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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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The most important aspects of getting your credit rating in shape before applying for an FHA home mortgage is time. If you believe your credit is in poor shape, you'll want to establish payment reliability over a period of at least one year before starting your FHA loan paperwork. Another smart … (0 comments)
There are several factors that lenders take into consideration when determining how much they will lend to you for your home purchase. The three most important factors are your income, debts and down payment. Any one of these can greatly impact the amount of mortgage you qualify for. Lenders are primarily … (1 comments)
Starting next week, FHA loans will charge higher mortgage insurance premiums to home buyers with lower credit scores or without traditional credit histories. Coaching home buyers how to establish a positive credit history is more important now than ever.
If someone has adverse credit, it is important to establish new positive … (0 comments)
What do you do if you are ready to address a new prospect and the first thing out of their mouth is: "I don't know if I really need a Realtor"? Are you prepared for that statement or have you comforted yourself with the idea that 99.99999% of the consumers at … (8 comments)
In the past, credit scores really didn't have much of an impact on an FHA loan. For the most part, there was no minimum credit score and pricing for FHA loans for the most part was one size fits all. Those days are about to change with FHA. Beginning the middle … (0 comments)
As some of you know besides being a full time real estate agent I also represent a national membership organization that assists consumers with credit improvement and restoration. In doing some research on how credit scores are calculated I found and interesting article from the Electronic Privacy information Center on the … (1 comments)
Britney Spears gets coverage for shaving her head. Starbucks gets top headlines for scheduling to close 600 stores. But the consolidation of America's #1 mortgage lender by Bank of America goes without barely a mention on the national news wires. 
By Doug Crowe www.dougcrowe.com
Good Credit Behavior Now Rewarded In New FICO FormulaEven as lenders take a closer look at loan applications, the company that developed the model for credit scoring-Fair Isaac Corporation-has decided to modify its formula in a way that will reward responsible borrowers. The upshot: If you have good credit, you could … (0 comments)
Your credit score
Is a "zero" down payment mortgage right for you?With highly intense competition in today's mortgage marketplace, financial institutions are coming up with even more innovative ways to attract customers than they have in the past. We have been offered cash back on our mortgages and even points that will earn us … (0 comments)
When you hear about someone taking out a bad credit loan, you think of the worst – high interest rates and terrible pay back conditions. That’s not necessarily the case though, as bad credit loans do have their place in the financial market. In fact, bad credit loans offer some distinct … (3 comments)
HELLO
IM a realtor and a loan officer for almost 18 years or so. OVER the years as a loan officer I AM always dealing with fixing credit for my clients big and small problems and not always of much help due to how time consuming it is .
AS I started … (5 comments)
D-I-V-I-C-O-R-C-E, Tammy Wynette sang out years ago, spelling to keep a 4 year old from understanding! Just like the attorneys and the judge mislead the divorcing couples (?), ex's (?), losers (!).
The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. This means that an identity is stolen every 3 seconds, costing the average victim nearly $4,000 and nearly 175 hours to straighten out their problems and their credit. How can you protect … (6 comments)
Mortgage Information
This lawsuit (link below to a san diego news article) may give homeowners the leverage they need to strengthen their arguments just enough to avoid taxation and fight the destruction to their credit.
Watching for the facts that come out of this case.
If you own Real Estate in San Diego … (0 comments)
There are many things that affect your credit score. Among these are your payment history, the amount of debt owed, new debt incurred and credit mix. Your credit (FICO) score can range anywhere from 850 (the best) to 300. How well, or not, you score determines if a lender will give you … (0 comments)
CREDIT RATING
Unsolicited Mail, Telemarketing and Email: Where to Go to "Just Say No" 
Hey everybody! As you may or may not already know, Michigan has passed a film incentive bill to increase movie production in our state. Well to all the film production companies out there, I'm the guy to talk to if you're location department needs building, factory, office, or warehouse space for … (0 comments)
Yesterday, I had to sit down with a client that I've been working with for the past four months to help her and her family buy their first home, and give her some bad news. In the beginning, I sat them down, did all the speeches and gave them the stories … (22 comments)
5 Factors That Decide Your Credit Score
When paying bills can hurt your credit Settling some old debts can actually harm your credit score. Here's how to do the right thing the right way.Cynthia worked hard to improve her credit scores. She was careful to pay her bills, including an auto loan and a credit card, on time … (2 comments)
Credit Scores - Important?
More than ever!
"What is the credit score?" That is one of the first questions I ask my Loan Officers when they bring a file for me to review. Why you ask? Because it is ALL about the credit scores, in fact it is all about the … (6 comments)
Several years ago, borrowers who ended up in a short sale situation fared a bit better than those who let the bank take back the home in foreclosure. That's not true anymore, because short sales affect credit the same as a foreclosure. At least for the time being.
I have had some phone calls about this and how to help, so I thought I would re-post for the general public... =-=-=-=-=-=-=-=-=-=-=-=-=I have had my phone ringing off the hook over the last few days, and not because anyone wants to buy or sell a house, and not because anyone … (2 comments)
Trying to put together a deal that will close is becoming harder and harder to do. In the relatively short time I have been a Realtor, I have seen the customer base decline and change, the mortgage lending policies tighten significantly, and more and more appraisals fall short of the mark. … (2 comments)
Obtaining Credit Information and Correcting Errors
HUD's Federal Housing Administration (FHA) has issued final guidance that will expand its program to help more homeowners and homebuyers obtain affordable financing. To protect taxpayers from the cost of this expansion, the FHA will implement a new risk-based pricing structure beginning July 14, 2008.
"With a flexible premium structure, FHA … (0 comments)
You'd have to be living on another planet if you haven't heard reports of subprime mortgages and their effect on the real estate industry. If you're planning to buy a home, it's apparent that loan qualification these days is more challenging. Sellers also feel the effect from fewer qualified buyers who … (0 comments)
Have bad credit? Need credit repair? Care to repair your own credit or even hire a credit service organization? Before you do so, you should tune into the micro-mini version of the Credit Restoration Consultants Hour with credit repair expert Bill Lewis. Are you unable to tune into Bill's regular show … (0 comments)
What is buy and bail? Please watch this video
Lenders may require borrowers to qualify for BOTH the payments of the current and new home to counter this problem.
Overall, it hurts everyone including the upgrade or move up buyers who are really going to rent their existing homes. … (0 comments)
www.wereportrent.com is a service where renters can get credit for making their home rental payments on time.
A lot of renters plan to be homeowners one day but have a limited credit history. Getting credit for on-time rent payments is a step renters can take to improve their credit situation. … (2 comments)
… (0 comments)
What do you know about building business lines of credit and using them for buying real estate? It's much easier than what you think and there are multiple ways to do it. Whether you're purchasing Detroit real estate outright, funding your rehab of foreclosure properties or funding your investment property business, … (2 comments)
… (0 comments)
Credit Restoration Consultants (CRC), a credit service organization specializing in the restoration of consumer credit worthiness and identity theft, has once again returned to the Starlight Greater Open Golf Tournament as the presenting sponsor. Having surpassed its 2007 goal, CRC pledges even more support for 2008!
Market Commentary
The Real Place to Go for
FREE CREDIT REPORTS!
We've all seen the TV Ads for the free credit reports but are they really free. I haven't checked out all of them but I did check out freecreditreport.com. They do offer free credit reports but you must sign up for a … (0 comments)
Realtors list of questions to ask the banker of broker
•1) Have you pulled credit yet? Tri-merge (all 3 credit scores)
•2) Have you run them through automated underwriting?
•a. If so, are there many conditions? Could you clear them all?
•3) Have you verified income and assets … (2 comments)
Here's breaking news you need to know ... and you need to let all your family and friends know right away as well.
Your information ... a hot commodity
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each … (3 comments)
How many agents are using "The Nehemiah Program" and are they using other programs like "keys for less"
1. Always make payments on time. 35% of your credit score is based on credit history.
2. Only apply for credit when you need it.
3. Check your credit regularly. The three reporting repositories offer one free credit report per year to every American (keep in mind that this does not … (0 comments)
DON'T APPLY FOR NEW CREDIT OF ANY KIND
If you receive invitations to apply for new lines of credit, don't respond. If you do, that company will pull your credit report and this will have an adverse effect on your credit. Likewise, don't establish new lines of credit for furniture, appliances, … (1 comments)
I came across this excellent article from one of the blogs I frequent - By Elizabeth Weintraub, on About.com. It spells out how financial organizations see a short sale and gives some really good advice when you end up working with one of these homes. Even after reading this article tread … (7 comments)
Know a kid looking to pick up a little cash?
Gain a
better understanding of the factors
Tax Credit Would Get Buyers Off Fence A temporary tax credit would be the best incentive to move hesitant home buyers into the market, the NATIONAL ASSOCIATION OF REALTORS® told Congress on Thursday. NAR said the tactic has been successful before; A 1975 temporary tax credit helped to "clear an over-supply … (1 comments)
What Interest Rates Really Mean
The Fed did this! The Fed did that! Rates are up! Rates are down! Aaaagggh! Okay, now exhale. In turbulent economic times the media can't wait to report what interest rates are doing. Pundits prognosticate, forecasters forecast and soothsayers sooth. When should you buy a home … (0 comments)
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though your only looking for one loan. To compensate for this, the score system ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find … (2 comments)
Over the past decade, consumer advocates have worked hard to help consumers better understand what credit is and how to handle it in order to improve their credit positions.A recent quiz on credit, released by Credit Plus, a Maryland-based credit services firm, can help consumers better understand other issues that can … (1 comments)
What is a short sale? Have you ever heard the term "Short Sale?" Is that a home that is only listed for a month or is the owner less than five feet tall?
None of the Above.
A short sale is a special situation that has become increasingly common in the … (1 comments)
How to Build Business Credit to invest in real estate
Never use your SSN for business credit!!
(Disclaimer - This is information that I was able to gather together, I take no resposiblity)
Below is something I put together from research that I have performed. You should be able to build … (2 comments)
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So you think you’re ready for your own piece of the American dream – ready to have a place you can call your own? Maybe you’ve had it with the noisy people in the apartment above you. Or maybe you’re tired of writing out rent checks month after month and you … (0 comments)
A high credit score establishes a person's capability to secure loans and meet payment obligations on schedule. Based on the commonly used credit scoring system developed by Fair Isaac Corporation (FICO) back in the 1960s, credit score is determined with the following considerations:
Many homebuyers often wonder if shopping for a home loan will affect their credit each time a lender pulls their credit report.
It's a logical question and the answer is no, but the credit checks need to be done in a short period of time for your credit not to be … (2 comments)
In early March I was struck by an idea that I thought could greatly ameliorate the current mortgage / housing / credit problems currently having their impact on our country and economy. I wrote something up, showed it to a few people. They suggested areas that needed to be addressed. I … (4 comments)
Guess What Number Could Doom Your Loan Now (Hint: It's Not Your Credit Score)
"I'm thinking of a number . . ."
Unless you've been living under a rock for the past 10 years, you've seen the ubiquitous FreeCredit.com commercial featuring a too-smart-for-his-own-good looking guy in a director's chair and those … (1 comments)
Wow. What a crappy thing to have happen to you. Wednesday night/Thursday morning I woke up at 3am with that "something isn't right" feeling. Then I realized the time and thought I had a bad dream... or, perhaps it was just simply being awake at this time that "isn't right". That … (68 comments)
As I sat here this week working with clients, friends and family members, I came to the realization that in most states, including Nevada, there is not much benefit for an individual to short sell their home. Now please let me qualify this, before you all send me hate mail.
1. … (2 comments)
Big changes at are coming...
Currently, the FHA has a 'one size fits all' premium structure that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing.
But the FHA felt this approach did not treat borrowers equitably and could put their insurance … (0 comments)
Yahoo Article "5 new rules for home buyers"
Rates remain affordable!
The phenomenon gained popularity first in California, where many new trends seem to begin. With one of the highest foreclosure rates in the nation, many people are choosing to Walk Away from their properties when other alternatives to stop foreclosure have failed. An analysis of the situation reveals that many are … (5 comments)
Mortgages are significant loans or credit facilities that hold property or home assets are securities. The mortgage system works this way: when the borrower fails to settle the amount he is supposed to repay over a specified period of time, the lender would be authorized to legally own the collateral. The … (3 comments)
Take a major international credit card company I’ve recently reluctantly been communicating with.
I don't want to sound like a broken record, but with the current status of the economy, job losses, rising gas prices, shaking real estate market, and lots of financing institutions going belly up, it bears repeating the benefits of FHA financing.
As realtors, we cannot complete a sale without finding … (4 comments)
… (1 comments)
You would probably have to have been living on a remote desert island for the better part of two years to not see any signs of the slowdown in the economy of the United States. Since August of 2007, the real estate market has been reeling from plummeting house prices, due … (3 comments)
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Getting every edge we can is so important when you are in business for yourself or you're an independent contractor. What if you had an edge that nobody else had? What if you were able to do something so important for your clients that they … (8 comments)
Buy a home with NO Credit Score!
And so can your family, friends, and, oh yeah, your clients!
I was listening to the radio today and heard that the guv has signed into law, the Credit Freeze act for Georgia. (That's my name for it, I am sure that there is some bill number official title for … (1 comments)
I am looking for Lenders who will deal with low scores, not so perfect credit and not a lot of money to put down. If there are any lenders who matches this criteria, please email me and let me know some of the programs you do offer. 100% financing is another … (0 comments)
Commercial loans - Our Best program
* Stated Income - Stated Assets loans from $100K to $2.0M FICO 675 or above. Requiring no personal tax returns. Perfect for owner occupied properties and self-employed borrowers who can’t verify their income. All we need is 1003 (loan application) and a credit report … (0 comments)
Sooooooo, I usually don't do this; especially not on an open forum like this...but I have to get this off my chest. Why don't some of the people in our business want to make more money????? I'm a National Credit Consultant for RMCN Credit Services, Inc.; but in reality Im … (2 comments)
'Business Lines Of Credit expert reveals keys to business lines of credit that does not report to your personal credit report’
Entrepreneurs and small business owners need cash now more than ever. However, business owners face a major challenge finding a dependable, easy-to-use source of funds that does not create … (0 comments)