-
What types of positive credit are mortgage lenders looking for?
Posted on January 8th, 2012 No comments
Question by emilydianemiller: What types of positive credit are mortgage lenders looking for?
My hubby and I are working on improving our credit to become homeowners. Once I was told you needed to have a good mix of credit on your report to show you are responsible in all areas. We have two car loans, several student loans, and various other items.We don’t have any credit cards, don’t really have a need for them. But everything I hear says you should have some revolving credit to show responsibility. I don’t want to get a credit card just for the sake of having one unless absolutely necessary. Anyone with mortgage approval know anything about this?
Best answer:
Answer by Tiffany
I have been approved for several mortgages. No one has ever state that you need revolving credit, but I did read that it was needed. I got a credit card with a real high throttle, simply to show responsibility. I have never used the credit card, so maybe you should consider applying for an imputing card and restricting its use.
Give your answer to this question below! -
How do you get out of a bad mortgage lenders grasp?
Posted on December 24th, 2011 No comments
Question by lasm443: How do you get out of a bad mortgage lenders grasp?
Have lived in home, 15 years, some deferred payments when cheated lost occurred 4 years agone, unable to refinance{we really do not want to} but we are quietening paying mortgage, but receiving harassing calls daily after a payment is made. Mortgage holder is HSBC Beneficial. Please advise!We’ve also asked about modifying the loan, the we have been denied.
Best answer:
Answer by loanmasterone
There is no way you can just select and change lenders because of problems. Some mortgage lenders are more aggressive about monthly mortgage payments being late and will doing telephone calls inquiring as to why.Even if you was successful at getting a refinance through another lender, with the way the mortgage industry is and the way it is set up. You could wind up with the same lender once again because your bonded would be sold the very same day it closed.You may not select the company that purchase your mortgage note.I hope this has been of some benefit to you, good luck.”FIGHT ON”
Add your own answer in the comments! -
Q&A: what mortgage lenders are most flexible in cincinnati ohio?
Posted on December 18th, 2011 No comments
Question by : what mortgage lenders are most flexible in cincinnati ohio?
My mother is on a fixed income of only 610 per month on top of that she has a credit score of only 560 she lives in a mobile home that is very dangerous , mold, electrical problems, holes, etc. She wants a home of here own but doesn’t think there is any mortgage company willing to work with her. Most of her credit problems are from hospitals. Is there any Mortgage companies that are willing to work with her on getting just a 30000 loan for a house that has been foreclosed?
Best answer:
Answer by Use Your Noodle
NoShe doesn’t have enough income to qualify for a 30k loan. Add to that her bad credit rating, and she behind the 8 ball before she even has a chance to fill out loan papers. Just because someone *wants* a home of their own doesn’t mean they are entitled to one or that some bank should be flexible. The chances that your mother would default would be high. Also, the way you are putting it, it sounds as if you think banks are eager or hard up enough that they would put people who could not qualify for a mortgage into a foreclosed home. Putting people into a home they couldn’t afford was the reason why they now have a foreclosed home on their hands to sell. Trust me, they don’t want to be burned again. If your mothers place is not safe to live in and she is renting, she needs to either get the landlord to fix the issues, or find another place to live.
Know better? Leave your own answer in the comments! -
Q&A: What service do mortgage lenders use to get consumer FICO scores from?
Posted on November 21st, 2011 No comments
Question by rlc_60504: What service do mortgage lenders use to get consumer FICO scores from?
…and how do I get the same? I’ve gotten my credit score from some online sources before, but then I talk to a bank and they have a completely different number for me when they tell me my FICO score. I’d like to see the same report as the mortgage companies so we are on the same page.
Best answer:
Answer by Reas S
About get consumer FICO score can be read in http://usfinance.synthasite.com/?q=get%20consumer%20FICO%20scores
Give your answer to this question below! -
What credit agencies do most mortgage lenders use?
Posted on November 12th, 2011 No comments
Question by LeAnn: What credit agencies do most mortgage lenders use?
We are looking to refinance our house soon. My husbands average fico score is 697 and his average credit score is 740. Why is this such a big difference and will the lenders use the fico score or the credit score?
Best answer:
Answer by La
If I remember correctly, mortgage lenders look primarily at the FICO score.
What do you think? Answer below!