Mortgage – Latest News
Originally posted 2010-01-14 05:00:14. Republished by Blog Post Promoter
Latest news in mortgages from around the blogosphere:
Families forced to pay mortgage with credit cards – BBC Business …
Mortgage News and Mortgage Rates on January 11, 2010. Latest news on mortgages and mortgage rates. 11th January 2010 SEARCH … Families forced to pay mortgage with credit cards – BBC Business. Posted by writer On 11 January 2010 …
SAFE Act Requires Credit Worthy Originator; RESPA Impact on VA …
Mortgage News and Mortgage Rates on January 11, 2010. Latest news on mortgages and mortgage rates. 11th January 2010 SEARCH. RSS · Home · About. SAFE Act Requires Credit Worthy Originator; RESPA Impact on VA Loans … …
Federal government simplifies mortgage shopping for consumers …
Posted by writer On 10 January 2010 10785Commentshttp://www.mortgagethoughts.com/2010/01/10/federal-government-simplifies-mortgage-shopping-for-consumers-savannah-morning-news/Federal+government+simplifies+mortgage+shopping+for+ …
Mortgage News Blog » Week of 01/11/10 MMG Week in Review
Mortgage News Blog. Subscribe by: Email / RSS. When I’m not out training for a 5K, 10K, or 1/2 marathon with the ladies, I’m reading about the ever-changing world of the mortgage industry, credit market, and the overall economic outlook …
How to Improving Your Credit After Bankruptcy
Originally posted 2010-01-13 05:00:01. Republished by Blog Post Promoter
I have several readers that wanted more information on how to bounce back from bankruptcy. Well, here is that information. Enjoy.
It is important to remember that not all bankruptcies occur due to overspending some occur due to illness or unforeseen job loss.
Unfortunately, the individuals who more often than not that are filing bankruptcy are single parents. It is very easy for the expenses of raising a family alone on one income can become daunting to say the least.
Another unfortunate dilemma is that by law a bankruptcy remains on your credit for seven to ten years.
There are tips to improve your financial future after a bankruptcy:
- Create and stick to a budget
- Pay your alternative or trade line credit on time. Examples of alternate or trade line credit is:
- utility bills
- cell phone bills
- rent
- Check your credit once a year. It is free. Make sure all bills that were under the bankruptcy are reflected as paid in full.
- Get secured credit cards that report to the credit bureaus. Pay more than the minimum each month on these cards and do not spend more than you can afford to pay back by the end of the month.
A Low FICO Score Is a Challenge Not a Defeat
Credit is essential to acquiring a home, car, etc. especially if you do not have cash to purchase the item you desire or need. It is equally as important to understand how credit can influence your ability to purchase.   Let’s examine.
The bank institutions Advantage Mortgage Lending use FICO score to determine the risk factor that will be assigned to your loan. FICO is an acronym that stands for Fair Isaac Corporation. Your FICO is determined by a mathematical model to determine the credit risk associated with your payment history, your level of debt, type of credit used, length of credit history, and any new credit that you may have.
According to Advantage Mortgage Lending your FICO credit scores are determine by the following levels:
- 760 to 850 (Excellent)
- 700 to 759 (Very Good)
- 660 to 699 (Good)
- 620 to 659 (Good)
- 580 to 619 (Average)
- 500 to 579 (Below Average)
- Below 500 (Poor/High Risk)
Understanding your credit is crucial in regaining your credit worthiness if your credit is below average. There are several factors that influence your credit in a negative way that you can control.
One factor that influences your credit in a negative way is too many inquiries on your credit. Avoid opening several credit cards all at once. In other words, a lot of inquiries influence your credit in a negative way.
Another factor that influences your credit in a negative way is maxing out your credit cards. It is recommended to have all card balances under 35% of the total credit limit available. For example, if you have a credit limit of $2,000 per card, the balance carried on each card must be less than $700.00.Â
Still yet another factor that influences your credit in a negative way is having collections on your credit.Â
All of the above does not exclude you from getting a home or refinancing a home, but it does put your loan at a higher risk; and therefore, you will pay a higher application fee and interest rate.  It is recommended that before you accept a higher interest rate to do some investigation to ensure that the loan will help you reach your goal of obtaining “financial freedom” and is affordable for you.
