finance: Rules of Credit Explained - 5 Critical Areas - 11/22/10 04:01 AM
There are 5 Main Areas that are critical in your credit make-up, & its effect on Credit Scores  - it is much more than paying your bills/debts on time. :
1. Paying accounts on time is IMPORTANT. (Equals to 35% of your credit scoring). If you make a payment by its due date, or within 29 days past the due date, it should not affect your credit score, in most cases. If your payment is received 1 day past its due date, you may have to pay a late fee, but it will not show up as a negative on your credit report, … (2 comments)

finance: Credit- Effects of a Late Payment - 11/22/10 03:38 AM
What is a Late Payment: Pure and simple, a late payment is defined as "any payment received PAST its due date", where the credit bureau puts into categories of 30 days late, 60 days late, 90 days late, 120 days late, etc.  The truth is, not all late payments are reported to the credit bureaus.
Example: A mortgage loan has a due date of the 1st of every month. A grace period of 10 to 15 days is given without a late penalty. But am I considered late if I make my payment on the 2nd of the month? That answer is YES. … (1 comments)

finance: Before you look for the RIGHT house, let's find the RIGHT home loan & program first - 08/22/10 01:17 PM
PreApprovals for a mortgage are so important before you begin your home search, but there is MUCH more to consider when it comes to getting the RIGHT Home Loan. When I was with GMAC Mortgage, there were around 300 different loan programs that I needed to know, in order to find my customer the "perfect fit".
Let me begin...it doesn't matter if you are a first time home buyer or a 27th time home buyer. Our market and times have changed. What might have been a great loan in the past for a home, might not be a good fit for … (3 comments)

finance: It has Got to Be Here Somewhere? - 04/16/08 05:41 PM
Yes, It has Got to be here Somewhere! I try to prepare my buyers for what is needed for a loan application, such as current payroll stubs, bank statements, income tax returns, etc. And there seems to be 2 types of buyer groups out there, those who have all of their important documents in one file, clearly labeled, organized, ready at a moment's notice when needed. And then we have the other type of buyer who just knows their important paperwork & documents are in a very "safe & secure" location, but just 'where' that particular location is right now, is … (6 comments)