Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!
Black Friday is nearly upon us. Newspaper inserts, emails and TV commercials abound with information about the “BEST DEALS EVER!”. You get to the store before the sun even thinks about coming up only to find that you can get an even better deal if you open a line of credit! STOP RIGHT THERE. If you are in the process of buying a home, or considering doing so anytime soon, we urge you to stop and collect your thoughts for a moment. What the heck does Black Friday have to do with buying a home!? That additional percentage off for opening a line of credit could be a deal-breaker when it comes to purchasing a home. If you are in the midst of the mortgage process with a good lender, you already know that you should hold off on opening new credit...
Read MoreImproving Your FICO Score May Be Easier Than You Think!
If you’ve been following mortgage news at all, you’ve probably noticed plenty of news on the lower rates. Mortgage rates today are low, but did you know you get your rate even lower? You can do this by boosting your credit score. Your credit score is based on a system. Typically, with higher scores come lower mortgage rates. Government-backed loans, such as the low down-payment FHA loan and the zero-money down USDA loan, allow for below-average scores; but in order to get the best conventional mortgage rates, you’ll want to have the highest credit scores possible. MORTGAGE LENDERS USE FICO SCORING MODEL There are many credit reporting companies. However, in the mortgage world, there are three companies which matter most — Equifax,...
Read MoreBefore You Begin The Task Of House Hunting…
Before You Begin The Task Of House Hunting… The thought of purchasing a home, especially for first time home buyers, may seem like a daunting task. House hunting is a big job; but the sheer size of the loan itself to obtain a home is enough to give anyone butterflies in the stomach! If you follow a few simple guidelines, you can make working with your banker or mortgage lender to get you the loan you need to purchase the home you desire. Whether you are working through a mortgage banker or another lending institution, here are a few guidelines to help you get started on the right path and not only avoid potential pitfalls, but also will be a great tool if you currently do not qualify for a mortgage loan. Everything Starts with Your Budget Before...
Read MoreYour Credit Report – Critical To Obtaining a Mortgage
Inaccurate reporting continues to create havoc throughout the credit industry. The primary deficiency is clerical error which would seem to be an easy fix but usually it is not. Credit repositories (bureaus) will not make changes to the information reported by ones creditors without confirmation by the creditor. The creditor’s employees are reluctant to authorize the bureaus to change reported data without proof that information reported was erroneous. However, there are ways consumers can protect themselves. How important is ones credit rating? Well, anyone who is applying for a mortgage or buying anything other than with cash, your credit rating will determine if you CAN obtain a mortgage or service, and WHAT the interest rate will be. Depending on how...
Read MoreWhat To Do When Your Credit Score Is Low
These past months, you might have been expecting a large purchase headed your way. It could be a house or even a vehicle. You have been anticipating it for several weeks. Maybe it’s that big screen television set! You require financing for this, no matter what the situation is. Discovering that you’ve been denied for financing or simply a credit card you sent application for due to an unsatisfactory credit rating is a terrible feeling. You might have difficulty discovering someone willing to take on credit or a new credit card for you, if your credit rating is below 620. Scores less than 620 can be improved by means of just a little bit of work on your behalf, which is great news. Requesting a duplicate of your credit report so you’ll find out...
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