Tag: credit tips
Military Basic Allowance for Housing Program
Finding a place to live can sometimes be a difficult task for uniformed military men and women and their families. That’s why there’s the Basic Allowance for Housing Program, more commonly known as BAH.
Let’s Talk Mortgage Fraud
Recently I received a referral from a REALTOR partner, the client was looking to purchase an investment property but wanted to claim it as his primary residence so that he’d qualify for a lower interest rate (0.125% lower), and claim the California First Time Buyer Tax Credit. Can you say mortgage and tax fraud? Committing [...]
Mortgage Fraud Crackdown, 485 Arrested
If you follow me over on Facebook you’ve probably already seen this: Interesting fact: Out of 188,333 Mortgage Originators across the country only 11,667 Mortgage Professionals are licensed. If you’re in the market for a home mortgage it’s in your best interest to ensure you’re working with a licensed professional! Today’s announcement that U.S. authorities [...]
Ten Credit Do’s and Don’ts To Bear In Mind Prior To Getting Your Mortgage Loan
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, but [...]
Five Financial Tips to Keep You on Track
Use these ideas to help you save and stay on the right track With the economic hurdles over the past 18 months, it’s easy to see how some people may have lost their financial way. Rather than making drastic changes, sometimes the best route to financial security is setting small, yet achievable goals. Here are [...]
Credit Tips That Will Score Lower Interest Rates
A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender’s eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their [...]
Credit Scoring – Part IV: Credit Remediation
If you have clients or you yourself are in need of credit remediation, you should seek to align yourself with a credible referral source for credit repair. While government web sites will suggest that self-help may be the best option, keep in mind that for the most part these people lack discipline when it comes [...]
Credit Score – Part III: Dealing with Challenges
Typically, a person with a bad credit score is in this position because they lack structure in their life. There are, of course, cases where unplanned health or employment complications are to blame, but for the most part, these are individuals who lack the discipline to pay their bills on time or curb their spending. [...]
Credit Score – Part II: The Five Factors of Credit Scoring
There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: Payment History: 35% impact. Paying debt on time and in full has apositive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high payment has a [...]
Credit Score – Part I: Good Credit Translates into Lower Rates for the Consumer
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a “man of his word,” so to speak. Fair Isaac sought to take human error out of the [...]
