credit history: When Applying for Your Mortgage, It's "FATE and RATE"
- 02/12/19 12:21 PM
When Applying for Your Mortgage,
It's "FATE and RATE"
Most of the loan applicants I work with come to me already aware of the fact that their credit scores and credit history contribute to and affect the interest rate quote they will receive upon application for a mortgage ...
They also know that credit and credit scores can determine if they can be approved for financing when they buy or refinance a home. But beyond that, what they know of the actual contribution of the two to the "fate and rate" of their loan is typically pretty limited.
That's understandable ... Admittedly, there are many moving parts and asterisks that … (12 comments)
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credit history: What You Need to Know About Credit Freezes When Buying a Home
- 01/07/19 03:10 PM
What You Need to Know About Credit FreezesWhen Buying a Home Currently, I'm working with clients that had chosen ... prior to their mortgage application ... to place a Credit Freeze on their credit file and credit accounts ...
They had decided to take that action after the discovery of 2017's major Equifax Credit Breach. In that breach, hackers gained access to consumer's Social Security numbers, names, addresses, and birth dates.
In a number of cases, these hackers also stole driver's license numbers, as well. And in a much smaller number (but still sizeable), other varying identity info was also stolen during that breach.
Pretty scary stuff when you consider the huge … (28 comments)
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credit history: New Freddie Mac Guidelines Regarding Credit History, Authorized Users and Mortgage Approval
- 10/01/18 02:14 PM
New Freddie Mac Guidelines Regarding Credit History,
Authorized Users and Mortgage Approval
Recently, Freddie Mac updated their underwriting guidelines, via its "Bulletin" from September 19, 2018 ...
One of the key points documented in this Freddie Mac Bulletin related to Credit Reporting and specifically ... "AUTHORIZED User Accounts".
Before proceeding further, it's important to know the definition and role of an Authorized User, as per the 3 major Credit Bureaus.
An "Authorized User" (as defined by Equifax) is:
In a nutshell, being an authorized credit card user means someone has authorized you to use their credit card account. If you’re added to a credit card account as an authorized user, … (24 comments)
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credit history: The Impact of Late or Missed Payments. Are You Playing "Catch Up"?
- 09/18/18 12:10 PM
The Impact of Late or Missed Payments
Are You Playing "Catch Up"?
As a kid, you probably used it yourself with friends when you said ... "You go ahead, I'll catch up".
As an adult, it's likely you've said, "I'm playing "catch up" at work" after returning from a long weekend or vacation. Or upon meeting an old friend, asking them to give you a call so you can "catch up" with each other.
So "catch up" is typically seen as a good thing ...
It has a positive connotation. It denotes affirmative action will be taken or wrongs will be righted.
But there is one place where "catch … (31 comments)
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credit history: What Makes You Special When You Buy a Home? Your Financial DNA
- 05/17/18 12:15 PM
What Makes You Special When You Buy a Home?
Your Financial DNA
Parents often tell their children they're "special". They're unique. Like no other person on earth. I know I told both of my boys that ... still do.
It's a pretty heavy message for a child to hear, isn't it? One based on love certainly, but also molecular and psychological facts too.
Physically, our fingerprints ... our DNA ... is certainly ours and ours alone. And if you ask parents and grandparents, they'll tell you each child is delivered with their own distinct personality pre-programmed too.
With that in mind, I recently wrote an article regarding the personal "recipe" … (10 comments)
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credit history: Myth-Busting Mortgage Credit Scoring
- 05/08/18 03:38 PM
Myth-Busting Mortgage Credit Scoring
Over the years, Mortgage Credit Scoring has evolved. It continues to do so at a fairly constant and rapid rate ...
As a result, a large supply and wide variety of updated articles and reports regarding the topic of Credit Scores (Fair Isaac Corporation (FICO) scores) can be found easily pretty much all the time. The following link provides an example of one of the many articles that I found while doing a quick search today. It focuses on a new change that may be coming to some consumers' Credit Scores:
"Credit scores may jump this month thanks to new … (27 comments)
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credit history: Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing
- 10/25/17 11:16 AM
Creating Options for Yourself Will Put YOU in the Driver's Seat During Your Mortgage Financing
Blogging's always been a great outlet for me as a Mortgage Originator ...
While it's served me well in many capacities, I've always found the greatest benefit takes place during the preparation of my articles.
The research, studying, and reading required of me in the production of my posts continually provides me ample and additional opportunities to learn. That's a huge plus for me ... and my clients.
The comments and questions left in response to my posts also prove very valuable too. They often serve as a catalyst for future posts.
Such was the case when … (30 comments)
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credit history: Is Paperless Billing Right for YOU?
- 01/02/17 10:27 AM
Is Paperless Billing Right for YOU?
These days, companies are under pressure to go "green" and become more environmentally friendly. As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills.
There are obviously many positives to be found within these paperless services:
Trees are saved Reduced postage costs Less paper documentation to organize or save/store Possible rewards for switching to paperless Payments can often be made/posted same-day Automated payments can be set-up More
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, … (12 comments)
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credit history: Credit Reports and History: No One Will Care More Than You
- 10/14/16 12:50 AM
Credit Reports and History:
No One Will Care More Than You
No one cares more about your Credit and credit standing than you ... right? Or should ...
While we expect creditors (banks, credit card companies, collection agencies, student loan lenders, medical providers, retailers, etc.) to act on our behalf regarding the recording of transactions, payments, and accounts, it's a fact ... errors occur. Errors that result in damage to our Credit History, Credit Scores, and our wallets.
How's that? Errors on our Credit Reports have repercussions. Some errors remain undetected for long periods of time. But even if short in duration, errors … (26 comments)
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credit history: Establishing Credit and Building Scores
- 04/28/16 04:57 AM
Tracy Becker of North Shore Advisory, Inc. Credit Education & Restoration addresses a problem that I see more and more often as a Mortgage Originator ... many younger clients having little credit history when they go to buy their first home.
Many of these young hopeful home buyers have avoided establishing credit lines, credit, and debt.
While Lenders' perspective on this issue is changing (slowly) and they have become a bit more "open-minded" to alternative methods of credit and debt measurement, many still want to see a credit history. And proof of their Applicant's ability to handle debt wisely. Tracy Becker offers some great … (3 comments)
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credit history: Have Credit Challenges? Don't Sell Yourself Short. Mortgage Options May be Available
- 03/04/16 03:29 AM
Have Credit Challenges?
Don't Sell Yourself Short
Mortgage Options May be Available
FACT ...
Just because you faced credit issues in the past, doesn't mean you can't obtain an Approval on a home loan today ...
I, (via, American Portfolio Mortgage Corp.) have a FHA loan option available for you if:
2 of the 3 credit scores on a mortgage credit report pull are 580 or higher.
Other positive factors must exist within your credit history ... and additional compensating factors must also be present when these lower credit scores are reported.
Employment history Reasonable debt Stable income Down … (12 comments)
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credit history: Millennials: How to Establish Credit Quickly and Easily
- 06/19/15 06:15 AM
Millennials: How to Establish Credit Quickly and Easily
Credit ... Credit Scores ... they're a big issue, no matter someone's age ...
But for Millennial-age hopeful home buyers, credit-related issues are of particular interest and importance these days. I'll add they may be a bit frustrating too ...
It's been very well-documented: The job market and financial problems have dogged Millennials.
As a result, many have poor credit. Or have avoided accumulating debt entirely. They pay cash for every purchase or bill they have.
Each credit issue presents its own challenge. Decidedly so when … (49 comments)
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credit history: The Hidden Truths Within Bankruptcy Filings
- 10/20/14 10:38 AM
The Hidden Truths Within Bankruptcy Filings
We've arrived at an unique point in the world of home buying and financing. It comes on the heels of several years of financial hardships, unprecedented foreclosures, and job losses.
These challenges faced have often lead to the filing of Bankruptcy. What's been contained, or included, in these Bankruptcy filings, are referred to as "Schedules".
First of all, let's understand the "layers" and the timelines involved in a Bankruptcy.
First, there is a: Filing Date.
That is followed by a: Discharge Date, a date that's usually a few months after the Filing.
… (8 comments)
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credit history: Taking the Mystery Out of Credit Scores
- 03/10/14 06:03 AM
Taking the Mystery Out of Credit Scores
Were you recently denied approval on a loan application? Do you suffer from lower Credit Scores? Did you receive an Interest Rate higher than someone else with higher Credit Scores?
If so, there's a chance one of the following issues was the reason. They're some of the most commonly seen issues affecting Credit Scores or preventing loan approvals:
Missed Payment(s) on a Mortgage, Installment Loan, or Credit Card(s) Major Events - A Bankruptcy filed in the last 2 years, Foreclosure, Short Sale, or Deed-in-Lieu of Foreclosure Outstanding Judgments, Tax Liens, … (52 comments)
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