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Tag: credit

Why “Tight” Mortgage Lending Is A Fantasy

Why “Tight” Mortgage Lending Is A Fantasy

Lenders are getting hammered with claims that they refuse to make loans, thus artificially creating a “tight” mortgage market. This is a great urban myth, somewhat like large alligators in the sewers of New York. But it doesn’t make sense and — oh yes — it plainly is not true. Let’s start with logic. Why […]

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Should Paid-Off Medical Bills Damage Credit Scores?

Should Paid-Off Medical Bills Damage Credit Scores?

There are a lot of people who do not get home mortgages or automobile financing because of events which are far beyond their control, especially medical bills. Now there is an effort on Capitol Hill that would limit the way health costs are listed on credit reports and thus how they impact credit scores. “Illness […]

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How Can I Establish First Mortgage Credit?

How Can I Establish First Mortgage Credit?

Question: I’ve recently graduated from college, pay cash for everything, have no credit cards and live at home. How do I establish credit since I ultimately want to buy a house? Answer: In the usual case mortgage lenders might measure your credit standing by looking at utility bills, car payments, savings and rental information. However, […]

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Is Your Mortgage Credit Score Right?

Is Your Mortgage Credit Score Right?

If you’ve thought about financing or refinancing a home then you know the value of a solid credit score. The better the score the lower your mortgage rate. Unfortunately, the government says that after looking at 200,000 credit files it found one out of every five credit scores purchased by consumers actually differed from the […]

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Should “Old” People Get Mortgages?

Should “Old” People Get Mortgages?

Over at PBS NewsHour Paul Solman looks at the question of whether a 66-year-old retiree is a good candidate for a 30-year fixed-rate mortgage. “Don’t worry about the lender,” says Solman. “A standard rule of thumb applies regardless of age: So long as your mortgage payments are no more than 45 percent of your gross […]

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FHA Dumps Tough Mortgage Credit Rule

FHA Dumps Tough Mortgage Credit Rule

It probably seemed like a good idea at the time: In February HUD said that FHA lenders could ignore credit disputes as long as the total amount owed by a borrower was less than $1,000 and at least two years old. “If the borrower has individual or multiple disputed credit accounts or collections with singular […]

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Standard & Poors Drops US Credit Rating

Standard & Poors Drops US Credit Rating

The credit rating of the United States of America has been reduced from AAA to AA+ by the Standard & Poors rating agency. In an historic development the willingness of the United States government to fulfill financial obligations has been called into question by a major ratings agency due to “political risks” and a “rising […]

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Is it good not to pay your mortgage loan?

Is it good not to pay your mortgage loan?

Is it a good thing if you don’t pay your mortgage? The usual answer is a fat “no” after which comes a discussion of foreclosures, diving credit scores, ugly credit reports, deficiency judgments, loan denials and higher interest costs for mortgage loans and automobile financing. And yet there’s a strange and somewhat logical theory floating […]

Posted in: Mortgages
Can We Predict Mortgage Loan Walk-Aways?

Can We Predict Mortgage Loan Walk-Aways?

It’s generally estimated that about a third of all mortgage foreclosures are simply voluntary, people who can afford their monthly payments but throw in the financial towel and make a strategic decision to walk away from their homes and loans. Now a new system says it can predict who will walk and who will stay. […]

Posted in: Mortgages
Time Winding Down for First-Time Military Borrowers To Get Tax Credits

Time Winding Down for First-Time Military Borrowers To Get Tax Credits

The government’s landmark tax credit program for first-time home buyers is starting to drift back in focus again as tax day approaches. The unique $8,000 credit for new buyers and $6,500 credit for existing homeowners helped inject stability into the slumping housing market during 2010. Consumers and some industry observers have pushed for a renewal […]

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