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Blog entries tagged with "credit":
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Buy your primary residence first:
Maximize Your Credit Score to Maximize Your Investment by John Occhi, Hemet REALTOR Hemet CA Real Estate We all know the importance of a high FICO score when it comes to your personal credit. The difference in 100 points can make the difference in thousands of dollars being spent each year … (2 comments)
Not too long ago the world of real estate finance was a fairly simple place. Most loans were so clear that borrowers without advanced degrees in finance could reasonably compare marketplace choices
Those days are gone. Today simple mortgages such as the 30-year, fixed-rate mortgage still exist, but they're becoming increasingly rare. … (0 comments)
We all know that home values have softened in many parts of the country. We also know that a record number of foreclosures are expected to take place. While these facts are unsettling to say the least, what's most disturbing is that people who are extended beyond their reach run the … (0 comments)
Helpful Moving Tips From Homeindustry.com When moving from one residence to the next there are many items you may need when doing those first or last things required for a move. Here at HomeIndustry.com we have gathered a helpful list of items that can help you move out and move in a … (3 comments)
Since 9/11 the market has been in a weird state. Some areas appear to be stead some seem to be moving up. But under the surface just like an earthquake, disaster is waiting to strike!America is over-mortgaged and is willing to negotiate your mortgage to prevent a foreclosure. Foreclosure and bankruptcy … (0 comments)
Did you know it's impossible to have a perfect score (850) on your credit score unless you have had an account open for at LEAST 15 years? Credit Scoring Calculations:Credit performance 35%Credit Utilization 30%Length of Credit 15%Type of Credit 10%Inquiries 10% you can see that your performance on paying your bills has the … (2 comments)
[Note: This was sent to a realtor I work with who decided to try and tell me how to do my job. (Implied in the wording of the question she sent me.) To set the background a bit, this is from a deal we were working on from our lead system … (3 comments)
Your Credit: Here are some important facts to understand about credit reports:1) Consumer's don't have access to merchant or standard factual credit reports. The different reports can be a problem sometimes if a consumer pulls his credit report, while a lender pulls a scored model, which has a lot more information … (1 comments)
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The highest-possible FICO score is 850, but even people with the best credit don't usually exceed 825. Those last 25 points wouldn't save you money on a loan anyway.By Bankrate.com You're one of the lucky ones in the financial pecking order: Your credit score is high. Really high. But what if … (4 comments)
You know you should check your credit report to see if your identity has been stolen. If a thief obtains your Social Security number, they can establish credit cards in your name, borrow money and make purchases - all without you realizing it.And yet, millions of people have never checked to … (3 comments)
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Originally posted on HomeFinancingNews.com
In September, Fair Isaac Corporation will make noticeable revisions to their FICO credit scoring model. Currently they divide consumers up into ten groups, based on credit history. But come the fall two more ‘poor credit’ groups will be added, and the existing groups rebalanced.
The changes are … (4 comments)
When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve.Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing … (0 comments)
Protecting Your Credit During DivorceWhen a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve.Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to … (0 comments)
FICO Score and what you should know. 
We have companies looking to pay individuals with good credit of 700+ to be part of their business for 60 to 90 days and earn 20k - 100k every 90 days. This is a great way to earn some fast tax cash for your projects or your business. We confirm security … (2 comments)
The Chamber hosts our own special events for the benefit of our members. These are:The Annual Charlemagne Awards dinner is held every January. This formal event highlights the best in the community with awards for civic and humanitarian efforts and community improvements to business. The final award of the evening is … (1 comments)
As a First Time Homebuyer (FTHB) authority, I have taught and consulted thousands of mortgage professionals across the country about FTHB's. That said, I can sniff out good and bad advice regarding the FTHB process faster than you can blink your eye. To my immense pleasure, I found a series of … (4 comments)
You may be familiar with the credit improvement trick of piggy-backing on someone else’s good credit to improve low Fico scores. Usually this is done to build scores for a son or daughter with no credit or to rebuild credit for someone who has had problems. I feel dumb for … (2 comments)
I read an article this morning on Page2Go2, about a new book coming out in early July entitled The Top 5 Money Mistakes People Make
5 ways to destroy your credit
NEW YORK (CNNMoney.com) -- Taking a wrecking ball to your credit rating is probably best likened to striking a match and burning all of the cash in your wallet. The concept is simple: a bad credit rating means higher interest rates and ultimately less savings … (0 comments)
With technology changing, all my faxes now get emailed to me as PDF attachments. What I'd like to do is take all the faxes (emailed PDF's in this case) and combine them together and turn them into one PDF so that I can then email that to the bank. Typically, I … (4 comments)
I've thought a lot about this topic lately. I've heard nightmare stories where at the closing table or a few days before the lender rejects the buyers and sends them back to their apartment or home. The buyers continue renting or living with family. Imagine that being rejected at the closing … (0 comments)
I am a mortgage lender in Lakeland Florida. I would like to say Hello to the Active Rain community. After bouncing around in the community for a few days, I have found that people have the same questions in many states. I can try to help if you have any mortgage questions. … (0 comments)
1.UP FRONT FEES...THE ONLY UP FRONT COST SHOULD BE FOR AN APPRIASAL ON YOUR PROPERTY. YOU SHOULD NOT ORDER AN APPRIASAL UNTIL YOU KNOW YOU HAVE A LOAN IN PLACE. tHIS COULD RESULT IN A WASTE OF TIME AND MONEY(ESPECIALLY IF YOU DONT HAVE GREAT CREDIT). YOU SHOULD NOT HAVE TO … (2 comments)
Credit scores have become more of a factor in people's lives than ever could have been imagined. Your credit and credit scores can affect your ability to buy a home, get a car, get a credit card, take out a personal loan, obtain homeowner's insurance, obtain auto insurance, get overdraft protection … (6 comments)
There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let's examine the pros and cons … (2 comments)
In all my years in the mortgage business in North Carolina, I have never seen so much mortgage advertising specifically designed to mislead the consumer. Lenders and lead generation companies have ramped up their trolling by email, snail mail and phone. Dragging baits that all sound too good to be true, … (2 comments)
Three elements are crucial to the purchase of a home—the down payment, closing costs, and qualifying for a mortgage. Here is a quick rundown of what you should know:
One’s FICO score is a very important determinant of the ability to finance the purchase or refinance of a home. The FICO score is determined by a formula developed by Experian and takes into account many different factors. In today's lending environment, automated underwriting has taken a predominant position in … (0 comments)
The most important document after you graduate from high school is your credit report. Your credit report is being used to obtain employment, purchase a car, secure a competitive mortgage for a home and activate utilities, start and maintain a business and in some cases to obtain a hand in marriage. … (0 comments)
Do you own a home or have you applied for a mortgage lately? Chances are, you have been inundated with mortgage offers from other companies - everyone trying to beat their competition. Within the last year and a half or so --- often times you can point your finger back to … (4 comments)
Buying a High Credit Score 
Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. Every $100 you pay per month on a credit payment could cost you … (0 comments)
Nobody likes credit card debt, but sometimes it is necessary. Recent studies have shown that Americans spend $104 dollars for every $100 they make. This is resulting in another statistic that shows that the average American has over $8,000.00 in credit card debt. If this is you or one of your … (1 comments)
I was reading an interesting article in The Seattle Times about the practice of people getting instant credit repairs, to qualify for lower interest home loans. 
A new wave of junk mail and telemarketing that consumers are starting to become aware of are "Trigger Leads". Trigger leads are leads that can be bought by lenders, mortgage brokers and others who want to solicit to consumers who are already interested in a mortgage. Here is how it works, … (9 comments)
What is the difference between small business owners and major corporations? Beyond their size, name and immediate resources, both businesses have a lot in common. This is especially true when it comes to financial planning, borrowing, retirement planning and employee benefits.Small business owners face all of these challenges. You are your … (0 comments)
I've never heard of people "renting good credit" until I saw an article in this morning's Bradenton Herald."Instantcreditbuilders.com, or ICB, helped Estruch boost his score by arranging for him to be added as an authorized user on several credit cards of people with stellar credit who were paid to allow this … (20 comments)
Your first step in buying a home should not be to find the home, but to touch up your credit and find the right loan provider. In this weeks podcast, we will take a look at some of the things you can use to improve your credit situation. Many don't … (0 comments)
Home ownership is one of the key ingredients to building wealth in this country. Take any 100 people at retirement age and here is what you will find. 1 in 4 will be wealthy and financially secure 5 will still be working to make ends meet 36 will be dead … (3 comments)
4 In 5 Credit Reports Have Errors
(CBS) As consumers, we are often reminded that we should get copies of our credit reports. However, sending away for them is kind of like flossing - you know it's good for you, but it's easy to put off. A new study should shock everybody … (8 comments)
Hello everyone, 
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The Five Factors of Credit ScoringFrom the desk of Mike Berrios There are five factors that impact consumer credit scores. They are listed here in order of importance:Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a … (0 comments)
The whole mortgage process may seem a little overwhelming from beginning to end. Processes like this often are, especially when you have so many different entities to deal with.........mortgage broker/banker, Realtor, appraiser, the inspector, the seller, your attorney, their attorney, the title company, the lender ect. As a mortgage broker I … (2 comments)
I have continuous opportunities to visit with folks who want to buy homes, do repairs, and sell them for a nice profit in a brief period of time. It is a common ambition now, with the popularity of television shows that show the process as a psycho-drama, with cigar puffing "investors" who strut around preening … (7 comments)
In the wake of the recent sub-prime fallout, there is a demand for credit repair now more than ever .. Gone are the days of 100% Financing for the borrower that realistically shouldn't approve for 100% financing. Every day you hear of lenders taking away products that were so readily … (5 comments)
Facts about your Credit Score, and how do you improve it!Some time back I provide a series of posts on facts about your credit score. I'm sure there are several posts on credit scores, but I think you will find there is something in this series that you may not have seen … (4 comments)
Over the weekend I came to the realization that there are four types of people when it comes to credit. I think it is extremely important to find out who you are in the mix... Here are the four types:
Is your mailbox constantly filled with refinance and credit card offers? Did you apply for a home loan and then get bombarded with phone calls from telemarketers offering home financing services? 
The latest news about getting your credit checked for a home loan is "inquiry data" that the credit bureaus have on file. This information is being sold by the credit bureaus (after you pay them) to other lending companies, and it allows them to resell your information. Adding to the risk of identity theft and … (0 comments)
Top five reasons why you should reviewing your credit report1. Inaccuracies & Mixed Credit Files Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don't order your credit report, you might never know about … (1 comments)
Fallacy: My score determines whether I get credit.Fact: Lenders use a number of facts to make credit decisions, including your FICO score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their perception of … (0 comments)
Hamilton, Ontario CanadaI'm sure every Realtor has dealt with a number of clients that would die for the chance to own a home but, they are so bogged down by past debt that it is not an option for them. These customers are not dreamers and they do genuinely want that home. DON'T … (3 comments)