Welcome to Home Mortgage
Refinancing Home Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
from: Carrie ReederSo, you’ve found the perfect home. You’ve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that you’ve never taken out. In addition, you may find that late payments are on your credit report when you’re sure that you made them on time. If you find such erroneous information, then you’ll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
It’s important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this
page: Recommended Bad Credit Mortgage Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational
website about various types of loans.
Refinancing Home Mortgage News
Mortgage applications jump on refi demand: MBA
Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally ...
Read more...Senator Boxer Faults BofA for Mortgage-Refinancing Delays of Up to 90 Days
Bank of America Corp. (BAC) , the second- largest U.S. lender, was faulted by U.S. Senator Barbara Boxer for making borrowers wait as long as 90 days to apply for mortgage refinancing and was urged to speed up the process.
Read more...Mortgage refinancing is on the rise
Calculated Risk — which believes the housing market has hit bottom and should be headed back up -- points to more potential signs of healing in the market. According to the Mortgage Bankers Association , mortgage refinancing is on the rise, increasing 9.4 percent over the previous week and 5.7 percent over the past month. Read full article >>
Read more...US Mortgage Applications Jump On Refinancing Demand: MBA
Applications for U.S. home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.
Read more...Banks on mortgage refinancing
In his State of the Union Address last month, President Obama spoke at length of the interrelation between the housing crisis and the economic crisis. And among the discussion of new and future regula
Read more...BofA Puts Off Refinancing Clients
Bank of America Corp., facing increased demand for mortgage refinancing amid government efforts to help struggling homeowners, is telling some customers to wait 90 days, said two people with knowledge of the policy.
Read more...The $26 billion mortgage settlement: who gets help and how
The main thrust of the $26 billion mortgage settlement is to help homeowners whose homes are 'under water.' Refinancing a reduced loan will lower payments and help people facing foreclosure stay in their homes.
Read more...