|
| |
credit scores: Basic Mortgage Loan Underwriting Concerns in 2010 - 10/25/10 11:29 AM
It's true that Underwriting Guidelines for Mortgage Loans are tougher right now than they have been in decades. But people are STILL able to purchase homes and get a mortgage loan! 8o) The most important thing for folks to remember is that they need to talk to a mortgage loan officer EARLY in the process... and speak with one that is familiar with YOUR STATE.
North Carolina was the first state to adopt Predatory Lending Guidelines. This means that we have our own, NC State "Applied" Mortgage Loan Guidelines. Because of that, you need to speak with a loan officer … (2 comments)
|
credit scores: Your 10% Discount at Victoria's Secret is not really a deal... Just Sayin'. - 03/08/10 11:06 AM
You know how you sign up for a store credit card, and they give you a 10% discount off that purchase? Okay, so let's say you "Stumble" in Victoria's Secret, and you purchase $350 worth of, ughmm, "clothing." They offer you a 10% discount and future great discounts, if you sign up for a Victoria's Secret Card! Cool, save $35! Not so cool.
One of the things we are seeing that is hurting people's credit scores right now is the use of what I call "Third Party" Cards.
Those credit cards from Best Buy, or Macy's or Pottery Barn... or Victoria's … (4 comments)
|
credit scores: WOW! MyFICO Did A Valentine's Day Survey! - 02/11/10 01:59 PM
MyFICO did a Valentine's Survey - and SHOCK, SHOCK... it turns out Girls Really do find Bigger Scores Sexy!
In these conservative times, I guess it's not surprising that 60% of the people taking the Survey said they would not consider dating someone with a Credit Score less than 550 - and the majority felt that a score of 760 is pretty much THE BOMB!!
"We're a bit embarrassed to report that men were 6 times more likely to choose "good looking" as the most important characteristic in a date." I also thought it was interesting that TWICE as many women … (7 comments)
|
credit scores: If You're Huntin' A Better Credit Score - Let Sleepin' Dawgs Lie! - 01/13/10 11:13 AM
If you are looking for a new home, you are probably aware that your Credit Score is a CRITICAL item in determining your interest rate and possibly how much house you can buy / qualify for!
We talk to people every week who receive a copy of their credit report, see some derogatory remarks from 2005 and immediately start writing dispute letters.
This might not be your best strategy (each case is different of course), because the credit score is really an indication of what you are about to do. It tries to PREDICT what your credit behavior is going to … (4 comments)
|
credit scores: HELLO! Appraisers use foreclosures to value your home! - 03/04/09 02:06 PM
I wrote earlier that I believe one of the reasons that CREDIT SCORES are getting tighter in NC is because of a squeeze in values... This is a GREAT piece of information!
Via Mary Thompson Lake Lanier Appraiser in Georgia (LakeFrontPros.com):
Okay first let me BUST a MYTH out there. The administration is telling people that even though YOU are not going to get bailed out while your neighbor who is going through foreclosure is, you should be happy because YOUR home will not suffer further loss in value if we can get these foreclosures sold and no longer sitting vacant, etc.
… (6 comments)
|
credit scores: Why Credit Scores are Getting Tighter in NC - 02/23/09 10:33 AM
Since the beginning of the year, subtle but significant changes made their way into the underwriting guidelines in NC, and credit score requirements have been changing! As we are all learning, each market seems to be somewhat "dis jointed" when it comes to home values, and jobs - therefore we've seen some underwriting guidelines "tailored" to a geographic area.
Credit Score requirements are getting tighter, and this could be triggered by appraisal problems. There are "guidelines" and then there are the "Golden Rule" guidelines. FHA, VA and USDA do not make mortgage loans, they INSURE them (just like a PMI company) … (2 comments)
|
credit scores: READ THIS Credit Score Requirements C-H-A-N-G-I-N-G! - 01/23/09 02:43 PM
Everybody needs to Move it, Move it, Move it!!!
'Cause minimum credit scores are going UP!
I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS. He has 20 years of credit history...
He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2). NO LATES. But his middle score is 618.
Well, according to our friends at Wells Fargo - pretty soon this borrower (who makes … (31 comments)
|
credit scores: Do You Have Credit Boo Boos? - 02/27/08 02:07 PM
Does your credit look like a train wreck? I've talked to several clients recently who hit a rough spot - and are working their way out. They had some questions I thought other people might need answered too!
How long does negative information stay on a credit report?
The Fair Credit Reporting Act says that negative information can stay on your report for a minimum of seven years (I always thought that said MAXIMUM - but I was wrong). There are some exceptions to this:
* Delinquency information like late payments remain for seven years from the DATE OF DELINQUENCY.
* Charge-offs stay … (7 comments)
|
|
|
|
|
|
Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
More about me…
Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
Cell Phone: (919) 649-5057
Email Me
 Listings
Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)
;)