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Arizona Gold & Silver Report: 17% of Population on Food Stamps, 50% Mortgages Underwater

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First Time Home Buyer Programs

LeahCoss.ca Hi everyone, how are you? It is Leah Coss with The Mortgage Center. There is heat in this conception that if you had a foreclosure in the past that you can’t get a mortgage, and I can see why people would be under that impression. You figured, “Jeez! Something happened in my past, I wasn’t able to make my mortgage payments, I even got foreclosed upon, why would anyone want to lend to me based strictly how I look on paper?” But that’s not the case. What happens is, when you get your mortgage, you have a lender. Sometimes you even have a mortgage insurer. Now in a case where you put down more than 20 percent, chances are you’re probably can have a mortgage insurer who strictly, and when I say mortgage insurer, I mean like CMHC or Genworth or Canadian Guaranty. So you are just dealing with the lender. Now, obviously there’s still a lender out there, if RBC gave you a mortgage and you fell short on that mortgage. Something happened, you went into a foreclosure for whatever reason, obviously, RBC is probably not going to want to lend to you again in the next few year, seven years, 10 years for as long as they have you on their files, they’re are going to consider you higher risk, and there is better files out there. Now that seems that you can’t; that RBC is out there emailing all of the lenders saying, flag this person, don’t lend to them. Absolutely not. OK. So if you prefer foreclosure than you will probably go to another lender and get a mortgage from them. Now
First Time Home Buyer Programs
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What Is Your Credit Score And How To Raise It

What is your credit score and how to order it. Click Here to order your report

Your score is a numerical rating based on factors that are measured by your willingness to repay loans. The score is calculated from the information that is in your profile which is a record of all your credit activities. This score predicts your credit performance, which means the higher your score, the better credit risk you are.

The FICO score is the most popular credit scoring system developed. You may obtain your FICO score from any of the three main credit reporting agencies Click Here (it is advisable to monitor all three to ensure current and accurate data ): Equifax (800) 685-1111 Experian (888) 397-3742) Trans Union (800) 916-8800

Since the credit score is derived from a credit history, there must be a minimum history in order to get an accurate score. Before a credit report Click Here to download yours now can be obtained, you must have a minimum of one account that has been open for at least six months, and current activity within the most recent six months.

Credit history is very important to be eligible to apply for a mortgage loan. If your score is low, there are ways that it can be raised, but not in a short amount of time. It is important to create credit habits that will make sure your credit score stays high at the time that you need it. What are some of the factors that are considered in your credit score?

The credit score is only interested in a borrower’s willingness to pay back the loan. It predicts the likelihood that the loan will get repaid based on the accumulation of the borrower’s past performance and current standing. Such information as savings, income or demographic data like nationality, race, religion, marital status, and gender are specifically left out of the credit profile. It is not meant to measure the borrower’s ability to repay the loan. For that, the lender looks at your debt-to-income ratio .

Credit reports track both positive and negative activity in your credit history. It tracks when you make your payments, your balances, the length of the history and the type of credit you have. The number of inquiries and and legal action will also show up, such as bankruptcy or a lawsuit. Late payments can reduce your score, but current payments can increase it.

Different weights are assigned to factors that are considered. Such as FICO assigns 35% of your score to your payment history, 30% to your debt level, 15% to the length of time of of you history, 15% to the type of loans you have and 5% to your credit score requests, which measure your level of pursuit after new credit.

Your credit score is used to consider you in most applications for credit, loans and mortgages, even insurance or employment. It is very important to maintain a high score and ensure your report is accurate.

How can you raise your score? Raising it takes time, you can raise it by as much as 50 points per year by carefully managing your credit. You should develop positive credit habits to promote good credit history. Make sure you pay everything on time, even your utility bills. Make sure you check all three credit bureaus to make sure everything is accurate, make sure you do not max out your cards, leave an available balance. Obtain all reports annually and make any corrections in writing. Click Here to get your score. You should always continue to re-establish your credit, even after a bankruptcy. Most lenders are concerned more about what happens after this derogatory incident. Continue to monitor all reports and make sure all your corrections are in writing.

You can download your credit reports here Click Here. Unique version for reprint here: What Is Your Credit Score And How To Raise It.

First Time Home Buyer: Get a Free Credit Report

First Time Home Buyer: Get a Free Credit Report

You’ve probably seen the many advertisements that promise, a free credit report. You may have asked yourself, how is it possible for all these companies to offer these attractive free services? The answer is, like a lot of things; there is a catch. The catch, of course, isn’t an obvious one, when it comes time to sign up for a free credit report. What many of these unscrupulous companies do is they get you signed up for a free credit report first. Many consumers are finding out the hard way that they have been taken with things like recurring billing and the like. This is how a large number of companies offering free credit reports make their money.

Fortunately, there is a solution to this. Due to numerous consumer complaints the government has provided a resource that allows you to get a truly free credit report. By going to annualcreditreport dot com you can get a free credit report, thanks to our government. The only drawback, however, is that you can only get one free credit report once a year from each of the three credit reporting bureaus.

So, you may be asking, why is it important first time home buyer to get a free credit report? Your credit report shows a complete history of your credit. In some cases, this is gratifying, and others it is disturbing. Regardless of how great you think your credit is it’s always a good idea to check your credit. With identity theft on the rise, checking your credit regularly is more importance than ever. Getting a free credit report, the right way, doesn’t cost you a thing. What it does for you is allow you to see if there are any issues on your credit history. This can be particularly important for the first time home buyer. If you have unresolved issues looming on your credit report it could negatively affect your credit score, resulting in a higher mortgage rate. And assuming that getting the lowest rate on your mortgage is important, you’ll want to make sure your credit is squeaky clean.

It is not at all uncommon for individuals to find mistakes on their credit report. These mistakes can be cleared up, relatively easily with your creditors. You may have an unresolved bill that’s holding your credit down. Even the smallest of unpaid bills can have a negative affect on your credit. All these things can go unresolved if you’re not on top or credit report. Discovering these issues helps in the process of improving your credit so that you get the lowest interest rate possible on your home loan.

Things are hard enough the first time home buyer. You have to come up with a large down payment. You have two get approved for a loan. You have to cover closing costs. The list goes on. Getting your credit straightened out is one of the easiest ways to get on track for the first time home buyer.

After you make sure you have no credit issues, or you get any unresolved issues straightened out, you’ve taken the all-important first step. There are many first time home buyer programs available. Some allow for lower down payments or lower interest rates when it comes to buying your first home. You can withdraw money from qualified plans early if you’re a first time home buyer. There are even some grants in specific states available. Do some homework and be sure to take advantage of these programs, it can save you substantially. And with the cost of real estate, and just how hard it is to be a first time home buyer, you’ll need every advantage you can get.

First Time Home Buyer Programs

If you’re a First Time Home Buyer looking to buy your first home you can visit the site for more details. For more on how to get a Free Credit Report you can get more specifics on that as well.

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