Increase Your Credit Limit, Increase Your Credit Score

Published by Gina Pogol on July 19, 2010 in Credit Score . 0 Comments

According to FICO, nearly 43.4 million people now have a credit score of 599 or below. That's not great for those who want to increase access to credit an decrease the cost of borrowing. One of the biggest factors in credit scoring models is called "credit utilization." That means the amount of your account ...

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FHA Reform: Can You Really Get a Loan with a 500 Credit Score?

Published by Gina Pogol on July 19, 2010 in New Home Loan . 0 Comments

All the hype over FHA's "reforms" is missing a few facts. Yes, FHA now requires a 580 or better credit score if you want to put 3.5% down instead of 10%. And yes, those with scores less than 500 are now ineligible for FHA financing. But have things really changed in practice? No, they have ...

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My Home's Value Has Dropped: Will I Pay Mortgage Insurance Forever?

Published by Gina Pogol on July 10, 2010 in Mortgage Refinance . 0 Comments

You bought your home with a 10% down payment, thinking in a couple of years, you'd have enough home equity to refinance and dump the mortgage insurance policy. But it's been four years and your home is worth less than it was when you bought it! Are you doomed to pay for mortgage insurance forever? No, ...

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What Happens if You Let Your Homeowners Insurance Lapse?

Published by Gina Pogol on July 10, 2010 in Uncategorized . 0 Comments

When you buy a new home ore refinance your mortgage, bad credit lenders require that you show proof of acceptable hazard insurance. This protects you and the lender in case a fire or other disaster destroys your home. But what if money gets tight and you can't swing the insurance payments? Can you let the ...

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Mortgage Credit Problems Spread to Wealthy Homeowners

Published by Gina Pogol on July 10, 2010 in Foreclosure . 0 Comments

Some new members are joining the mortgage foreclosure club, according to research firm First American CoreLogic and The New York Times. Mortgage defaults on million dollar plus homes far exceed those on other properties -- more than one in seven in fact! Unlike those with cheaper digs, who cannot save their homes due to unemployment ...

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Do Bounced Checks Affect My Mortgage Application?

Published by Gina Pogol on July 06, 2010 in Uncategorized . 0 Comments

Many people have conflicting information about the effect of overdrafts on a mortgage application. Does a bounced check affect your mortgage approval? And the answer, infuriatingly, is "it depends." Mortgages are often underwritten electronically. And the software can't see your overdrafts. At least today, there is no provision for underwriters to enter the number of bounced ...

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Need a Down Payment for Mortgage? Individual Development Accounts Can Help!

Published by Gina Pogol on July 06, 2010 in New Home Loan . 0 Comments

Individual Development Accounts, or IDAs, were designed to fight poverty and help people of modest means get an economic foothold in society. Read on to see how these accounts work and if one might help you quickly save a down payment for a home. Individual Development Accounts (IDAs) are special savings accounts for low-to-moderate income ...

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Monthly Archive for July, 2010