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First or loan "subprime" - how my credit score Me Force a mortgage at risk? by sarah brith
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First or loan "subprime" - how my credit score Me Force a mortgage at risk? by SARAH BRITH
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| Article Posted: 11/11/2013 |
| Article Views: 529 |
| Articles Written: 2 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 723 |
| Article Votes: 0 |
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First or loan "subprime" - how my credit score Me Force a mortgage at risk? |
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Business,E-Commerce,Business Opportunities
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Do credit score Have This is a lot of effect on my interest rate ? When a loan officer or lender runs your credit they did ask three credit bureaus to rate and score your credit history and your score is among the three numbers . If you have a 760, a 720 and a 695 score, then your credit rating for loan will be 720. However , some lenders will run their own credit application and can change the score for better or worse depending on what the credit reporting company they use. Anything more than 680 points is considered good enough to receive the best offers on the market. Scores between 620 and 680 can continue to receive the best offers , but the borrower must be able to demonstrate sufficient income and substantial liquid assets. This is called a full documentation loan and if your score is between 620 and 680 , it is mandatory to get the best deals. If you are self employed you do not have to document your income if your score is above 680 points and this can be a good thing because you're usually a person who derives a significant portion of their income on the statement of Appendix C. Therefore, you show less net income than you actually earn . If your score is between 680 and 720 and you can not benefit from the net income of your last two tax returns, be prepared to pay a small fee for the privilege of taking a loan and not have to document your income . However, if your score is above 720, you probably will not be charged a fee because such a score is indicative of the fact that you have made all payments on time for the last year .. If your score is below 620 and you can always document your income and assets then you be moved to the category of ALT A mortgages, which is a step above subprime . The rates are about 1% to 1 1/2 % higher than the prime interest rate . In today's market that would result in approximately 7% to 8 %. Currently , the rates are the first between 5.5 % and 6% depending on the lender and the status of the 10-year bond , which determines all mortgage rates . undocumented loans with 660-680 point credit ratings continue to be subject ALT A. However, if your score is 660 and you can not document your income or show considerable property then you will be moved into the category of subprime mortgage. Loans are available for those whose credit rating is 620, so they can show full documentation , but such a loan will also be in the category of subprime mortgages . Here's your rate will be approximately 7 ¾ % to 10 % or more depending on your loan situation in particular. Do not be fooled by the current hype , a suprime mortgage can actually be a good thing if used for its intended purpose as a tool for a person to enjoy the property , but at a higher interest rate and the monthly payment , while giving the homeonwer shortly to: improve their credit scores , increase their income and asset acquisition. The strategy here is that after a few years to improve their financial situation, they can once again return to the market and try to have a first mortgage. The most important lesson that can be gathered from the current subprime crisis and seizures that occur every day, is that it is essential to work borrower a good reputation, the agent business credit . , especially if they have bad credit. Too often , those who have bad credit are wanted by predatory lenders . Choose your loan officer wisely and you'll be on your way to a solid financial future. Now you must realize that your loan scenario is unique and must be analyzed by an experienced professional. If you want to know more about YOUR specific loan situation , you can go to my website and put in your information. I will receive your request by email and we will contact you soon. To purchase , refinancing of letters of advice and pre -qualification are always welcome and available.
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