While credit standard have somewhat loosened up in home lending, make no mistake, getting a mortgage these days, is still an unraveling of your complete financial picture, with strong significance given to your current credit and liabilities. Following are the five most common credit mistakes would be borrowers should know that may affect their loan…
The credit and financial choices you make today shape your future chances of procuring credit. If have a tarnished credit history, while you still may be able to qualify, it will be a document heavy process. Little lending nuances that may arise if you have credit inconsistencies… Your Credit History Matters Importance of credit is…
If you have had a previous bankruptcy and lost a home in the last few years, the road to getting a new loan could be treacherous. Contrary to popular belief, for the purposes of obtaining mortgage credit, you cannot discharge home bankruptcy. What you must aware of getting a mortgage if you tried to discharge…
A judgement, a court ordered nightmare that if not handled correctly can make getting a mortgage loan much more stringent than it otherwise needs to be. What you’re lender will want want… Quick Terms To Know Judgment-a court ordered debt that can arise from a number of factors, a lawsuit, a divorce, business dispute to name…
What Are Disputed Credit Accounts? *Credit Accounts (that report on the credit report) in which there is disagreement about any material item like balance, interest rate, payments are most common, any aspect of the agreement between a borrower (creditor) and lender (debtor). Includes: Disputed Charge-off Accounts (charge off shows a due debt, but no payment due)…
Planning to finance a house in 2014? Had a previous short sale? Pay very close attention to your credit report. There is a crediting report status that indicates foreclosure and if not handled correctly, will derail your loan attempt. Short Sale Or Foreclosure? Short sale-involves selling a house for less than what is owed. For…
The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…
It’s not surprising interest rates are on the rise as the fed has committed to reducing their mortgage bond buying starting this month. There is an array of factors affecting a mortgage rate things like; home occupancy, loan type, and even property type. Two factors carry the most weight when shopping mortgages… How Lender Sees…