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  • 1. What is a Credit Score and how is it different than a Credit Report? Views: 78
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    Terms of Use Credit Score A credit score (ranging from 300 to 850) is a measure of your credit worthiness or how likely you are to pay back your debts and do so on time. You want to have a high score. Your credit score is used by lenders, credit card companies, employers, landlords, insurance companies and others in evaluating whether to extend credit to you. The higher your credit score, the lower the assumed risk to lend you money. While no specific definition of “good” is un  More...
  • 2. Can I get a credit report for free? Views: 76
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    Terms of Use Credit reports contain a wealth of information about your credit history. Consumers now can get a free copy of their credit report. It's important to review your credit report at least annually to ensure it is accurate and that you have not become a victim of identity fraud. A study by U.S. Public Interest Research Group found that one in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or or even a job. Some of th  More...
  • 3. What are some things that I should consider when shopping for a mortgage? Views: 74
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    Terms of Use Table of Contents 1. Obtain information from several lenders 2. Obtain all important cost information 3. Obtain the best deal that you can 4. Remember: Shop, compare, negotiate 5. Fair lending is required by law 6. Credit problems? 7. Glossary 1. Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you sh  More...
  • 4. What should I do if I can't make my mortgage payment? Views: 72
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    Terms of Use Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information. Talk to your lender or a HUD-approved counseling agency for details. Listed below are a few options that may help you get back on track. For FHA loans: Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-877-8339) and cooperate with the counselor/lender trying  More...
  • 5. What things impact my credit score and what can I do to improve my credit score? Views: 71
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    Terms of Use Your FICO® scores, from Fair Isaac and Company ( FICO ), are the credit scores most lenders use to determine your credit risk. You have three FICO ® scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each credit score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Credit scores consider five main kinds of credit information. Listed from most   More...
  • 6. What information should I be looking for on my credit report and how do I correct any errors? Views: 68
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    Terms of Use Your credit report is an important piece of your credit history and should be reviewed in detail. It's especially important to check your credit report (which details how well you pay your loans, bills and credit card purchases) before applying for a loan or other credit, to know where you stand. Check the accuracy of the following information on your credit report: Name. Ensure the spelling of your name is accurate. Address. Ensure your current and previous addresses are accu  More...
  • 7. How can I see my credit report? Views: 68
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    Terms of Use There are three major credit reporting companies: Equifax , Experian , and TransUnion . Obtaining your credit report is as easy as calling or going to the internet and requesting one. It's a good idea to get copies from all three companies to ensure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, may be charged to issue credit reports but some states permit citizens to acquire a free one (see related links). ?On  More...
  • 8. What are the primary criteria considered when evaluating a mortgage application? Views: 59
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    Terms of Use There are four primary criteria reviewed in an application for a mortgage: Credit History - The best indicator of how well an applicant will pay their mortgage is how well they have handled their credit and housing expenses in the past. The last two years is especially critical. It is recommended that all borrowers obtain a copy of their credit history from a credit bureau and review it for errors prior to applying for a mortgage. Income - Borrowers must demonstrate sufficient in  More...
  • 9. Financing for first-time home buyers Views: 27
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    Terms of Use When buying your first home, navigating the world of financing options can be somewhat daunting. In addition to the options available, consider your own finances to ensure that you are getting the mortgage that best suits your needs. Here's a look at several mortgage loan types: Conventional Loans Conventional loans are fixed-rate mortgages that are not insured or guaranteed by the federal government. The good thing about these is that the interest rate is fixed, so your  More...
  • 10. How do I qualify as a first-time home buyer? Views: 21
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    Terms of Use In general, lenders consider you to be a first-time home buyer if you have not owned a home, vacation property, or investment property in the last three years. Lenders will often verify this information by examining your income tax returns to verify that you did not take any deductions for mortgage interest or property taxes. homebuyer first time purchase acquire house owner
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