Loannetter

Lenders first want to know your creditworthiness. To prepare yourself, it's a good idea to check your credit report to find out where you stand--at least a few months before you intend to buy your first home. Credit History Your credit history is held by the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Your record comprises a list of all your relationships with lending institutions and credit card companies as well as tax and court records. Any outstanding fines or late payments will be noted in detail with the most recent issues carrying the most weight in terms of your 'score'. For more detailed information, read Credit Reports Defined on this blogspot Free Credit Reports By law every U.S. citizen can now receive a Free Annual Credit Report. This report is designed for consumers, and gives you the same information your lender sees in an easily readable format: http://www.annualcreditreport.com If you find anything on your report th...

Credit Scores and Negative Propertery Issues Indicate Risk Categories to Investors. If you apply for a home loan with a FICO credit score of 720 or over, you will most often be approved for the current lowest interest rate if you are submitting full documentation (proof of employment, assets, etc.). An applicant with 680 or better, depending on the specific lender's guidelines must have pretty solid income verification and be a wage earner, not a self employed person. The litmus test for self employed persons for best terms is currently 740+ FICO. For example, let's say you can get 6% as an average 30 year fixed rate for a person with 720+ middle FICO Score. If your score is 680-719, you may be offered an interest rate of 7%. If your score is below 680 expect 'hits' to your price and possibly 8% or higher for the rate. Below 600 and you will be charged even higher rates and may only qualify for much higher rates or be limited to programs. Most of our FHA lenders want...

How TRUSTING Are You? How well do you know the people who might have temporary access to your filing cabinet, check book or wallet? Now think: there's the guy who installed new cable outlets...your cleaning lady... the neighbor who feeds your cat when your away. Like most of us, you are probably pretty trusting until the precise moment you are either robbed or betrayed. Believe me, I've been there. Once the damage is done it is very costly and time consuming to have it undone. The only way to protect yourself from identity theft is to keep your personal details behind a solid unrelenting wall of common sense. Don't carry your social security card in your wallet and DO have a locked filing cabinet or home safe where you store your check books, passport, un-used credit cards, bank statements, W-2's, pay stubs and anything with your social security number or account numbers that could be used to impersonate you. Sad but true--a very high percentage of people who use your ...