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Today, I’d like to tell you what mortgage lenders look for in when deciding on granting your request for a new mortgage loan. Now this is not meant to be an underwriting class but a basic understanding of the process and what you’ll want to consider as you begin thinking about buying a new home. When you’re looking for a new mortgage many lenders evaluate your credit based on the “Three C’s.” Credit Is it likely that you will repay the loan? Are your payments on time and up-to-date? Are you financially stable and reliable? What are your credit scores? Today’s marketplace, most conventional lenders require your scores to be in the 700+ range and most FHA loans a 620 score or higher. Capacity Are you able to pay the loan? What kind of outstanding personal debt do you have? Do you have enough earning power and net worth to repay a mortgage or home equity line of credit? […]
Is there anyway to understand the FICO scoring system? That is the hundred dollar question! The FICO score created by the Fair Isaac Company is one of the most shall I say “guarded” secrets at the credit bureau’s. So much so that even senior executives under oath, have sworn they do not fully understand the exact reason for score movements under certain circumstances. I mean why does one persons credit score who is at 750 drop 15 points with one 30 day late on a charge card and other person’s whose score is at 650 drop 50 points with that same 30 day late? No other derogatory is reported yet Mr 650 had three times the point deterioration than Ms 750! Fair? Well, the truth is that there are so many factors that have been put into this system that the average persons head will spin (even the not so average) like a top trying to figure it out! […]
Many people are concerned how their mortgage loan is affected if forced into a bankruptcy and when someone experiences financial crisis like job loss, medical crisis or business failure, it can become quite difficult for them to repay all of their existing loans or debts. Filing bankruptcy may seem to be a viable option in order to get rid of these debts, but you should know it may become difficult to qualify for a new mortgage. At least right away. You should also know that your existing mortgage gets affected when you file bankruptcy. What happens to your existing mortgage after bankruptcy filing? When you need to declare bankruptcy, you usually will want to file either chapter 7 or chapter 13. However, the consequences of filing chapter 7 are different from that of chapter 13. The effects on your existing mortgage after filing bankruptcy are discussed below. […]
Today’s posting will give you the FICO credit score breakdown. Knowing what to do and the areas to focus on when rebuilding your credit or if you’re looking to increase your credit scores can be the difference between success and failure. The term credit score usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation, which looks at a summary of all your credit accounts and payment history. Your FICO (credit) score determines your access to and cost of credit. Most lenders use it as the main basis for loan or credit approvals, so the higher the better and the lower the more problems. FICO score ranges from 300-850, and Fair Isaac calculates them for each of the three big credit reporting agencies: Transunion, Equifax, and Experian. Here’s how your score is determined: […]
4 important factors about your credit report If you want to be successful financially, your credit report can be one of the most important tools in your arsenal. A good credit report opens doors to opportunities others do not have, such as getting a small business loan or investment loan. Protect the following detailed items in your credit report like gold! 1. Personal Information Section: This area discloses things like your names, surnames, known aliases, Social Security number, date of birth, your current address and previous addresses, place of work, name of your spouse, open credit accounts, judicial cases and any public document, like bankruptcy and mortgage execution (foreclosure). This tells a creditor about your character and habits. They can make assumptions, like changing your residence every few months might show some instability. If your employment changes often, this might show a bit of a compromise in your ability to pay your debts. […]
Well it is official! The National Credit Federation Blog is alive and off to the races!!! The intent or shall I say content of this blog is to inform and assist the reader in all things that involve credit, credit scores, and overall the trials and tribulations as well as the satisfaction realized in working [...]
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