We have a client who is finalizing their new home search to take advantage of the homebuyers tax credit.  As part of their Credit Building Plan, we recommended that all mortgage inquiries be done within a 14-day period.  This is due to the way the FICO scoring formula processes rate shopping.   All mortgage, auto and student [...]

They’re still here – companies wanting to take advantage of people looking to modify their mortgage and/or may be facing foreclosure.  While speaking to my friend in the mortgage industry last week, I realized that we haven’t addressed this topic in a while.  And it’s an important topic.
WHAT IT IS
Companies that advertise “Stop Foreclosure Now”, [...]

We recently had a question from someone considering a short sale for their house.   This person is not eligible for a loan modification and their lender recommended a short sale.  When they put the house on the market, they are considering making just partial payments while they try to sell it.
The question is: DOES MAKING A [...]

Yeah!  You found a house you want to purchase and your credit scores met the mortgage company’s requirements.  When you are in the home buying process and have started the paperwork with your lender, you need to at least keep your credit rating where it was when you qualified for the loan.  These recommendations, compiled [...]

The Arizona legislature has passed a bill, SB 1271, signed into law by Governor Brewer on July 10th, that is scheduled to take effect September 30, 2009. 
This bill was intended to protect small community banks from consumers buying speculative new homes that now cannot be sold for a profit.  However, it could have an impact on [...]

When you apply for a loan of any type and the company checks your credit to determine approval for that loan, you will get an Inquiry on your credit report.   When the consumer initiates the application it is considered a Hard Inquiry and will be counted in the New Credit part your score. 
A Soft Inquiry will [...]