mortgages: Will Lenders move to the new credit scoring system?
- 04/26/11 06:00 AM
Last month the three major credit reporting bureaus Experian, Equifax and TransUnion introduced new scoring system called VantageScore. The idea is to focus on a broader history for each individual as well as a more accurate risk factor to decide if they are likely candidates to default (even if they score well). FICO has for along time been the model that lenders used to adjust risk. The problem many feel is that there is great inconsistencies in it's reporting. A college student with thin credit can score in the 700's with barely a years worth of history but someone with 20 years of mortgage, … (4 comments)
mortgages: Fannie Mae/HomePath is currently offering up to 3.5% in closing cost assistance
- 04/19/11 06:07 AM
HomePath® Buyer Incentive Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011. The HomePath property buyer must meet the following qualifications to be eligible: Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible. The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive. The sale must close on or before June 30, … (0 comments)
mortgages: Refinance into a Low Interest Rate and Retire as Planned!
- 03/22/11 06:39 AM
46% of American home owners that refinanced their home in 2010 brought cash to the closing table. This means despite current housing and economic conditions, consumers are interested in re-building equity and still consider their home a worthwhile investment. Refinancing into a lower interest rate has provided a way for many consumers to recover from more recent financial loss from investments like: 401k, the stock market and other financial investments. Through reducing monthly payment, home owners have the option to re-invest the savings by paying down principal. This method saves tens of thousands of dollars while knocking significant time off the … (0 comments)
Last month the three major credit reporting bureaus Experian, Equifax and TransUnion introduced new scoring system called VantageScore. The idea is to focus on a broader history for each individual as well as a more accurate risk factor to decide if they are likely candidates to default (even if they score well). FICO has for along time been the model that lenders used to adjust risk. The problem many feel is that there is great inconsistencies in it's reporting. A college student with thin credit can score in the 700's with barely a years worth of history but someone with 20 years of mortgage, … (4 comments)
;)
;)
