Archives for the 'Credit (Score)' Category
IS IT EASY TO OBTAIN A MORTGAGE?
According to this writer it is a one, two, three step process.
True? Maybe, but in general not so much. A good, knowledgeable realtor could be a good referral source in finding a good loan officer. The key word is good. Check.
Having a “decent” salary and good credit is pretty relative. And it’s relative to the [...]
Getting a Mortgage with No Credit
For younger borrowers, a lack of credit (history) can hurt.
When a loan officer reviews a borrower’s history, the first, and most important, factor is credit. I recently read an article that focused on this question. Even if a borrower had no credit cards, no automobile payment history, and/or other history regarding credit that would appear [...]
MORTGAGE APPLICATION: A CHICKEN AND EGG THING
Many borrowers, especially first time homebuyers, ask about the mortgage process. Basically: “So what do I do?”
First, to make an offer to purchase a property, the listing agent (or homeowner if it’s a FSBO) will likely want a pre-approval letter. In order for the loan officer to write the letter, he or she must have [...]
NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?
I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price [...]
666 Credit Score
For many people, seeing the numbers 666 causes fear and panic. A hairy beast with short pointy horns and a long tail?
Homebuyers who see 666 on their credit report shouldn’t be fearful, but they should be concerned. As this post states, those with bad credit may run the risk of working with bad lenders who specialize in lending money to [...]
Credit Score Fake
My wife and I and some friends visited Brazil this past December. In addition to squishing our toes in the sandy beaches (and seeing not much in the way of swim suites……….), drinking caipirinahs, and listening to swinging sambas, we also visited some gem shops (and even gem museums!). Some really beautiful stones. Some even more beautiful [...]
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