First Time Home Buyers
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Review Your Credit Reports Regularly
If your identity has been stolen, regularly review your consumer credit reports to detect any suspicious activity. You are entitled to free credit reports, one from each of the three large credit reporting agencies
Continue Reading →Federal law entitles you to one free credit report each year from each of the three credit bureaus. This credit report should be ordered through www.annualcreditreport.com.
Continue Reading →The three credit bureaus are: Equifax, Experian, and TransUnion. The websites are www.equifax.com, www.experian.com, and www.transunion.com, respectively.
Fair Isaac is not a credit bureau. It is the company who develops and maintains the FICO score.
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To protect yourself further by removing your name from mailing lists, pre-approved credit offers among other lists, see below:
- To stop prescreened credit card offers, call toll free: 888-567-8688
- To get off many lists for marketing mail, calls and email:
http://www.dmaconsumers.org/cgi/offmailinglist
http://www.dmaconsumers.org/cgi/offtelephone
http://www.dmaconsumers.org/consumers/optoutform_emps.shtml
For information on the federal [...]
Continue Reading →Your credit score is calculated by using mathematical models that analyze your creditworthiness. The models consider the amount and types of debt you owe and then analyze and compare your repayment history with thousands of other consumers to arrive at a credit score.
Some of the most important factors in determining your credit score include [...]
Continue Reading →A divorce does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.
Continue Reading →Equifax, TransUnion and Experian are three separate companies who compete against each other. As such, they do not share their information. It is very unlikely that your credit reports are the same at all three credit bureaus. There are three primary reas
Continue Reading →The amount of a loan for which you qualify is based on two different calculations. Using what are known as qualification ratios, lenders evaluate your income and long-term debts to determine a “safe” amount for your mortgage payments. A fairly standard ratio is 28/36. Certain mortgage plans sometimes use more liberal ratios-for example, the Fair [...]
Continue Reading →Most lenders offer financing programs that allow the borrower to finance up to 100% of the sales price of a new home. However, if no down payment is made, the borrower will be required to pay for private mortgage insurance (PMI), see question ten, below,
Continue Reading →An Adjustable Rate Mortgage (ARM) is a loan under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to in the Adjustable Rate Note signed by the homeowner.
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