Let us create a 3d Digital eBook for you! DigyCat.com
|
||
|
||
|
Credit Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
|
|
How Can A Qualified Mortgage Consultant Help Boost Your Credit Scores?
Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible. Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it's safe to assume that as the consumer's credit score goes down, interest rates will go up. A borrower with an outstanding credit rating will get what is called an A-paper loan. This type of borrower is rewarded with a lower interest rate because they have a proven track record of using credit sensibly and paying their bills on time. Loans designed for consumers with less-than-perfect credit - sometimes referred to as "sub-prime" - can range anywhere from A-minus, B-paper, C-paper or D-paper loans. If you have already taken out a mortgage loan with a higher interest rate because your credit score was a little under par, you will really appreciate the value in doing a little work to improve your credit score. Refinancing from a D-paper loan to a B-paper classification can save literally thousands of dollars in financing fees over time, even though the B-paper loan is still considered sub-prime. A qualified mortgage consultant will guide you through the nuances of the process of improving your credit score to refinance and save money. First and foremost, he or she will want to review the terms of the existing mortgage loan to determine if you have a pre-payment penalty clause written into your contract. In general terms, that means that if you sell the home or try to refinance before the pre-payment penalty expires and you have not already paid off 20 percent of the original loan amount, you will most likely have to pay a 3 percent fee back to the lender to compensate for the high risk and high costs incurred to provide that financing. Next, you should obtain free copies of your credit reports from www.annualcreditreport.com and start working on improving the credit score six months prior to the expiration date on your existing pre-payment penalty. There are five factors that make up the credit score and your mortgage consultant can coach you through some basic strategies to improve your credit score. This means very conservative use of credit cards, paying off debt as much as possible and not applying for additional credit cards unless you will benefit from such action. You will want to verify that negative items you have paid off are being removed from your credit report, and that good credit history is being reported to all three bureaus. You'll also want to dispute any errors that appear on your credit reports and seek to have those removed entirely. Once your credit score improves, it's time to refinance at a better interest rate. Your mortgage professional should look for a program that carries no more than a two-year prepayment penalty so you can continue to refinance as your credit score increases. You can repeat this process until you reach A-paper status and secure the best interest rate available. This is a strategy that also works well for first time home buyers who do not have enough credit history under their belt to get an A-paper loan at the time of purchase. The important thing is to work with a mortgage consultant who can give you a roadmap to follow and a strategy for success in building personal wealth. Jansen Drake is affiliated with 1st Metropolitan Mortgage, A Georgia Residential Mortgage Licensee 15506. For free consultation and a copy of The Certified Guide to Credit Scoring, call Jansen at 678-388-1755 or go to http://www.catquickloans.com
MORE RESOURCES: Credit - Google News Photo credit by Jonathan-Hayward of the Canadian Press - Martinez News-Gazette
Bernstein 'deserves credit' after Capello exit - BBC Sport (blog)
7 Things You Didn't Know Affect Your Credit Score - San Francisco Chronicle
TEXT-Fitch publishes second edition of US Retail Credit Insights - Reuters
Europe Bank Risk Premium Vanishing on ECB Cash: Credit Markets - San Francisco Chronicle
An Earned Income Tax Credit Q&A - Seattle Post Intelligencer (blog)
Credit Suisse Reports First Quarterly Loss in 3 Years - New York Times
CORRECT: Fitch Jan Credit-Card Charge-Off Index At 4-Year Low - Wall Street Journal
Credit-Default Swaps in U.S. Reverse Rise as Greece Strikes Austerity Deal - Bloomberg
Republicans Target Tax Credits for Undocumented Immigrants - Fox News
|
 |
|
|
RELATED ARTICLES
Tips for Choosing a Credit Card Company Credit Cards are essential for any consumer today. However, when choosing a new credit card company, many people do not know what to look for. Choosing The Best Credit Card To Apply For Always shop around to get the best deal when choosing which credit card to apply for. If you don't do your due diligence you could end up with a card that has too high of an interest rate, that has an unnecessarily high annual membership fee, etc. Its Your Credit - Take Care of It! Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www. Good Credit is King, When Qualifying for Mortgage Programs If you want to purchase a new home or refinance your current mortgage, be sure to check out the wide array of loan programs available. If you have less than excellent or even poor credit, you can still qualify for a loan. Secured Credit Cards- Consumer Tips Whether you have no credit or damaged credit, secured credit cards are a good tool for building a good credit history.Several months ago Tom, a member of CreditBoards. Avoiding College Credit Card Traps Congratulations college freshman! You're about to embark on one of the most exciting times of your life. By now your parents, siblings, and friends have offered you all kinds of advice on how to make your transition to college smoother - how to get along with your roommate, what classes to take and which ones to avoid, where to find the best off-campus food, and how to stay safe on campus. How To Boost Your Credit Score Years ago your credit score was a big secret, known only to a select few such as your mortgage and credit card companies. In 2000, Fair, Isaac Co. Know Your Credit Card Rights When you apply for a credit card, the application that you sign is also a legally binding contract laying out all the termsbetween you and the bank, such as the interest rate and how its calculated, the grace period, whether there's an annual fee, etc.While you have to agree to the terms and sign if you want the credit card and while the lender will certainly hold you to the terms, the lender doesn't feel similarly committed. Building Your Credit History Today, credit is an indispensable part of our lives. In order to get the things you need, such as a home or a car, you have to apply for a credit. Commercial Collections And Credit Granting It is estimated that billions of dollars in delinquent commercial credit is currently being carried on the books of both American and international businesses. This figure changes as our economy grows or contracts. Credit Report Secrets: Do You Know What They Reveal? If you've ever applied for a credit card or loan, you've probably hadyour credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. Saving Money with Credit Cards Having a credit card is a wonderful convenience for those times when you don't have immediate access to your cash. It can allow you to purchase something on time for which you can pay later, thereby giving you the ability to afford something NOW that you'd have had to save for later. What Does Your Credit Score Tell You? When you apply for a loan or a mortgage, the first thing the lender does is to check your credit score. Based on your credit score, the lender decides the amount of finance you are eligible for and the interest rate at which you will be charged. Figuring Out the Ever Nebulous Numbers Called Credit Scores Credit Score FactorsThe information contained on our credit reports affect every aspect of our lives; including employment, insurance, and even interest rates (mortgage, credit cards, automobiles, etc.). The Right Way To Credit Repair If you have a bad credit rating, then you might find thatyour ability to get financing, loans, and even some jobs isgreatly diminished.Once you have a bad credit rating, it might seem likethere's nothing that you can do about it? but you don'thave to believe that. 5 Surefire Ways To Eliminate Credit Card Debt Do you have enormous credit card debt? You are certainly not alone. According to research, the average family in the United States has $7000 in credit card debt and pays about $1000 in interest each year! Throw in a late payment or two, or an over-the-limit charge, and that number skyrockets. Free Credit Report - Really 2005 marks the year that consumers will be able to get a free credit report each year. The roll out of the Fair and Accurate Credit Transaction Act signed into law by President Bush actually began last December 1. How To Get Out Of Credit Card Debt If you're like the average person, let me warn you ahead of time about what I'm going to reveal in the next few paragraphs. You may be angry after you finish reading this article about how you've been misled in the use of credit card debt. Have You Checked Your Permanent Record Lately? As a young student I feared getting bad grades because I didn't want any bad marks on my "permanent record." Get an "F" in fifth-grade science and it goes in your record. Credit Card Rates - Negotiating Rates with Your Credit Card Company Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can.
|
|
Looking For Royalty Free Photos for your Website, Business or Advertising?
YourFree.biz Domain Is For Sale - $5,000 For Enquiries eMail Us © www.YourFree.biz 2011 |
|
