credit

6 Valuable Lessons To Improve Your Credit

1. Paying interest is one tough chore (*Making monthly credit card payments isn’t fun. But the pain compounds when you’re paying interest on top if it).

2. Even a half-percentage interest-rate reduction matters (Negotiating isn’t always on the docket for financial literacy programs, but it’s worth mentioning — some numbers carry more wiggle room than you’d expect)

"NO DOC" loans are back!

 

The term “No Doc” is usually defined as no income, no asset, and no employment verification. Typically, self-employed, unemployed, seasonal workers, and new immigrates generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation is easier to qualify for, but generally carries a significantly higher interest rate. Essentially, all the borrower must document is their credit history (in the form of a credit report), and the lender will use this alone to determine if they are suitable for home loan financing. 

 

Criteria

Are you aware that your middle credit score matters?

When you apply for a mortgage loan, the lender will pull your credit scores from three credit bureaus (Transunion, Equifax and Experian) to help them determined if you are credit worthy. Your middle score of the three is what lenders will use for loan qualification. However, the underwriter will review all three scores as part of the loan underwriting process. One thing that you should know is that if you pull your own credit score through a website online, the credit scores displayed to you may be different than what lenders use because they use different reporting systems.

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