Make sure your credit is as clean as possible, according to FICO, a person’s score is as follows: 35 percent is determined by payment histories on credit accounts, with recent history weighted a bit more heavily than the distant past. 30 percent is based on the amount of debt outstanding with all creditors. 15 percent … More Bring your preapproval letter and lets shop for some BARGAINS !
US home repossessions spike in August to highest level since start of mortgage crisis fewer than one-third of homes repossessed by lenders are on the market More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households … More US homes lost to foreclosure up 25 pct on year
What Do I Need to Get a Loan? <full story Lending standards remain tight, and lenders have been picky even with the best-qualified borrowers. If you’re buying or refinancing the mortgage on your primary home, you’ll need a minimum down payment of 5% to 10% for a conforming loan or 10% to 15% for a … More Mortgages: Back to Basics…
CHARLOTTE, N.C. (AP) — Bank of America is taking a major step to help some of its most troubled mortgage borrowers. The bank says it will forgive up to 30 percent of some customers’ loan principal. The bank has said Wednesday it will start forgiving principal for homeowners who owe more than 120 percent of … More BofA to start reducing mortgage principal