credit scores: Mortgage Application During COVID-19: The Need for Information and Documentation is Amplified
- 08/10/20 12:33 PM
Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend.
My wife had to stop at a store to pick up just one item. The task was supposed to be a short one, so I opted to wait it out in the car. I found a bit of shade, parked the car, and rolled down the window.
The car parked next to mine also had their windows rolled down. There was a man and woman inside. The woman was on her cell conversing with someone fairly loudly.
At first, her conversation … (18 comments)
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credit scores: Protect Your Financial Health & Credit During COVID-19 ... Take These Steps Now
- 05/27/20 11:55 AM
Protect Your Financial Health & Credit During COVID-19 ...
Take These Steps Now
Your physical health and mental well-being must always be an important focus. The grave challenges posed by the current COVID-19 crisis, make that even more true ...
But it's not only your physical and mental health that should remain of concern. Your financial health is important as well.
COVID-19 has delivered some severe financial health challenges to many Americans' doorsteps. Those include loss of employment, job furloughs, layoffs, diminished wages (and more) that have taken a real toll.
No amount of handwashing or wearing of masks protects your financial health. That has to be accomplished in other … (6 comments)
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credit scores: Arriving Summer of 2020: The New FICO 10 Scoring Model. Here's What to Expect ...
- 03/04/20 11:40 AM
Arriving Summer of 2020: The New FICO 10 Scoring Model
Here's What to Expect ...
Hotter temperatures aren't the only thing that will soon be rolling in. A hot new FICO Scoring model will also make its entrance at some point during the upcoming summer months ...
A new credit scoring model isn't that surprising of a development. Since its inception in 1989, FICO Scoring has evolved and changed many times.
This new and latest version, called "FICO Score 10 and FICO Score 10 T", is to be released to credit bureaus this coming summer or early fall. It will feature some broadened elements to the calculation of credit scores.
The latter … (25 comments)
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credit scores: 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 scores: 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 scores: Did You Conduct a Year-End Review?
- 01/25/18 11:18 AM
Did You Conduct a Year-End Review? For many businesspersons, the end of one year and the beginning of the next signals the need for a year-end review. And while I always conduct such a review of my own business, I typically don't share my findings publically. But this year, I'm going to speak of my results, as I was somewhat surprised by what I found during this annual exercise. Very pleasantly surprised in one specific category.
I definitely recognized that changes were taking place, as a many of the Chicagoland housing markets have healed to a good degree since the housing and economic downturn of the … (8 comments)
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credit scores: What Christmas Credit Score Wishes Came True in 2015?
- 12/30/15 04:15 AM
Tracy Becker, President of North Shore Advisory, Inc. of Elmsford, NY and AR member ... provides some valuable information for consumers that receive a Credit Score from their Credit Card company ...
Tracy's post is especially important and timely for those consumers hoping to apply for a mortgage in the near future, as it certainly contains information that will be pertinent to them. And most likely their lender will be discussing this very topic with them at that time.
Bottomline: Those applying for mortgage must know and understand that the FICO Score used by their lender is … (4 comments)
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credit scores: 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 scores: Rule of Thumb Regarding Mortgages: Inquire and Get the Facts
- 04/08/15 05:22 AM
Rule of Thumb Regarding Mortgages: Inquire and Get the Facts
There's definitely been an upswing seen in the local Chicagoland housing market, as well as many other markets across the U.S. All good news.
But the positive that's spoken loudest to me as a Mortgage Lender has been the "shape" and level of "approvability" of many of my most recent mortgage applicants. Many have been better off than they initially thought and represented themselves as.
What do I mean by this?
Simply put, during their mortgage search ... and throughout their actual mortgage process, they've found:
They were in … (29 comments)
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credit scores: What Matters Most When Seeking a Mortgage Financing Approval?
- 01/19/15 12:00 PM
What Matters Most When Seeking a Mortgage Financing Approval? With all the changes that have taken place in the Mortgage Industry over the last few years (and those to come soon), I've come to believe that my job as a Mortgage Lender comes equipped with a text book. This text book has no last chapter. It has no back cover. It's never-ending ...
Even with all the changes though, one constant has remained. That constant?
INCOME ...
A Borrower's income matters immensely. It might be said that it even trumps credit.
According to recent statistics … (10 comments)
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credit scores: Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
- 11/06/14 04:34 AM
Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
I've found that Home Buyers looking to be Pre-Qualified for a home loan purchase are sometimes quite surprised by their ability to successfully get a Loan Approval without having PERFECT credit.
To add to that (pleasant) surprise, they also find that they can obtain a Mortgage with just 3.5% down payment for a FHA loan, or even no (0%) down payment as a Veteran (VA Loan). In certain rural areas, USDA-Rural Development Loans are also available with no down (0%) payment requirements.
… (13 comments)
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credit scores: The Many Ways Poor Credit Scores Cost You
- 08/23/14 06:11 AM
The Many Ways Poor Credit Scores Cost You
A large percentage of the potential home-buyers I speak to have a basic knowledge of how credit scores influence the interest rate received when they finance their home purchase. Most understand the basic principal: The higher their credit scores, the lower their interest rate.
I read a CNBC article today entitled, "How poor credit costs you on homeowners insurance". It delivered a strong message. Poor credit scores cost you.
In that article it was reported that: "Homeowners with median credit pay 29 percent (29%) more than those with excellent credit." 29%! Ouch!
But the "hits" … (14 comments)
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credit scores: Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed
- 04/18/14 02:35 AM
Just Like Your Underwear:
Credit Needs to be Freshened-Up, Scrubbed,
Updated, Fluffed & Changed Everything needs to be "freshened up" once in a while. It needs to be given a trim. Updated. Fluffed. Scrubbed-up. Changed or re-arranged.
Credit is no different ...
But stop and think. When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report? Over a year? Two? More?
Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now ...
Interest … (15 comments)
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credit scores: 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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credit scores: Was One of Your New Year Resolutions to Get Financially Fit?
- 01/17/14 03:57 AM
Was One of Your New Year Resolutions to Get Financially Fit?
The New Year is typically the time most people pledge to make changes in their life. They hope to start anew. implement new habits. Turn themselves and their lives around. Were you someone that made New Year resolutions? Did those resolutions include sticking to a healthier diet, getting fit, quitting smoking, or losing weight?
Or did they focus on another type of fitness ... your financial fitness?
The New Year is the perfect time to address all your fitness concerns. To get healthy on … (18 comments)
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credit scores: Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror
- 01/16/14 02:05 AM
Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror
You've probably seen me mention the term "Boomerang Buyer" in a few of my posts before. This is a classification of potential Home Buyer that is contacting me more and more often for info, as of late. As the housing downturn gets further and further in our rearview mirror, I believe that will happen even more often in the future.
Because of the financial and real estate scenarios that gave birth to the "Boomerang Buyer" moniker, many of the questions … (11 comments)
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credit scores: When Inaccuracies Show on your Credit Report ... What Then?
- 11/07/13 10:54 AM
When Inaccuracies Show on your Credit Report ...
What Then?
Credit Scores and Credit Reports are very important ...
That's true whether someone is hoping to buy a home (or refinance) or not. But should you be someone in the hunt for Mortgage financing to purchase or refinance a home, the stakes get higher. Your Credit Scores and Credit Reports become paramount to the success you'll discover when financing and the end-costs you face.
Most of my Mortgage clients understand this when we speak the first time. Often one of their first questions is: At what … (5 comments)
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credit scores: Say Yes to that New Store Credit Card: Can it Derail Your Dreams of Buying a Home?
- 09/29/13 02:24 AM
Saying Yes to that New Store Credit Card:
Can it Derail Your Dreams of Buying a Home?
My wife and mom went shopping together one day this last week. Both have already started thinking about Christmas shopping. Seems they're not alone.
If you've watched much TV over the past few weeks, you've probably caught a commercial or two heralding the approaching holiday retail shopping season. Holiday decorations to put you in a holiday shopping mood have begun to pop up in stores too.
Yep ... the "push" for your holiday shopping dollars has officially begun and we haven't even seen Halloween yet . And … (14 comments)
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credit scores: How Much are You Willing to Pay for that Poor Credit Score?
- 09/12/13 06:21 AM
How Much are You Willing to Pay for that Poor Credit Score?
In a number of my past posts, I've talked of the importance of building and maintaining good Credit and Credit Scores. In my post, "Are YOU making your financial life harder than it needs to be?", I introduced the fact that many of our daily services and utilities (and their costs) are directly linked to the quality/level of our Credit Scores.
In "What's Your Great American Novel read like? The clues within your Credit Report" ... I spoke of the many ways that your Credit Report reads much … (9 comments)
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credit scores: These Words Will Strike Fear in the Heart of Your Chicagoland Mortgage Lender: "Let's Go Shopping!"
- 08/14/13 06:53 AM
These Words Will Strike Fear in the Heart of Your Chicagoland Mortgage Lender: "Let's Go Shopping!"
As we often do, my wife and I watched an episode or two of shows on HGTV last night. "Property Virgins" was on. The episode we saw revolved around a young cute couple, Ed and Courtney.
As typical with many First-time Buyers, this young couple had pretty lofty hopes for the home they would eventually buy. They were looking for the "Perfect 10" property. And as also often happens with First-time Buyers, this young couple had champagne taste, but … (32 comments)
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Mortgage Application During COVID-19:The Need for Information and Documentation is Amplified The weekend is often our family's opportunity to tackle errands. That was true again this weekend.
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