Search results for: Credit Report

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What fees make up the closing costs?

Figuring out closing costs The total amount of closing costs and/or settlement charges can finalize a borrowers decision. The costs or fees charged by one broker could greatly differ from a competitor. It helps to know what fees are involved in a real estate transaction. Closing costs are simply the costs associated with the closing of...
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Guide for first time home buyers

What can you afford? One of the biggest mistakes prospective buyers make is not understanding or realizing how to budget for a new home. Not only the closing costs associated with the purchase but also understanding the monthly payments involved. If you are looking for purchase your first home with a no down payment/100% financing...
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ways to get approved for a home equity loan

Getting a home equity loan is easier than ever before. However, as with any loan, there are certain steps that every borrower must take in order to ensure loan approval. While having equity in your home is necessary to get approved for a home equity loan, it is not all that is required. Make Sure You Have Enough Equity Seems simple...
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What factors make up your Credit Score?

The formulas used by the credit reporting bureaus are complex and take a great deal of imformation in to calculate your scores. The best way to understand what your individual scores mean is to learn which items on your report have a big effect. It also helps to know what types of accounts are better than others. ###Credit Reporting...
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Steps to refinance a mortgage with bad credit

Although you may have a few black marks on your credit report, it is still possible to refinance your mortgage. Many lenders are willing to work with borrowers who have bad credit, especially if they're already homeowners. Here are the steps you should take: Check your credit report. It's possible that some of your bad credit is...
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The Basics of Home Refinancing

When you are looking to refinance for whatever reason it helps to know what areas on which the banks will evaluate your situation. First and foremost is your credit worthiness. The old adage is true 'the better your credit score the better the rate you can obtain.' The lender will pull a score from the 3 credit bureaus. You should...
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Home Purchase Glossary

Important home purchase related terms Pre-qualified - this is when a mortgage consultant reviews your credit, income and assets to determine what mortgage amount you can afford. This is the first step in the home buying process, most realtors will request a pre-qualification letter prior to showing you properties. 100% Financing -...
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How to get prepared to purchase a home?

When you decide to purchase a home (or condo) for the first time there are a few aspects of your situation to which you should pay close attention. These are the areas that a lender will judge you on and ask for documentation. The more prepared you are to provide it the smoother the loan process will be. The four basic areas are credit,...
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Why should you obtain a copy of your credit report?

You can get a free credit report annually It is recommended that you review a copy of your credit report once a year. Legally you are entitled to a free credit report from one of the three credit repositories, Experian, Transunion and Equifax. Good credit means better chance to get a loan The old adage is correct the better your...
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Subprime Mortgage Loan basics

Are you continually throwing good money away each month on rent? Would you like to change those rent payments into mortgage payments and have them go to something besides your landlord's children's college fund? Are you afraid that you cannot qualify? Have you considered a sub prime mortgage? What is a sub prime mortgage? Sub prime mortgages...
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Can you refinance with bad credit?

Do you have less than average credit? Have you had late or missed mortgage payments in the past year? ###Lenders check your FICO score If you answered yes to both or even one you might think you won't be able to refinance your current mortgage. Well you can, you just need to search a little harder for the right lender. Sub-prime,...
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why you should compare fixed mortgage rates

Whether you've been looking for a home for a while, or have just started your search, you can find most of what you're looking for online when you want to know about mortgages, how you qualify for a home loan, and fixed mortgage rates. This will make your search easier, since you can compare fixed mortgage rates at home or at the office...
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how to qualify for a fixed rate mortgage

Once you make the decision to purchase a home, and have taken a look at your finances to see what you can afford, you'll want to start looking into mortgage programs that you can qualify for. One of the most popular choices is a fixed rate mortgage, since there is no change in your interest and principal payments. If you want to get a...
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Being denied for a HELOC? What are your alternatives?

If you've applied for a HELOC (home equity line of credit) and have been denied for any reason, you may not be sure about what alternatives are available to you. It is important to first of all understand what the requirements are for a HELOC before applying so that you can increase your chances of getting approved. It is also best to...
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Poor Credit Mortgage Loan Basics

A poor credit mortgage loan may seem more difficult to qualify for, but for those who have been through a divorce, bankruptcy, or temporary unemployment, it is not impossible. A lender will often ask questions about a person's background to determine if they are honest people who will make the monthly payments on time. Having a steady job and...
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best home equity loan interest rate

When you are in the market looking to get some cash ready for some home improvements, education or maybe a debt consolidation, a home equity loan can make that cash easily available for you. Like everything else, you will want to get the best deal with the lowest possible rate. Here are a few tips to consider in order to get the best rate...
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get a home mortgage loan with a low credit score

You can score on a credit score from 300 to 850. In order to get the best rate on any loan, you will need to be in the top two levels. Preferably, the top level. The two levels include 719-850. If you are in these numbers, you will be able to get better rates than if your credit score is poor. Five hundred is considered a very low credit...
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how to get approved for a mortgage after a recent bankruptcy or Foreclosure?

People are of the notion that it is difficult getting loans or mortgages after bankruptcy and foreclosures. However, it should be known that there is indeed possible to get a mortgage loan after bankruptcy or a foreclosure. It is always better to apply for a mortgage at least two years after bankruptcy. This is because you will then have...
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how can i correct errors in my credit report?

The credit reporting agencies, Experian, Equifax and Trans Union are responsible for your credit report. You have the right to a free credit report when checking your finances. However, on the receipt of the credit report, make sure that the information provided in the credit report is true. This is because the credit report is an...
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Basics of FHA loans

FHA (Federal Housing Administration) loans have been available for over 60 years. These loans offer chances to borrowers and first-time home buyers for financing when they may not meet conventional lending guidelines. First-time home buyers benefit greatly from FHA loans because the ability to finance up to 97% of the value of the...
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