Credit Score
Why do you charge for credit reports up-front?
December 23, 2009 by Rob Spring · Leave a Comment
Simply put: I don’t want the qualified/closed borrower’s to have to pay for the credit reports of the unqualified or not closed borrowers.
A Credit Report is required for a mortgage and has costs associated with it. Some lenders disclose the cost, other’s don’t – never the less it is a cost of doing business. I [...]
What is my Debt to Income Ratio?
November 23, 2009 by Rob Spring · Leave a Comment
Debt to Income Ratio
Your debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met.
Debt limit (Not necessarily a hard and fast rule)
There is generally a debt limit associated with each type of loan, such as a [...]
What is a FICO score?
November 23, 2009 by Rob Spring · Leave a Comment
Scoring your Credit – How’s your FICO?
In today’s increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you’ve been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled [...]
What is a Credit Score?
November 23, 2009 by Rob Spring · Leave a Comment
What is a credit score?
Before deciding on what terms lenders will offer you on a loan (which they base on the “risk” to them), they want to know two things about you: your ability to pay back the loan, and your willingness to pay back the loan. For the first, they look at your income-to-debt [...]
Reasons for Credit Reporting Errors
November 20, 2009 by Rob Spring · Leave a Comment
Reasons for mistakes on your credit report
Credit report errors occur for a number of reasons but they can all have a negative impact on your eligibility for any future credit. It’s important to stay on top of your credit report to avoid any mistakes made by the creditors and credit bureaus —Equifax, Experian and TransUnion. [...]