mortgage rates sarasota: Thou Shalt Not Murder Thy Credit
- 10/22/09 01:10 AM
For the longest time, I thought the credit scoring model was 2 parts magic, one part fairy dust, and three parts pi times the square root of the sum of the numbers in your social security number. But now I know better; it's all magic. Black magic for a lot of folks these days. But there are some things we can do to lift the curse of sub-600 scores from our land. Stop killing your credit! IV - THOU SHALT NOT MURDER THY CREDIT THE SIN- Ignoring the factors that influence your credit score is like ignoring that pesky rash that … (0 comments)
mortgage rates sarasota: Thou Shalt File Thy Taxes With Foresight!
- 10/21/09 01:15 PM
"But I make $60,000 a year!" No, according to your 2008 tax return, you make $12,000 a year and that $250,000 home in Sarasota might be just a bit out of your price range. It's a bitter pill to swallow but there's a lot of pill-popping going on these days and the self-employed borrowers are feeling a bit sick to their stomachs. If only they would have obeyed Lending Commandment III: III - THOU SHALT FILE THY TAXES WITH FORESIGHT THE SIN - What am I talking about? A classic case of poor planning. As a self-employed individual myself, I can completely … (5 comments)
mortgage rates sarasota: Honor Thy FICO and Keep It 620
- 10/21/09 02:10 AM
Shazaam! Kaboom! OK, enough pseudo-expletives. It's time to revisit the Ten Commandments of Lending as I see them from the top of Mount Mortgage. Wow, it's apparent I've had too much coffee this morning. Let thee read on! II - HONOR THY FICO AND KEEP IT 620 THE SIN: I've pulled hundreds of credit reports and it seems like it's a case of the haves and the have nots these days. Either folks are near 800 with flawless credit, or they are closer to 550 with a report that's riddled with judgments, collections, and late payments. If you don't know what your … (2 comments)
mortgage rates sarasota: The TEN Commandments of Lending, Circa 2009
- 09/02/09 01:47 AM
Last night, I had a vision of a burning bush. OK, maybe it was just heartburn, but in any case, the fiery shrub spoke to me in an authoratative voice and told me that there was a new set of lending laws I must bring to the people. They are wandering around the dry wilderness of delayed closings, suffering through plagues of bad appraisals and frightening underwriting, and they are simply looking for the promised land: The closing table. In this vision, I was given a cumbersome slab of granite to bring to the borrowers of today. Unfortunately, it was inscribed … (0 comments)
For the longest time, I thought the credit scoring model was 2 parts magic, one part fairy dust, and three parts pi times the square root of the sum of the numbers in your social security number. But now I know better; it's all magic.
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