RSS…repair your credit after filing a BK. It is usually best to have a game plan on credit repair prior to filing a BK.
Archive for November, 2008
It is a good idea to…
November 30th, 2008 by admin | No Comments | Filed in Uncategorized…review your credit report after a bankruptcy. Some accounts that were included in your bankruptcy will still show up as active and delinquent which will hinder your scores from improving.
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credit reportTags: credit report
Getting a Mortgage after a…
November 30th, 2008 by admin | No Comments | Filed in Uncategorized…bankruptcy is possible if you took the precautionary measures of building your credit during the bankruptcy.
Re-establishing your credit is not too hard to do. Getting a secured credit card from a local credit union can help build your credit history.
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credit card, credit historyTags: credit card, credit history
Keep a copy of your bankruptcy…
November 29th, 2008 by admin | No Comments | Filed in credit…discharge as well as your list of debts discharged. This will be helpful if any errors appear on your credit report.
Pay your bills on time…
November 29th, 2008 by admin | No Comments | Filed in Uncategorized…and pay down any outstanding debt balances to improve your credit after bankruptcy.
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balance, debtNot all creditors react…
November 29th, 2008 by admin | No Comments | Filed in Uncategorized…the same way to bankruptcy, but your credit will be hurt. This does not mean that you will not be able to obtain credit. A mortgage professional can advise you on what credit you need to get a mortgage after bankruptcy.
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mortgageTags: mortgage
Some other factors that…
November 28th, 2008 by admin | No Comments | Filed in UncategorizedMany mortgage loans programs…
November 28th, 2008 by admin | No Comments | Filed in Uncategorized…are available to borrowers with less than perfect credit. One thing to consider when obtaining a loan with less than perfect credit: The borrower can usually get a better interest rate by getting a 2 or 3 year fixed product rather than the traditional 30 year fixed. This makes good sense because once the credit is repaired 2 or 3 years down the road the borrower will most likely want to refinance into a lower interest A paper type loan.
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interest, loan, refinanceEven if you have filed for…
November 28th, 2008 by admin | No Comments | Filed in Uncategorized…bankruptcy or are currently in foreclosure, contact us about refinancing your property. You do not need perfect credit, even bad credit is OK with us because we have thousands of loan programs for borrowers of all credit types.
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bad credit, loanTags: bad credit, loan
When banks underwrite a…
November 28th, 2008 by admin | No Comments | Filed in Uncategorized…mortgage application, there are four major factors they consider. Credit history is only one of four. Lenders also examine the loan applicant’s ability to repay the loan, the homeowner’s asset reserves, and the loan amount in relation to the property value, in other words, how much is the homeowner putting up in the property. With one or more of the other three factors being above average, even a homebuyer with below average credit profile can easily obtain a mortgage.
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application, credit history, loan, mortgageTags: application, credit history, loan, mortgage
There are some lenders…
November 27th, 2008 by admin | No Comments | Filed in Uncategorized…that do not even look at FICO scores. This is because sometimes people have not established any credit , but yet will still make rental payments and utility payments on time. These various payment histories will appear on an individuals credit report.
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credit report, fico, paymentTags: credit report, fico, payment
If you are thinking about…
November 26th, 2008 by admin | No Comments | Filed in Uncategorized…buying a home but you are not quite sure if you can qualify then it might make sense for you to contact a mortgage broker. A good mortgage professional will not only look at your credit but will also look at your complete financial picture to see what makes sense for your current situation. They will also make recommendations on what programs will be available for your situation. If you are unable to obtain a mortgage now a mortgage professional will help guide you through what needs to be accomplished so you can qualify real soon.
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mortgageTags: mortgage
There are many different…
November 26th, 2008 by admin | No Comments | Filed in Uncategorized…types of mortgages that you will be able to get without perfect credit. Some programs use the credit score only, only the mortgage history, and some will even disregard collections and judgments allowing them to exist without having to pay them off.
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credit score, mortgage, refinanceTags: credit score, mortgage, refinance
Sub-Prime lenders specialize in people…
November 25th, 2008 by admin | No Comments | Filed in UncategorizedPerfect credit is not needed…
November 25th, 2008 by admin | No Comments | Filed in Uncategorized…to get a mortgage because most lenders do not judge borrowers on credit alone. Although, credit is a big factor when applying for a mortgage each lender has different criteria to be approved for a mortgage. Lenders also take into account a borrower’s mortgage/rental history, employment history, and other factors. There are many lenders that target borrowers with less than perfect credit which is called sub-prime lending.
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mortgageTags: mortgage
You can obtain a mortgage loan…
November 25th, 2008 by admin | No Comments | Filed in Uncategorized…with almost any type of credit. However, the worse the credit the more you will be required to put down as a down payment for a purchase transaction and the higher the interest rate you are more likely to pay. Sometimes compensating factors such as a lot of documented liquid assets, great job time, and a very low DTI (Debt to Income Ratio ) may help to slightly compensate for a lower credit score.
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credit score, interest, loan, paymentTags: credit score, interest, loan, payment
Though making mortgage payments bi-weekly…
November 24th, 2008 by admin | No Comments | Filed in Uncategorized…is a great idea that will save you money in the long run, you should not pay a fee for making bi-weekly payments.
You will get the same benefits of a bi-weekly mortgage by making an extra payment every year. You can do this in one lump sum. Or you can take the amount of your monthly payment, divide it by 12 and then add that amount to your regular payment every month.
You will pay off your mortgage sooner and pay less interest over the life of the loan.
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interest, loan, money, mortgage, paymentYou do not need perfect credit….
November 24th, 2008 by admin | No Comments | Filed in UncategorizedPerfect credit is not needed…
November 24th, 2008 by admin | No Comments | Filed in Uncategorized…to get a mortgage. Home ownership today is higher than ever before because loans are being extended to more borrowers. Contact your mortgage broker to find the loan that is right for you.
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loan, mortgageFHA loans offer a great…
November 24th, 2008 by admin | No Comments | Filed in Uncategorized…rate to those who have some credit blemishes. You will be required to write a letter of explanation to explain why you were past due and may be required to pay off any collections to qualify.
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loanTags: loan
No. Imagine if perfect…
November 23rd, 2008 by admin | No Comments | Filed in UncategorizedSome lenders out there…
November 23rd, 2008 by admin | No Comments | Filed in Uncategorized…will even take an average of your 3 credit scores instead of using one particular credit score to determine how high of a LTV, loan to value, they will allow on a mortgage loan. For 2 borrowers they will even add up all 3 credit scores for each borrower together and then take an overall average to come up with one credit score that they will use to determine what mortgage parameters you will qualify for. Therefore, if one partner has poor credit but makes all or most of the money and the other has excellent credit but makes little to no money, by using a combined average for both borrowers it may help the borrowers to qualify for a better loan or a higher LTV. Ask your mortgage professional if you have any questions about how this works.
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credit score, credit scores, loan, money, mortgage, refinanceTags: credit score, credit scores, loan, money, mortgage, refinance
Another factor that is used…
November 23rd, 2008 by admin | No Comments | Filed in Uncategorized…with your FICO score to determine how much you can borrow (your Levis what type of documentation is being used. Full Doc means you are submitting W-2’s and pay stubs, or tax returns if self employed, and you are documenting your assets with bank or brokerage statements. A Full Doc loan will allow for a higher LTV than a Stated Doc loan with the same FICO score.
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fico, loanThe common cut-off score for…
November 23rd, 2008 by admin | No Comments | Filed in Uncategorized…100% financing is a 580 score. There are some programs that vary slightly from this number, and the programs are always changing, so this is not set in stone.
If your student loan payments…
November 22nd, 2008 by admin | No Comments | Filed in Uncategorized…are deferred but are still required to be calculated in your debt to income ration, be sure to obtain a copy of the original student loan documents. With the principle, interest rate, and term, your loan professional can determine a payment that may be much less than the lenders estimates.
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debt, interest, loan, paymentMost lenders take your…
November 22nd, 2008 by admin | No Comments | Filed in Uncategorized…mid-score, or the middle score of the 3 scores reported by the bureaus. However, some lenders are willing to take the highest of the 3 scores, which sometimes can end up being the difference between a deal or no deal, or a deal and a good deal.
Lenders will also use the…
November 22nd, 2008 by admin | No Comments | Filed in UncategorizedFor those individuals with less…
November 22nd, 2008 by admin | No Comments | Filed in Uncategorized…than perfect credit, non-conforming lenders allow loans up to sometimes 95% of their property’s value. Certain criteria must be met and these individuals should expect to pay slightly higher charges in closing costs and having a slightly higher note rate. It is also not uncommon for these non-conforming loans to have a pre-payment penalty.