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credit score: Don’t Play Chicken with Your Creditors - 01/19/12 02:48 PM
In a perfect world I would tower over most at an imposing height of 6’5”. In that same perfect world potential home buyers wouldn’t have to contend with credit disputes. Lately I’ve seen a lot of hiccups in mortgage processing with Fannie, Freddie and FHA due to judgments and liens and even minor credit disputes that hold up the works.
These are the types of “gotchas” we must get our arms around as soon as possible. It’s one of the many reasons I conduct such a thorough consultation/investigation when I first meet with a client.
The Mortgage Process is Like a … (1 comments)
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credit score: Credit Reports and More Credit Reports - 07/01/10 02:00 PM
Be on your best behavior, mind your manners; however your mother told you to stay in check when company was coming over is how buyers need to conduct themselves with the underwriter during the mortgage loan process.
In this grown-up circumstance, they've got to walk the straight and narrow as far as their spending before, during, and after the credit report is pulled. As all you Realtors out there know, getting the loan approval is not license to "charge it!" It is just the beginning of demonstrating a consistent profile and remaining in the good risk category.
New reports do get … (2 comments)
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credit score: Credit Myths - 06/03/10 08:53 PM
For anyone buying real estate, it's pretty obvious that you need to prove to mortgage lenders that you have a good credit score and are responsible. But many myths persistent about what is good and what is bad for your credit.
To that end, here are some ugly credit history truths that are commonly misconstrued and will hopefully assist in alerting your buyers to pitfalls:
Truths:
Don't close credit cards that have established a history for you; if you close the cards you are shutting the door on the history you created. The only time you want to close a credit … (0 comments)
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credit score: Here We Go Again - 08/11/08 02:21 PM
OK, Fannie Mae (FNMA) is at it again. As of 10/1/08, they are raising the cost of loans for borrowers. They are doing it two ways. First, they are increasing costs on their matrix of "risk based" pricing model (see below), which means that if you do not have a 40% down payment OR your qualifying credit score is not at least a 720, then you will experience an increase in costs related to that loan. Not only did they adjust pricing for those with less than perfect credit, they also DOUBLED their fee for ALL mortgages, from .25% of the … (5 comments)
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Brian P. Forrester
Palm Harbor,
FL
More about me…
VanDyk Mortgage
Address: 35095 US Hwy 19 N Suite 100, Palm Harbor, FL, 34684
Office Phone: (727) 216-8138
Cell Phone: (813) 361-6350
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