Look Like a Better Credit Risk to Potential Mortgage Lenders
While home ownership is a dream for many Americans, the bank failures and bailouts that the economy has experienced in recent months have caused lenders to change their lending habits. Banks that once would have approved a no asset no income mortgage, or even a jumbo mortgage, are now requiring their borrowers to prove their credit worthiness in the form of proof of employment and a high credit score. Gone are also the teaser mortgages that drew the borrower in with the promise of a low interest rate that would drastically increase in a matter of three to five years. Combine this with an unstable economy and banks are now more concerned than ever about lending money to the wrong person. If you find yourself longing for home ownership, here are some simple tips that can help you improve your credit rating so you look like a better risk to potential lenders. (more…)
While home ownership is a dream for many Americans, the bank failures and bailouts that the economy has experienced in recent months have caused lenders to change their lending habits. Banks that once would have approved a no asset no income mortgage, or even a jumbo mortgage, are now requiring their borrowers to prove their credit worthiness in the form of proof of employment and a high credit score. Gone are also the teaser mortgages that drew the borrower in with the promise of a low interest rate that would drastically increase in a matter of three to five years. Combine this with an unstable economy and banks are now more concerned than ever about lending money to the wrong person. If you find yourself longing for home ownership, here are some simple tips that can help you improve your credit rating so you look like a better risk to potential lenders. (more…)
Most people living in the United States have at one time been faced with a financial burden. Sometimes, the situation can be worked around, perhaps borrowing a little money from a family member or friend but other times, there simply seems to be no solution. However, rather than the individual paying the expense with a high interest rate credit card, maxing out a credit card, or for people that never use credit cards,
If you haven’t been watching headlines or nightly news broadcasts you may be unaware of the fact that the average house price in 2009 is expected to decline. While this is not necessarily the case for every real estate market in the country, on the whole, house and property values are expected to continue dropping at unprecedented rates. 





