of loan performance is the borrower’s credit … (0 comments)

credit restoration: What is a credit score? - 07/16/08 05:31 PM
 
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credit restoration: Verifying Your Down Payment, Closing Costs, Assets, Income and Debts - 07/10/08 07:14 AM
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower. 
Down Payment & Closing Costs
Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.
Take extra care to document the sources for any monies to be used for the … (0 comments)

credit restoration: How much can you afford? - 07/10/08 06:57 AM
 
Deciding how much house you can afford is a personal decision.Many factors come into play.How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford? 
 
There are no black and white answers to these questions.  Its a matter of give and take.  If you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments.  If, on the other hand, you plan on a 15 year mortgage, youll probably want to … (0 comments)

credit restoration: Scoring your Credit - How's your FICO? - 07/08/08 01:58 PM
In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.
All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair … (1 comments)

credit restoration: Five ways to make the loan process go faster - 07/02/08 03:35 PM
We should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.
But here are five "other" ways you can speed up the process of getting a mortgage loan:
And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some … (0 comments)

credit restoration: Is Credit Repair Worth it? - 07/02/08 10:55 AM
One of the most frequesnt questions that I get when someone is denied a loan or market conditions result in a decline at the last minute is Credit Repair Worth it?
The answer is Yes and No.  You make note if the credit repair company operating in your best interest or are they operating it as a business.  To obtain this information you need to basically interview them as a professional service.  Remember you are hiring them to work on your behalf with the credit bureaus and if they screw it up you are much worse off then you were before.  … (0 comments)

credit restoration: Texas Veterans have Special Programs Too - 06/30/08 05:13 PM
Did you know that as a US Armed Forces Vet that you have additonal benefits by living in Texas?  Make sure you check out the Texas Veterans Land Board http://www.glo.state.tx.us/vlb/ . These benefits are in addition to your VA loan benefits.  As we come up on independence day it is important to reflect that our freedom comes from the efforts of Vets.  For more information on federal VA Loan Benefits check out the VA web site at http://www.homeloans.va.gov/
One of the best benefits you hav as a Vet is your VA Loan Entitlement.  While many loans offer 95% or 97% Financing … (0 comments)

credit restoration: Good Credit (and a good Broker) is like Money in the Bank - 06/16/08 11:48 AM
There is a saying "Good Credit is like Money in the bank" and today that is the operative phrase today. With the Fed poised to raise rates, lenders tightening their requirements and risk pricing adjustments being added at every turn it is becoming every borrower's responsibility to not only know their FICO scores but to know what is in their credit report and to constantly police it for errors.
Even FHA, VA, USDA and Alt-A lending programs are getting tight. Last week many lenders raised their minimum FICOs for these and other goverment programs from 580 to 620 overnight. While this … (0 comments)

credit restoration: Getting the loan you want in this tough Market - 06/02/08 04:34 PM
Getting that conventional Loan that you want for your new home just got Tougher in today's Market.  Today FNMA (Fannie Mae) rolled out version 7 of the their Automated Underwriting System (AUS).  Although not a surprise the biggest change is that if you've had a foreclosure in the past five.... YES FIVE years FNMA will not give you an approval.  Period... end of story.  Markets can and do correct and most of the time they over correct and this is one of those cases. 
The End result is that most people are dealing with inexperienced or in some cases unlicensed lending … (0 comments)