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Blog entries tagged with "credit":
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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.
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I have been busy tonight researching down payment assistance. Other than the standard 3% or 6% contributions, I am considering Seller Financing. We used to be able to have Sellers carry back Second Mortgages. Fannie and Freddie frown on this, unless it is a Community Second.
The mortgage crisis has impacted all segments of the population. Here we have two young professionals in their jobs for 6 years; excellent employment with reserves and a significant downpayment: 15%.
Q & A's for September 2008
We have all read about the homeowner who has taken out the 50 year, interest only, adjustable loan 3 years ago and now that the payment is recasting, they can no longer afford their home. It seems you can't read a blog or newspaper article about homeowners, and not find one … (3 comments)
The credit implications for a short sale are very different for those voluntarily selling their property and those forced into foreclosure. If the property owner voluntarily selling the property can pay off the amount owed out of pocket by using assets already owned there should be no credit implications. If the … (1 comments)
As of August 1, 2008, Georgia consumers will have the ability to freeze their credit file with all three major credit bureaus. The cost of the freeze will be $3.00 per bureau with a total cost of $9.00 to place a freeze with all three bureaus, Equifax, Transunion, and Experian. There … (3 comments)
There couldn't be a better time for a First Time Homebuyer to buy a home! If you are a First Time Home Buyer (or someone that hasn't owned real estate in the last 3 years), you will receive a $7500 Tax Credit from the government. That's right! $7500!
Mortgage by Randy
As most of you know, credit scores range from 300 to 850, and lenders place a significant amount of weight on the score when making lending decisions. Consumers that score over 700 are typically charged lower rates than normal, while those under 600 are charged higher than normal rates.If you haven't … (0 comments)
•1. DON'T APPLY FOR NEW CREDIT OF ANY KIND. Including those "You have been pre-approved" credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in … (0 comments)
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a … (0 comments)
Pretty slow show as far as attendance goes but came away with quite a few promising leads. A few wanting to build investment properties and several wanting to get into a home of their own with equity they never thought possible! We will win this battle with the negative outlook on … (0 comments)
More people are disputing items on their credit reports then ever before, yet some people still don’t even know that a credit report dispute is even possible. It’s strange that one of the best ways to improve your credit scores is still a secret to so many people. With so many … (0 comments)
Whether you need a mortgage, car loan, or clothes for school, credit and the credit score is the capacity and measurement lenders use to determine your cost to borrow money. Credit bureaus use computers to calculate credit scores. When a credit report is generated, it is today's photo of the borrower's … (0 comments)
Dear Consumer,
You've never owned a home. As a matter of fact, you are one of those rare people that have never even owned a credit card. Congratulations, you don't have to clean up debt. But, you could still have negative information on your credit report.
Many of my clients and friends know that I am a credit guru, although I was not always this way. I was once one of those people that had no idea what was on their credit report, and couldnt get a credit card if I tried. Then someting happened, I wanted … (2 comments)
… (0 comments)
I cannot tell you the number of borrower's credit reports that I have seen with errors on them. A recent consumer survey found that 79% of credit reports had some type of error and that 25% had SERIOUS errors!
1. Your Payment History - makes about 35% of your FICO scores
I have spend the last two days talking with a good friend of mine who just bought a house. His job is to secure loans for people with low income and bad credit. He explained to me his theory of how the banks work.
This is a good read about how we got in the mess and how to get out of it.
Jason Sardi gives some very insightful tips on how to view your credit and what to be aware of. The average consumer doesn't know most of this, let alone the average loan officer. Hence why I wanted to share with you in regards to what Jason wrote about.
I guess my stance on Warren Buffett is of record, so I will merely post my latest find regarding The Oracle of Omaha. This guy, Buffett, in my book, is definitely a guy worth studying. And the following quote is just one comment that Warren made in his interview on Friday morning's SQUAWK BOX on CNBC regarding Fannie and Freddie. … (0 comments)
What happens to the borrower's credit after they do a short sale? Keep in mind that short sales generally aren't approved unless the borrower has fallen behind in their payments. Falling behind 30 days is bad; 60 days late, is worse, and when a borrower is 90 days late, it's very bad. By the time the borrower is 120 days late, the lender will usually engage the services … (5 comments)
No Pain...No Gain!
I have a borrower that lives in Morroco. She has lived there for about 8 years. She owns her home there out right, just bought, almost all cash, in Spain. She is an American citizen, has amazing income, amazing assets, and I can not find her a loan.
If your credit score is below 660, follow these tips to raise your score.
While some of these sound simple, it just takes a little planning to really get a handle on these steps to be in a position to purchase a home.
Have a friend that went through pure H$!! when his wallet was lost/stolen. So though I would send along to everyone some hints to help avoid the same maddness as well as some info or hints to to help minimize the damage hould it happen up you. Mighjt want to print a copy … (0 comments)
I am sure, by now, everyone has heard that we are living in a "buyer's market". With a record number of homes for sale across the country, and in Tampa Bay, how can the home buyer miss? You think to yourself, "If I can't do easy, quick business with one seller … (0 comments)
Summary: A former condo owner describes losing his condo to foreclosure and asks how defaulting on a home equity line of credit will affect his credit score. Will defaulting on a HELOC affect his credit score after the condo foreclosure? What are the ramifications of a foreclosure on credit and obtaining … (2 comments)
Credit here, there, now nowhere to be found!
Yes, finally, the trick is being found out.
The Short Refinance with FHA Secure is quickly becoming one of the most popular credit mortgage loan programs available. In Arizona Real Estatewe are seeing home values fall and Adjustable Rate Mortgages climb. The current recipe for Real Estate Disaster, and why there are so many REO properties on any Arizona … (0 comments)
A couple years ago I used this article in the News & Tid Bits that I sent out. Much of it looks to still be applicable. If you have issues, or anticipate them call me. Depending on the topic there are some wonderful professionals that I can put you in touch … (2 comments)
I finally got the June sales numbers. I know it's August and they are a little late. I apologize but it really wasn't my fault. HAR.COM was having some problems with the recent Tempo upgrades. As usual no software change is a good thing when it is initially made. I hope … (0 comments)
Credit makeover is something a lot of people are doing now! Great credit requires more than paying bills on time. It only counts for 1/3 of the points, therefore 2/3 of the score comes from four other areas. The second area is debt, ie. credit cards, auto loans, etc. The third … (0 comments)
We are getting a lot of inquiries from renters who are seeing very attractive home prices in this downturn in the real estate market. Many of these folks are young people who have just finished their education and are starting to get established in their working lives and careers. What some … (0 comments)
A few days ago, we had a training class in our office on adjusting to a down market. As you probably have heard things are still pretty good in the Oklahoma City market area but no place is immune to tighter credit qualification and higher interest rates.
that claimed they violated State laws and the (FCRA) Fair Credit Reporting Act. The claims involved the selling of list containing personal and financial comsumer data to third parties for marketing purposes.
"Which is worse a ‘Foreclosure' or a ‘Short Sale'"?
Your credit score will directly affect how much and at what rate you will be able to borrow from a lender. Whether you're looking to purchase a home or simply finance a car, you should always have an idea of what your score is and what factors may affect it. 
When working with your buyers, they may be shy of meeting all the financial requirements to purchase a home. Here are sources and strategies that may help.
The top 10 Biggest Mistakes In Home Mortgage Refinancing 
Simply put, your income does not affect your credit score. Whether you make 30k per year or 200K - you may share the same scores.
From the USPS ID theft article on their website, ID theft is America’s fastest-growing crime. It costs 9.9 millions Americans $5 billions last year. Would you like to fall into this category? There are many things that you can do to prevent yourself from being the victim. The one thing … (1 comments)
A move is in Congress to reverse some of the tricks credit card companies employ to divert more fees their way. The House Financial Services Committee has approved a cardholders' bill of rights, sponsored by Rep. Carolyn Maloney (D-NY). Here's what it would do:
Is credit repair real?
Myths The Credit Bureaus Want You To Believe-By Bobby EnrightMyth No. 1 - It is easy to dispute a credit report. Consumer's can resolve their own issues.To be honest, it IS simple to challenge a credit report. However, as an everyday person, it's amazingly difficult and frustrating to get results from … (0 comments)
While it's an illegal breach of privacy for real
estate agents or mortgage originators to sell your credit information,
it is perfectly legal for credit companies to do so. For a price
ranging anywhere from $25 to $100, your name and certain specifics
about your credit report - including your … (0 comments)
Color Me Realty, LLC has just partnered with Prestigious Mortgage Corporation of North Carolina to provide unparalleled REAL ESTATE service in the Piedmont Triad region of North Carolina."We like to think of ourselves as the Wal Mart of Real Estate by offering ONE STOP shopping for all your real estate needs." … (0 comments)
Do you know what an Underwriter is looking at when evaluating your loan?
In the past two months I have been reacquainting myself with the mortgage business after working in the Title Insurance and Realtor Training arenas for the past two years. Now I remember what I hated the most about lending...turning eager buyers away because of damaged credit. 
No matter where I look, all I see and hear are short-sales. They seem to be the biggest ticket item out there. I have met with and spoke to many sellers, Loan Officers and Realtors who claim to know all about them but have no idea how the process works or … (0 comments)
Checking the Drudge Report http://www.drudgereport.com/ this morning I came across an article on Morgan Stanley freezing thousands of Home Equity Lines Of Credit, HELOC's. http://www.bloomberg.com/apps/news?pid=20601087&sid=afQ0PVYvOgzI&refer=home
A new variation of identity theft has substantially gained in popularity over the last four years - child identity theft. Child identity theft occurs when a child's identity is used by another person for the imposter's personal gain. The perpetrator may be a family member or someone known by the family. It could … (0 comments)
There have been a number of posts concerning the now published losses at our GSEs. Also there have been some small articles about the Treasury hiring Morgan Stanley to assess risk at the Fannie and Freddie. What are they thinking? Any Realtor could tell you that business is down, that buyers … (0 comments)
======================================= Is Your Credit Score Costing You A Fortune? -by Terry Price (C) Copyright Terry Price All Rights Reserved
Today we have a guest writer. I have asked Jim Martino, a loan officer from National City, if he would graciously provide us with an explanation of several of the different loan options currently available.
I received this link from a friend about secrets the banks do not want you to know regarding credit cards. Some of these practices I was not aware of and I am sure that many others are not. I just wanted to get this out there and hope it helps some of … (6 comments)
Applying for mortgages in today’s economy tends to be a bit trickier than it was just a few years ago. This is because the economy is harder and the American dollar is weaker. While it is helpful for the economy for more homes to be sold, the benefit is only if … (0 comments)
Debt collectors are highly motivated to convince debtors to pay the debt because they frequently work on a low base pay plus commission. This business model has created the reputation for bill collection agencies that we know today.The collector might engage in threatening behavior and harassment. However, like any other business … (0 comments)
Myth # 9: Nonprofit organizations like Consumer Credit Counseling Service (CCCS) can help me restore my credit.
US Budget deficit expected to top $500 billion As reported by ABC news jul, 29,2008 , The United States Government estimates its budget deficit will soar to a record half a trillion dollars in the next fiscal year.
The US non-farm payrolls report is one of the most critical releases for the US dollar, not only because it is market-moving, but also because it can help us gauge the broad status of the economy. Despite the fact that GDP rose 1.9 percent in Q2, up from 0.9 percent … (0 comments)
Did you know there are things you can do to improve your FICA scores? I work with lenders who will give you the straight truth, and will keep your information confidential. There are steps you can take to build back up to financial freedom. The more you can improve your score, … (1 comments)
I got an email the other day. Here is what it said:
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
So Freddie and Fannie have been saved by the government. And I guess that a good thing. My only concern is that this is to my recollection the second time just this year that the government has stepped in to the private sector and literally bailed out a company. Where … (1 comments)