credit scores: Tip of the Week - 9/4/08 - 09/05/08 01:31 AM
Credit scores now play a larger part in determining mortgage financing. Borrowers with lower credit scores may pay higher points (depending on down payment and credit score). Therefore, it is important to know that a rate quote may change after credit is run. To pre-qualify your clients and have their credit checked, call your loan … (3 comments)
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credit scores: 795 and a 695 credit score borrower: WHAT INTEREST RATE DO THEY RECEIVE? - 09/04/08 02:53 PM
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%.
FNMA has now become credit sensitive with their rates. If you have a score less than 720, you receive a … (4 comments)
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credit scores: New Risk Based Pricing. Rates go up 11/01 reguardless - 08/28/08 06:32 PM
Effective November 1. The new LLPA aka. Risk based pricing goes into effect.
Delivery to the GSA's increases .25%, and everything else changes.
You can actually get a better rate putting down 10% rather than 20%, since most 20% down payers don't escrow.
Read the full changes here:
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0818.pdf
It is … (1 comments)
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credit scores: FHA Announces New Mortgage Insurance Premiums - 08/28/08 05:29 PM
… (2 comments)
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credit scores: Good Credit is More Than Paying Your Bills on Time - 08/27/08 04:56 PM
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)
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credit scores: Good Credit is More Than Just Paying Bills on Time - 08/27/08 04:52 PM
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)
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credit scores: Shopping Mortgage Rates - the Iowa Mortgage Guy way! - 08/27/08 11:37 AM
Hello from Cedar Rapids, Iowa. Welcome to the IowaMortgageGuy Blog! Glad to have you as a guest and hope to see you back again soon. Hope you find the information useful and informative.
Selecting the right mortgage is critical to the home buying process. Therefore, it's important to understand what … (1 comments)
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credit scores: Credit Scores and Insurance...They did What??? - 08/26/08 07:50 AM
A funny thing happened on the way to the closing table.
I was able to help a mortgage company place a FHA loan where the borrower had a middle credit score of 545. The borrowers did not want to believe (and neither did the mortgage broker) that we were actually … (8 comments)
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credit scores: Pricing on FHA is beating a 20% down Conventional loan? Are you kidding me? - 08/25/08 10:03 PM
Okay, I'm shocked....I just priced out a 20% down Conventional with a 647 credit score, I just knew Conventional would beat FHA. NOPE, even with mortgage insurance FHA beat out Conventional. I'm not sure how I feel about this.
I can remember when 647 was a good score, there are pricing … (9 comments)
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credit scores: Credit Scores - How Do They Come Up with the Score? - 8/25/08 - 08/25/08 06:39 PM
1. Your Payment History - makes about 35% of your FICO scores
Have you made your payments on time? Late payments will obviously go againt your scores.
2. The Amount of Debt Outstanding - about 30% of your FICO scores
FICO scores look at the amounts you owe on all your debt accounts. The number … (1 comments)
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credit scores: How Long do Negative Items Remain on Your Report??? - 08/20/08 11:14 AM
Credit Accounts:
Accounts paid as agreed remain for up to 10 years.
Accounts not paid as agreed remain for 7 years.
Collection Accounts:
Remain for 7 years.
The time periods listed above are measured from the date in your credit file shown in the "date of last activity" field accompanying … (7 comments)
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credit scores: The New Word In Mortgages: Risk Based Financing - 08/20/08 02:23 AM
Risk-based financing is not the new buzz word in the mortgage industry; it is now the defining word when it comes to real estate loans.
What does it mean?
Who does it affect?
What does it affect?
What does it mean? Risk-based financing means that borrowers will be charged loan fees … (0 comments)
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credit scores: Credit Scores, Politics and Comedian's - 08/18/08 12:13 PM
Really it's all perception...
This Sunday Morning I absorbed an article in the Real Estate section of our local paper that described more fun and excitement coming our way from our friends and Fannie and Freddie relative to 'risked based' pricing adjustments. I find that as I continue on this journey … (0 comments)
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credit scores: Shopping your mortgage and ruining your credit??? - 08/15/08 10:16 PM
It's not uncommon for home buyers to talk with several mortgage brokers or lenders to compare loan products and interest rates. Buyers are often scolded by mortgage brokers when they talk to more than one broker. Most will state that they are ruining their credit score by allowing multiple credit inquiries.Too … (0 comments)
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credit scores: Increasing Credit Scores - 08/15/08 10:17 AM
Many times Buyers need to increase their Credit Score before purchasing a home.Below are five simple methods that can help ......
1. Know your credit score and what's on the credit report. Remember to get a copy of the three major reports because information on each one can differ.
2. Pay bills on … (15 comments)
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credit scores: Vincent, How Important Is My Credit When Buying A Home? - 08/14/08 12:23 AM
You're credit is EXTREMELY IMPORTANT!!! It will be a deciding factor in the purchase of your new home.
All the years you've been paying your 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 … (0 comments)
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credit scores: Credit Impact of Real Estate Short Sales & Deeds In Lieu - 08/13/08 08:06 PM
Many San Diego homeowners mistakenly believe that their credit rating will be better off with a short sale vs. a foreclosure. This belief may be seriously flawed.
Short sales, deeds in lieu of foreclosure and foreclosure usually don't minimize the impact on a borrower's credit score. All three proceedings have roughly … (0 comments)
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credit scores: Credit Scores More Important Than Ever - 08/13/08 05:31 PM
I just finished a post on credit scores and the increased importance lenders are giving them called...
Fico Score - Gateway To Mortgage Approval And Better Rates
Minimum credit scores are set for "declining areas"...and costly discount point or rate bumps are added for those in riskier borrowers...click the link and read...
… (0 comments)
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credit scores: It's Free, It's Fun, It's Your Credit Report? - 08/12/08 09:47 PM
To say your credit history & score is HUGE these days may be a borderline understatement. For purposes of my experience, I'll concentrate on how credit relates to getting a mortgage to buy a home or trying to refinance the one you currently own.
Talking about credit is about as much … (29 comments)
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credit scores: My August Real Estate Update - 08/09/08 01:02 PM
… (0 comments)
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credit scores: 5 THINGS THAT EFFECT YOUR CREDIT SCORE - 08/06/08 10:49 AM
Since we've experienced a melt down in the mortgage industry, it's more important than ever to maintain your credit score. What was once an acceptable ranking has changed and the bar has been moved higher. Credit scores range from 200 - 800 and lenders are now looking for scores above … (0 comments)
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credit scores: Credit Scores - From a Lenders Point of View - 08/05/08 04:16 PM
For any agent that has had a tough time explaining to a client how credit scores work, check out Consumer Reports article this month. Here is the link:
http://www.consumerreports.org/cro/money/credit-loan/credit-scores/overview/credit-scores-ov.htm
As a lender, I often am asked if I can use "an existing credit report" when I go to do loan application. … (0 comments)
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credit scores: Jump Start Your Credit Score - 08/04/08 02:31 PM
I was looking through my hard drive to see which files I could delete and I ran across this one. It's a document that I used to give to my clients when I was a Mortgage Broker in Florida. I'm so glad I didn't delete it and I hope it helps … (0 comments)
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credit scores: 7 tips How to rebuild your credit - 07/31/08 05:08 AM
I got an email the other day. Here is what it said:
I am wanting to relocate to Michigan and basically start over. I am looking for information on buying my first Michigan home and any other programs that might help with my Michigan relocation. My credit is poor. I am … (4 comments)
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credit scores: What Fraud Proliferates Our Industry? - 07/29/08 03:39 PM
First let me say I'm not accusing these people of fraud. But let me continue that statement after you see some of these links:
Do a search, I dare you:
"seasoned tradelines"
I love this one - "How To Establish Multiple Credit Files With The Equivalent of a 720 FICO For … (6 comments)
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credit scores: Questions and Answers on Credit Repair and Credit Restoration - 07/29/08 02:03 PM
My primary purpose for this post is to get an idea of the views on credit repair and preconceptions of credit repair as it relates to the mortgage industry. Although the majority of Credit Restoration Consultants referral sources stem from the mortgage industry, there are many loan consultants who have questions as to … (1 comments)
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credit scores: Free Information On Improving Credit Score~101 Tips - 07/24/08 01:16 AM
Hello everyone! As we all know there is a credit crunch going on! I'm offering free information on improving your credit score. I will give you 100 Tips on Understanding your credit and improving your score. It is too much overwhelming information to put into a Blog but I will email … (2 comments)
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credit scores: Ethical Credit Repair - attorney assisted challenges to derogatory references - 07/22/08 03:38 AM
When does credit repair cross the ethical line and become falsification of a credit report?
More and more applicants seem not to qualify because of credit issues. They come fully aware of their credit situation and even know their credit score. In the past many would have qualified for a subprime … (80 comments)
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credit scores: Do You Know the Score? - 07/21/08 06:53 PM
Your credit score, that is. Millions of Americans don't realize that they can save hundreds, if not thousands, of dollars annually by maintaining a good credit score. With a high credit score you'll qualify for lower interest rates on credit cards, auto loans, home equity loans and mortgages. Landlords and utility … (1 comments)
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credit scores: Webinar Invitation: Inrease Sales with Credit Restoration - 07/21/08 10:58 AM
… (2 comments)
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credit scores: Your Credit Score: 5 Key Factors - 07/20/08 02:10 PM
You're looking for a home and you need a mortgage. You want the best interest rate for your mortgage that is available. What determines the interest rate you qualify for? Your credit score does.
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a … (1 comments)
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credit scores: Do you know your credit score?? - 07/17/08 03:03 PM
Credit can be tricky, Here are some tips to help you know the score about your credit. When you are looking to buy a home your credit score is the most important number. Here are the top five things to remember.
1.You can have more than one FICO score. Each of the … (0 comments)
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credit scores: Increase your credit score overnight - 07/14/08 12:04 PM
Help your clients increase credit score overnight
Here is a little known secret in the credit file industry that many people fail to even look into. When it comes to open charge cards, your FICO score will go down generally if your card balance is over 70% of its maximum. … (2 comments)
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credit scores: Car loan mortgage and lenders news Interest rates, lemon laws, credit scores, FICO - 07/13/08 05:07 AM
… (3 comments)
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credit scores: 5 Factors That Decide Your Credit Score - 07/12/08 12:48 AM
Credit scores range between 200 and 800, with scores above 700 generally considered desirable for obtaining a mortgage. The following factors affect your score:
1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also … (0 comments)
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credit scores: Short Sales and FICO Scores - 07/10/08 12:05 PM
For more information about real estate in the Northern Kentucky market, including full MLS searches w/out registering, please visit www.NickDailey.com.
I just read an interesting post on this topic, and thought I'd share some of it with you. It details some of the things homeowners can do to help mitigate the … (7 comments)
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credit scores: Are Lenders Tightening the Reins on Home Refinancing? - 07/08/08 08:15 PM
During the height of the real estate boom, it was not only possible to buy a home with little cash and less-than-ideal credit, but with soaring real estate prices, it was easy to refinance as well.
As a result, many homeowners cashed in on lower interest rates and pulled equity out … (0 comments)
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credit scores: FHA and Credit Scores - 07/03/08 10:41 PM
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)
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credit scores: Get FIT with your FICO Score - a brief explanation - 07/02/08 06:35 PM
When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you've made your payments on time. What you may not expect is that they seem to be more interested in your FICO score.
What is a FICO score? Each time your … (13 comments)
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credit scores: Don't forget the upcoming changes in FHA! - 06/28/08 12:17 PM
As of July 14, 2008 FHA will implement - for the first time in history - credit score driven rules that will dictate the amount of Upfront MIP added to a loan and how much monthly MIP will be added to the house payment. Upfront Mortgage Insurance premiums will range from … (2 comments)
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credit scores: Turning Your Obstacles Into Opportunties - 06/23/08 07:01 PM
As we enter the 2nd half of 2008 ALREADY!!!! I know can you believe how fast time is flying???
Take a moment to reflect and think about a couple of questions.
Are you in touch with the goals you set out to accomplish at the beginning of the year or period … (3 comments)
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credit scores: Top Six List : What questions should be asked prior to your mortgage application.... - 06/23/08 08:41 AM
The one million dollar question. Should you talk to a realtor first and find out what houses you could buy or should you speak to a loan officer first to get your financing options in place?
Speak to a loan officer first. Time again, I get consumers coming … (12 comments)
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credit scores: Refinance Without the Typical Refi "Rules"! - 06/22/08 03:44 PM
The following article is the contents of an answer that I gave to another blog contributor today.
I would love to hear any comments from other professionals who are helping homeowners to keep their homes by way of a Loan Modification.
A "modification" is the end result of negotiating with the … (1 comments)
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credit scores: Get Your Finances in Order: To-Do List, Layla El Said, RE/MAX Suburban, Schaumburg - 06/21/08 01:04 PM
Get Your Finances in Order: To-Do List
1. Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, … (0 comments)
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credit scores: Are credit scores important? - 06/20/08 12:55 PM
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 … (8 comments)
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credit scores: New Credit Requirements for Issuance of Private Mortgage Insurance (PMI) Could Affect Home Buyers - 06/19/08 06:37 PM
One of my favorite mortgage brokers, Leanne Zinkula with AreaMortgage in Tampa stopped by our offices today. We were discussing the fact that FHA mortgages were becoming much more common. During our conversation she mentioned that a change was in the works that involved conventional mortgages (not FHA) and private … (0 comments)
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credit scores: What in the heck does ECOA,FCRA AND FACTA mean???? - 06/19/08 12:05 PM
Yesterday in my office we had a debate on why I give my clients a copy of their credit report and that lead into a discussion of the laws the protect and govern credit. And while a review of these 3 laws would take thousands upon thousands of words, being the … (5 comments)
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credit scores: Mortgaging the Self-Employed - 06/18/08 08:31 PM
Most of us in the mortgage and real estate profession are in this boat, and quite frankly so are many of our clients. Here are some tips for the self-employed and for those of us who represent them. I would love to have input from other professionals who have some tools to … (1 comments)
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credit scores: Improving Your Credit Score & Payment History Tips - 06/17/08 11:31 PM
6-16 improving your credit score
* AR Members
I
recently participated
in a Housing Preservation workshop with a representative of Springboard, a
non-profit consumer credit management company headquartered in
Riverside, CA. They produce a variety of excellent printed materials, Q
& A's and seminars
and I wanted to pass along … (3 comments)
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credit scores: What Makes Up YOUR Credit Score? - 06/17/08 11:03 PM
6-16 what makes your credit score
* AR Members
I
recently participated
in a Housing Preservation workshop with a representative of Springboard, a
non-profit consumer credit management company headquartered in
Riverside, CA. They produce a variety of excellent printed materials, Q
& A's and seminars
and I wanted to pass … (2 comments)
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credit scores: Understanding Credit Scores - How Important is it to YOU? - 06/17/08 07:43 PM
6-16 credit reports
* AR Members
I
recently participated
in a Housing Preservation workshop with a representative of Springboard, a non-profit consumer credit
management company headquartered in Riverside, CA. They produce a
variety of excellent printed materials, Q & A's and seminars
and wanted to pass along their contact information … (5 comments)
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credit scores: New FHA Guideline Changes That Become Effective on July 14th - 06/17/08 09:25 AM
… (2 comments)
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credit scores: FICO Credit Scores - 06/13/08 03:34 PM
Scoring your Credit - How's your FICO?
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 … (0 comments)
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credit scores: Tougher Underwriting Standards Ahead for Fannie Mae (FNMA) - 06/12/08 12:08 PM
This past Monday, June 9th, was the first day's use of the new software for underwriting Fannie Mae loans. Version 7 of the Desktop Underwriting® software was upgraded with lenders over the past weekend.
This new version of the underwriting process will take a much longer and more conservative look at … (4 comments)
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credit scores: Is Credit Repair a SCAM???? - 06/10/08 08:31 PM
DING DING... the bell has rung for round 1...... Ok just chill out and read what I have to type....... Most of your clients that have credit difficulties
ARE NOT IN NEED OF CREDIT REPAIR.......
especially if the mortgage professional is willing to spend some time and understand credit.
… (12 comments)
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credit scores: Basic Credit Scoring Myths - what does and doesn't effect your credit score - 06/10/08 02:44 PM
The Basic Credit Scoring Myths
There's a lot of bad information being given as advice about what does and doesn't hurt your credit score. Below please find some common myths of credit scoring.
Closing accounts can help your credit score.
No, no, no. ABSOLUTELY NOT: Closing accounts can never help your credit … (3 comments)
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credit scores: Credit Restoration Consultants Hour with Credit Repair Expert Bill Lewis - 06/07/08 07:08 AM
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 Credit Restoration Consultants Hour with credit repair expert Bill Lewis. Bill can be heard weekday's on the 9's - both 9:00 a.m. and … (2 comments)
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credit scores: Mortgage Brokers Surviving The "Credit Crunch" - 06/05/08 10:28 AM
Simple fact, those that are turning away clients due to bad credit are not utilizing every tool available to close loans. Credit Restoration Consultants is one of those tools. What's in it for you? More closed loans, More repeat business, More referrals from your clients.
Those of you have used or referred our services … (3 comments)
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credit scores: Mail Bag Q&A: Stephen, my wife and I are looking at houses and our Realtor is telling us that it is getting much more difficult to qualify for a mortgage these days. Does this mean better credit scores or higher down payments are required? - 05/30/08 12:19 AM
Your Realtor is absolutely right. Qualifying for a mortgage has become more challenging in a number of ways:
•1) Larger Down Payments Required - 100%,"No money down" financing deals are gone. You can still put 3% down using an FHA loan, but for the most part, conventional financing is a minimum … (0 comments)
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credit scores: Changes to FHA - 05/29/08 01:30 PM
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)
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credit scores: Information You Can Trust! - Great News for Jumbo and Conforming Loan Seekers - 05/27/08 12:47 PM
Rates remain affordable!
Interest rates for mortgages continue to remain very attractive for conforming loans. For those borrowers with both great credit and the ability to document income and assets, interest rates for a 30 Year Fixed Rate still remain at 6.00% or below.
For homebuyers or homeowners that know the … (0 comments)
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credit scores: The 4 Most Common Credit Scoring Myths - 05/22/08 04:39 PM
Endless myths and misconceptions about the factors affecting credit scores are as abundant and varied as the scores themselves. This post will help you to separate fact from fiction.
Most loan officers, (and probably a lot of sharp agents out there,too!) already know the answers to these questions.
Here's a simple way to test your credit … (0 comments)
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credit scores: Raise Your Credit Score 100 Points In 45 Days - 05/19/08 11:00 PM
Think it can't be done? ... Alcova Mortgage says it can.
Clear as mud, right? The credit industry seems to be a secret society - don't take each bullet point as an irrefutable fact, but it does provide a good basis of understanding of how your credit score can improve, and … (0 comments)
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credit scores: An Eye for Numbers - 05/12/08 09:28 PM
Your credit score, not just another ordinary number.
Whether you are thinking of buying a home now, in the future or even if you already own a home - it is a good idea to keep track of your credit score.
A better credit score will allow you to … (0 comments)
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credit scores: Before you List your Home, you may want to take a peek at this... - 05/10/08 01:42 PM
There's one thing about change that seems constant, frustration. For Mr. & Mrs. Homeowner, it can be downright mind boggling with all the changes that have occurred and probably will continue to happen in the Mortgage Financing Market. It's hard to keep up and the only saving grace to be … (36 comments)
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credit scores: Why FHA Loans are the Best Loans Now - 05/09/08 10:21 AM
Why FHA Loans are the best Loans Now
May 9, 2008 - 8:05 am
If you want to make more money in this tight market, look into the programs I am discussing below.
FHA is now the best loan out there for the average buyer because they have recently changed many … (0 comments)
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credit scores: Credit Score - Still A Big Factor For Getting A Loan - 05/08/08 05:19 PM
Getting a loan is becoming difficult. Strict underwriting guidelines are making lenders look more at the boworrow's ability to pay.
Lenders look at the five C's - character, capacity, collateral, capital and credit. Still, credit scores are important as it is a quick profile of your credit history. Just month ago, a … (6 comments)
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credit scores: Where to order the most ACCURATE credit scores? - 05/07/08 07:13 AM
After many years of pre-qualifying home buyers, a question that comes up is how to order credit scores?
I have found that if your order your credit score from each credit bureau (Experian,Equifax and TransUnion) you most likely will get the most accurate credit score from that particular credit bureau. But who has time to go to each … (1 comments)
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credit scores: Why Free Credit Reports Are Worth What They Cost - 05/06/08 10:23 AM
The ubiquity of "free" credit reporting services like FreeCreditReport.com, TrueCredit.com, and AnnualCreditReport.com have helped breed a new generation of credit-aware Americans.
Because credit ratings have more importance to everyday life than in years past, this is a welcome development. For example:
Lenders use credit ratings to determine borrowing rates Insurers use credit ratings to … (1 comments)
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credit scores: How Long do Items Remain on Your Credit Report? - 05/05/08 04:44 PM
Credit Accounts:
Accounts paid as agreed remain for up to 10 years.
Accounts not paid as agreed remain for 7 years.
Collection Accounts:
Remain for 7 years.
The time periods listed above are measured from the date in your credit file shown in the "date of last activity" field accompanying the particular credit or collection account.
Courthouse … (2 comments)
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credit scores: How Long do Items Remain on Your Credit Report? - 05/05/08 04:43 PM
Credit Accounts:
Accounts paid as agreed remain for up to 10 years.
Accounts not paid as agreed remain for 7 years.
Collection Accounts:
Remain for 7 years.
The time periods listed above are measured from the date in your credit file shown in the "date of last activity" field accompanying the particular credit or collection account.
Courthouse … (1 comments)
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credit scores: First Time Homebuyers - 05/05/08 06:33 AM
Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose Top Experts.
You might be a bit afraid or intimidated by the whole process of buying your first home. As top Lafayette, West Lafayette and Purdue University real estate experts, it's our job to guide you, from … (0 comments)
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credit scores: Overcoming the misconceptions about the "credit crisis" - 05/05/08 06:29 AM
You've watched the news and read about it in the papers. You know, the "credit crisis" and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren't making loans anyway. So, why bother, right? Wrong!
We're right smack … (0 comments)
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credit scores: Diamonds in the Rough - 05/05/08 12:42 AM
Conditions favorable for income property purchase
Current conditions in the real estate market are resulting in favorable circumstances for those looking to buy income property. As more subprime loans reset in 2008, anticipate another wave of short sales and foreclosures to appear, and with the Feds announcing that their priority is the … (0 comments)
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credit scores: 720 credit score necessary for BEST FNMA PRICING !!! DID YOU KNOW? - 05/04/08 09:07 PM
Wow! We are getting SQUEEZED tighter every day. Check out the credit score pricing which will come into effect June 1, 2008 (some lenders have adopted this already!):
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0804.pdf
So if you have less than a 720 credit score, you will NOT receive the BEST rate. You will be adjusted by .50 in discount. … (12 comments)
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credit scores: Credit Bureau Bologna Sandwich #2 – Your Credit Score-sssssssssssssssss - 05/04/08 06:09 PM
Your Credit Score-sssssssssssssssssssssssLet's take a look at what data is used to calculate your, "FICO Score."
WAIT! HOLD THE PRESSES.
You do NOT have ONE CREDIT SCORE. Bet you didn't know that...
Your credit score is created "on the fly" by the Credit Bureaus whenever it is pulled and changes at an instant - … (3 comments)
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credit scores: How do Inquiries Affect Credit Scores? - 05/02/08 03:53 PM
FICO scores only consider inquiries iniated by you (when you were seeking credit) over the most recent 12-month period. FICO scores only consider inquiries from the last 12 months, although inquiries remain on your credit report for two years.
Federal law requires that all inquiries be kept on file for a period … (0 comments)
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credit scores: How do Inquiries Affect Credit Scores? - 05/02/08 03:52 PM
FICO scores only consider inquiries iniated by you (when you were seeking credit) over the most recent 12-month period. FICO scores only consider inquiries from the last 12 months, although inquiries remain on your credit report for two years.
Federal law requires that all inquiries be kept on file for a period … (0 comments)
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credit scores: The Power of Your Score - 04/30/08 11:45 AM
Yesterday was a great day for me. I was able to buy the wife a new car. She is the exact opposite of me. I like a new car every couple of years and she drove her Explorer for 8 years. I hate to lease and no one has ever been … (5 comments)
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credit scores: Opt-Out of Pre-Approvals, Junk Mail, etc. - 04/30/08 05:21 AM
Good Morning!
I have had a few issues come up lately with clients that have involved either identity theft, in smaller ways - such as folks taking out cell phone accounts in their names to bigger ways such as Capital One doing a 'soft-pull' on a client 54 times in 2 … (9 comments)
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credit scores: Credit Scores - Does a person's age have anything to do with their credit score? - 04/29/08 11:50 PM
Credit Scores - mystify most of us, but does a person's age have anything to do with their credit score? Answer: No. Age does not have any bearing on influencing a credit score. Credit Scores are based on how a person has "handled" their personal finances/credit. There are 25 year olds … (1 comments)
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credit scores: FHA Loans - FHA Mortgages -- What's behind the credit score.... - 04/29/08 03:24 PM
Credit scores..... aka fico scores. I am a firm believer that you can't believe in everything that you read.
As you can see the illustration to my left, that it states that the average credit score is 678. I have a hard time believing this and just talked to a … (11 comments)
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credit scores: The Fed is Meeting Today and Tomorrow - What's it Mean to You? - 04/29/08 11:00 AM
The Federal Open Market Committee (FOMC) is meeting today and tomorrow and it is widely expected that Bernanke and Company will cut the Fed Funds rate another 0.25%. What does this mean to you as a consumer or someone looking to purchase or refinance a home today?
As a consumer, not … (0 comments)
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credit scores: Credit Scores - 04/26/08 02:17 PM
Credit scores are made up of five factors. A high score is most favorable. The factors are listed below in order of their importance.
Payment History - 35% - Payments should be made on time and in full. Late payments, judgements, and chargeoff have a negative effect.
Outstanding Credit Balances - 30% - … (1 comments)
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credit scores: Can you believe we are in 2003 prices for REO'S? - 04/23/08 12:07 AM
We have come a long way....We experienced the 1999 computer upheavel as we dove into 2000. We experienced some amazing events after the dot com crashed. Lots of money and a pent up demand for Real Estate drove our communities in a frenzy of home sales as if we had a "Blue … (0 comments)
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credit scores: FHA mortgages - Understanding credit that works -- Part 2 of 2 - 04/22/08 08:01 PM
FHA credit revised........Piecing together your credit can sometimes be confusing. That's why you should always seek a qualified loan officer that is a FHA Expert.
In all honesty, credit is not as difficult as it may seem and FHA has made it easier for you to qualify for your dream home. … (13 comments)
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credit scores: The US is correcting...I hope. - 04/18/08 07:34 PM
Financing if you don't have cash is gone. That in itself is pushing prices down. Credit scores matter!...Do you even know your credit score? In an article that I recently read, they suggest that prices will fall below 2001 prices...some regions 25 - 35%...Woow! Lord have mercy...What to do???
The situation is … (13 comments)
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credit scores: Basic Credit Scoring Tips For A Better Mortgage Rate - 04/18/08 09:50 AM
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education.
If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com.
Published by … (2 comments)
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credit scores: Credit Tip of The Day!!!! - 04/14/08 02:52 PM
1. Payment history - what is your track record? 35 % of the score
2. Amounts owed - how much is too much? 30% of the score
3. Length of credit history - how established is yours? 15% of the score
4. New credit - are you taking on more debt? 10% of … (1 comments)
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credit scores: Attention Home Owners & Realtors....I GET IT and have for a LONG time now!!! - 04/14/08 09:28 AM
So, there I was pounding the pavement last Friday visiting local Real Estate offices in an attempt to line up strategic partnership with realtor's when something compelling & dramatic happened to me. I had been politely turned away from several offices that day and it was at the last office I was visiting that I ran into … (1 comments)
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credit scores: Top 10 Credit Do's nd Don'ts - 04/10/08 01:14 PM
Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage. Here are the top 10 do's and don'ts when looking to secure a mortgage.
Don't Apply For New Credit. Every time you have your credit pulled by a potential creditor or lender, you can … (1 comments)
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credit scores: Top 10 Credit Do's nd Don'ts - 04/10/08 01:13 PM
Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage. Here are the top 10 do's and don'ts when looking to secure a mortgage.
Don't Apply For New Credit. Every time you have your credit pulled by a potential creditor or lender, you can … (0 comments)
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credit scores: Top 10 Credit Do's nd Don'ts - 04/10/08 01:12 PM
Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage. Here are the top 10 do's and don'ts when looking to secure a mortgage.
Don't Apply For New Credit. Every time you have your credit pulled by a potential creditor or lender, you can … (0 comments)
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credit scores: How's your credit score? Know it, fix it, it will affect mortgage rate! read on! - 04/04/08 11:10 PM
Do you even know what it is? Is it good enough? What is good enough? Do you care? Should you? Should your customer/client?
SURE! We should all care. I recently checked mine on www.freecreditreport.com. I was shocked at what it said...it was 10 year's old in my work experience...actually 15 years. There … (16 comments)
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credit scores: 100% financing still available for home purchases through....USDA! - 04/03/08 06:20 PM
So you want to buy a home and your looking for a loan program which requires the least amount of out of pocket money from YOU to still buy it. And.... your looking for this home now, in April of 2008, with 100% financing loans flying off the shelves, with credit requirements heighten … (1 comments)
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credit scores: Still think your credit's not worth improving? Think Again! Higher mortgage rates are the consequences! - 04/02/08 05:36 PM
An interesting news article by reporter Dawn Kopecki Titled.. Fannie Tightens Mortgage Terms, Sets Minimum Score April 2 (Bloomberg) -- Fannie Mae, the largest U.S. mortgage-finance company, told lenders it will no longer buy most loans made to borrowers with credit scores below 580 as it tightens lending standards amid a slumping … (0 comments)
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credit scores: My Top 10 Things that Have NOT Changed in the World of Mortgages - 04/02/08 03:34 PM
Well. let's see...
...I'm still thinking, ok?! ...
Give me a minute!....
... OK here we go.
My Top 10 9 Things that Have NOT Changed in the World of Mortgages
10. Borrowers with a Middle Credit Score OVER 680 can obtain a 97% Loan Compared to the Sales Price (LTV) on a Fannie or Freddie (Bankable Conforming) … (22 comments)
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credit scores: Mortgages In Minnesota Are Subject to LLPA-Loan Level Price Adjustments - 03/30/08 03:21 PM
Venture Development-Minnesota Mortgage Broker-Edina Minnesota-Twin Cities MN
LLPA is the acronym for Loan Level Price Adjustments. Fannie Mae, Freddie Mac and now FHA are applying various standards to the loan programs. In a nutshell, underwriting of all mortgage loan products has become tougher. In an effort to price loans more accurately based … (0 comments)
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credit scores: Crash Course in Home Buying: Your Home Loan - 03/29/08 05:16 PM
Your home loan.
Purchasing a home is one of the biggest financial decisions a person will ever make. Unless you come from a family … (6 comments)
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credit scores: Why Are Mortgage Rates Not Going Down? - 03/29/08 01:30 PM
As the first quarter of 2008 comes to a close, the credit crunch that began in the summer of 2007 is still raging affecting every corner of the globe. What started with the decline in value of Alt A and subprime loans, has now spilled over to include "prime" borrowers including … (0 comments)
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