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Credit Scores

Why You Might NOT Get That Low Advertised Mortgage Rate

February 4, 2010

Okay.  So you’re thinking to yourself, “I called that lender because they advertised rates that were so low, but I didn’t get the rate.”  Why not? The answer is relatively simple though some lenders don’t take the time to thoroughly explain it.  Mortgage rates are low, but only if the borrower “qualifies” for that low [...]

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Mortgage Loan Modifications Can Be Lethal to Credit Scores

December 31, 2009

Literally thousands of homeowners are anxiously awaiting or applying for a mortgage modification.  What many fail to realize is that these modifications can devastate one’s credit score while the modification moves through the trial period.
The trial period is the time during which the homeowner will make the modified payment that was pre-established by the lender.  It [...]

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Your Credit Report May Be Under Surveillance as November 30 Approaches

September 21, 2009

Are you trying to close your mortgage loan before November 30, 2009 to qualify for the first time home buyer tax credit?
Did your mortgage consultant warn you about your credit and your credit score?  You can bet your loan that lenders will pull your credit report again before you close that loan.  If anything wacky [...]

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Avoid Identity Theft by Keeping Watch on Your Credit and Personal Info

August 31, 2009

Identity theft seems to grow geometrically by the day.  Much of the problem with identity theft is caused by all the various requests for our personal information that are supposedly going to protect us from fraud.   So let’s get this straight.   Company A wants to look at and copy all my information to be certain [...]

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Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

August 4, 2009

There’s no shortage of sellers trying to hold out for a higher sale price for their home. Likewise, there is no shortage of those wanting to refinance opting to hold out for the fathom “lowest of lowest” interest rates.
Take this example:  A home for sale at 6 Douglas Lane, Lumberton, NJ lost approximately $11,000 in [...]

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FHA Loans NOT Just for 1st Time Homebuyers. Not at All.

June 8, 2009

The rumor that FHA mortgages are only for 1st time homebuyers has circulated for many years.  I have heard it since I first began in the mortgage business many years ago.
Let me confirm:  It is a BAD RUMOR.  Total misinformation.
Anyone can get an FHA mortgage loan – anyone who qualifies of course.  There are no [...]

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Mortgage Shopping “Online” Versus Finding a Local Expert? What To Do?

June 3, 2009

Most will agree that, undeniably,  the Internet is a great source of information about nearly everything.  What can’t you find online?
There are many items I would not (or cannot) buy anywhere else but online.  Things like pricey computer accessories, books, personalized items, car tires (yes, tires), vitamins, and lots more.
But I would not shop for [...]

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Common, But Little Understood Reason Why Many Mortgage Refinances Get Stuck Against a Brick Wall

June 1, 2009

If you are a homeowner /borrower, odds are you have never heard of the term “subordination” as it applies to a mortgage transaction.
But if you are a mortgage holder with both a 1st (primary) mortgage AND a home equity loan or home equity line of credit on the same property, you will find out all [...]

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Why Mortgage Borrowers Are Often Still on the Losing End After Rate Shopping

May 31, 2009

One of the most frequent complaints we hear from borrowers is about the interest rate “they thought” they could or would get on their new mortgage loan.  This happens more so when borrowers found their mortgage consultant by either (1) calling several lender offices inquiring about mortgage rates, or (2) relying on Internet rates.
If they [...]

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Your ONLY Chance to Refinance Your Mortgage With Less Than Sparkling (Bad) Credit

May 26, 2009

Anyone who has not been living in a cave for the past year have heard the sob stories from lenders and the sad state of lender balance sheets.  Lenders are not interested in loaning money to those with poor credit.  And we must confess, it makes perfect sense.  When there are indications that the applicant [...]

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9 Things You Must NEVER Do While You Wait For Your Loan To Close

May 16, 2009

After you apply for a mortgage and you’re told you have been pre-approved, don’t think it’s all smooth sailing to the closing table.  Because YOU might do something to foul things up.  Happens a lot, especially if you were not warned by your loan officer.
Even if you were pre-approved at the beginning, the mortgage approval [...]

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Why Does it Seem Everybody Gets a Different Interest Rate – AND Why Didn’t I Get That Dreamy Low “Advertised” Rate?

May 13, 2009

When this subject comes up, I have to mention the car sales business.  I know the two businesses seem very opposite, but they are oh so similar.
Have you ever seen the ads for new cars where you supposedly can get ZERO percent interest?  Yep, we all have.   Have you ever read the fine print?  How [...]

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