People sometimes ask how they can improve their credit if they have old collections on their credit record. Well, the answer is NOT to simply pay them. Paying off a five year old collection can cause your credit score to drop by 100 points. You say that makes no sense? Well, here’s the logic of …
Continue reading “Paying Off Old Past Due Bills Without Hurting Your Credit”
When and Why does a Mortgage Company Sell your Current Loan to another Mortgage Company? Lenders sell their loans because the lender can make an immediate premium of anywhere from 2.5 percent to four percent by selling your loan to Wall Street. Yes, this is less than the six to eight percent per year interest …
It may not come as a shock to you, but loan officers, along with many other salesfolk, speak a different language than the rest of the population. What will probably annoy you, however, is the number of times they’ll say something that sounds like a phrase out of English, but really is from Salesgoodspeakian, a …
Continue reading “Translation: Salesgoodspeakian to English”
A reader named Terri at Educating the Wheelers sent me an email giving me a heads up on the antics of the state of Illinois. here is the link. Here is the original article at blackprof. The link to the original source is broken, but here is the Illinois Department of Financial and Professional Regulation, …
Continue reading “Is This Supposed to be Helpful Legislation? (A bad example from Illinois)”
Recently, the forty year mortgage has started to make a comeback, and a few lenders have started introducing the fifty year mortgage. The reason, straight from the horse’s mouth, the lender’s representatives, is lowered payments. In an uncertain and unstable market, investors are getting nervous about 100% interest only financing, and so the lenders are …
Is there any program that i can qualify for a home with no down payment? Lots of them. We may not be talking number of grains of sand on the beach or drops of water in the ocean, but there are more ways to get get into a property with no down payment than most …
Continue reading “100% Financing: Buying A Home With Zero Down Payment”
>broker incurred 19 inquires in 1 week dropping my score. B.S. I’d go the full Penn and Teller on this one if I wasn’t trying to stay family friendly. The law is clear on this one, and practice is fully compliant with the law. I’ve seen thousands of credit reports, sometimes with dozens of recent …
Continue reading “Multiple Mortgage Inquiries Do Not Drop Your Credit Score”
I’ve gotten several emails to articles recently having to do with straw buyers, and more search hits. Red flags preceded home-fraud lawsuit and Fraud case hits home seem to cover one of these weasels particularly well. A “straw buyer” is someone whose credit is used to purchase a property and secure financing. Sometimes they cooperate …
One of the most true sayings in the mortgage business is, “If you can’t lock it right now, it’s not real.” But many mortgage providers will play a game of wait and hope. They tell you they have a certain loan when they in fact do not, hoping the rates go down to where they …
No, I’m not turning into a country western singer (nor is this a joke despite the publication date). Just got a search for “no closing costs no points loan cheapest rates loan”. The visit (to this article) lasted less than a full second. The obvious implication was that it wasn’t what that person was looking …
Continue reading “Looking For Loans In All The Wrong Places”
