Financial and Credit Blog

I Need A Home Equity Line Of Credit Or A Loan?

August 3rd, 2009 at 07:46am Under Student Loan

Whats the difference between a loan and a line of credit?
Do you think its ok to search for the lender on the internet or should I go to my bank who refused it 2 yrs ago even though my FICO score was over 700? Its 760 now.
Do most people get quotes for the work they need or do they just borrow over and beyond what they think they need?
What are they going to ask me for when I apply for the equity line of credit?

Does Line Of Credit On Residential Home Expire If You Haven’t Tap Into It For Couple Of Years ?

August 3rd, 2009 at 01:45am Under Student Loan

I opened up a line of credit on my home back in 2005. I used it once in 2006 and pay it back. I haven’t use it ever since. Is it still available when I need it ?

I Need A Lender To Give My Husband And I A Home Equity Line Of Credit?

August 3rd, 2009 at 12:39am Under Student Loan

Our credit scores are only in the mid 600’s. Our business has been open in Idaho for 1 year now. Previously we owned a business for 13 years in another state, same line of work. We have owned our home for 19 months. We paid 71,000 and now fair market value places it at 150,000 to 190,000. We would like a line of credit for 140,000 to consolidate debt and finish remodeling our house. An appraisal would need to be drive by only because we have exposed walls inside. We are trying to bring up our credit scores by “opting out” of credit offers and doing some dispute clean up. “Countrywide” seemed to be coming through for us until all of this market stuff started happening. If anyone can give us direction, it would be great. Thanks, Barbara

I Need A Mortgage On My Home That Is Commercial Zoned…please Help Soon! Thank You!!?

August 2nd, 2009 at 06:28pm Under Commercial Loan

I am looking for a mortgage on a home that is currently residential, but, zoned commercial.
I need help trying to find a company to loan money to me on a home that is commercial zoned looking for a mortgage on a home that is currently residential, but zoned commercial – the house is my home.
I need to find a company that can do a mortgage on my home that is zoned commercial.
I also would like this company to include the appraisal in with the mortgage. I understand it makes loans and appraisals difficult when a home is commercial zoned and not residential. It is impossible to get a letter of rebuild for my home too.
Please help soon. Thank you.

Mortgage Loan Documents – Identifying Adjustable Rate Mortgage Loan

August 2nd, 2009 at 03:02pm Under Mortgage Loan

If you ever signed mortgage loan documents, chances are that you’ve never read all of the pages that you signed. Most people don’t, because it is very time consuming and there is too much meaningless disclosure paperwork that has little or nothing to do with your actual loan and has more to do with lender’s compliance with State and Federal laws.

There are documents that everybody must read before signing. One of these important documents is your mortgage “Note”. It is about five pages long and has the most important facts about your mortgage on it.

To identify this document, you need to go trough your mortgage paperwork and look for a document with the word “Note” in its title. Usually it says something like “Fixed Rate Mortgage Note”, or “Adjustable Rate Mortgage Note”, but it will always have the word “Note” in the title of the document. The title itself will tell you if you have a fixed or adjustable rate mortgage loan.

Your mortgage note will tell you a lot about your mortgage. It sates your rate, and in case of an adjustable rate mortgage, it states how long the introductory rate is good for. The note should list all of your scheduled mortgage rate increases, and towards the end it should cover pre-payment rights and pre-payment penalties.

Whether you are currently in the process of taking out a mortgage loan, or had it for several years, it is very important to become familiar with you Mortgage Note. It is a complete overview of your loan that lists all of the terms and conditions of your biggest financial obligation.

Mr. Shkolnik is a Loan Consultant employed by Express Capital Funding Group, www.expfunds.com. He has over ten years of experience Financing Real Estate transactions.

Ways To Improve Your Credit Scores for Buying House

August 2nd, 2009 at 11:50am Under Credit Card Fraud

Buying house is a lifetime asset and many buyers do not have sufficient money in their bank to afford it. They take loan from the mortgage lenders or banks to buy the real estate property. But one should know that taking a mortgage loan will have an effect on their credit score. And in order to get a mortgage loan you need to have good credit score.

Every bank or mortgage lender will evaluate your credit score to find out your ability in repaying the debt in time and to the completion. On the basis of your credit score they will approve your loan and also decide the amount that you can get as loan. Therefore to acquire loan as per your requirement it is important to have a good credit score and if you do not have it then start working on it to improve it.

It is good for you to know that all banks and mortgage lenders do not report to same agency for the credit score. As a consequence your credit score will differ with each agency. Therefore the mortgage lender always takes the middle score as your credit worthiness. Hence before applying for loan it is better for you to check your credit score and if need be work on it to improve. Read further to know ways to improve your credit scores.

The very first thing that you should do is find out your credit report. The credit report of an individual in The United States is determined and maintained by three agencies and they are Equifax,Trans Union, and Experian. You can request for your credit report online at http://www.AnnualCreditReport.com.

Once you have your credit report check it for any errors in accounts. Sometimes by error someone else transaction might reflect on your account or there can be a credit fraud too. And this will affect your credit score. Therefore it is very essential for you to study all the details of the transaction in your credit report. If there is any error then you should report to the concerned company and ask them to make the necessary corrections.

Then make a separate request for your credit score to know about your credit worthiness which will ultimately decide your loan approval. The credit score will tell you where you stand in the credit scale which is from 850-300. If your score is somewhere in between 800 to 850 then you have excellent credit worthiness and you will get loans easily and that too with some benefits like lower interest rates. If you are anywhere less than 720 then you have to improve your scores. If you are within 650 then you can still you’re your loan approved but not with any benefits and if you are lower than this scale then you have to do a lot of things before thinking of buying own house.

For those below the scale if you want to improve your credit scores then start working on your current debts. You must start paying your credits in time. You can start with lesser debts first. If you have trouble in paying your credits then speak to the creditor and make your payment plan accordingly. It is better to handle one credit account rather than opening too many. Keep in mind that it will take time to improve your credit score

Is It Wrong For Your Bank To Hold A Check (for 15 Days) To Pay Off Part Of Your Home Equity Line Of Credit?

August 2nd, 2009 at 06:41am Under Student Loan

I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn’t a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can’t pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I’m not able to pay off yet. I’ve always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

I Am 25,000 In Credit Card Debt. I Own My Home (no Equity) – Need Help With Loan Advice Or Debt Consolidation?

August 2nd, 2009 at 06:38am Under Consolidation Loan

I have been transferring balances and making payments but I would like to know if there are any viable loan options to turn it into one payment without killing my credit score. Any help would be appreciated.

Why Do People That Do Home Loans Get So Mad When You Shop Around?

August 1st, 2009 at 07:12pm Under Commercial Loan

I’ve heard a friend of mine go completely nuts every time her customers shop around for home loans. What do these lender expect someone to just trust them when they say. <hey, don't be looking at loan numbers from other lenders or I'll kick you in the ding ding.

Who Else Is Sick Of The Countrywide Home Loans Commercials?

August 1st, 2009 at 01:12pm Under Commercial Loan

I swear to God I see it about 5 times a day on all different stations.