Where Do Credit Scores Come From?

– By Michelle Black, HOPE USA

Credit scores affect your life in many important ways.  First, anytime you apply for a mortgage, car loan, credit card, or financing of any kind your credit score will be looked at to determine whether you are approved or denied financing.  If you are approved, your credit scores are looked at again to determine what kind of interest rate you will receive.  Credit scores are the #1 factor considered when you apply for a loan.

Since credit scores are the first key to loan approval, let’s talk a little about where these credit scores come from and how they are calculated.  There are 3 major credit bureaus in the United States:  Equifax, Trans Union, and Experian.  Typically, each credit bureau will give you a different score.  The following chart shows the basic makeup of a credit score with any of the 3 major credit bureaus. Read more »

Paying Off Your Mortgage Early

It’s the dream of almost every hardworking family in America.  It is one of those things that motivates you to work that overtime or skip that extra expense… so that “one day” that mortgage will be paid off early and you can ride off into the sunset!  It seems to be a classic “no-brainer” right?  We should all pay off our mortgages as fast as possible, but one leading financial expert says maybe not!

Ric Edleman has been a leading financial advisor for over 20 years and he says that most Americans are better served by carrying a big long mortgage!  The thoery is simple.  Should you take every extra penny you have and pay off a mortgage at 4-5% interest, all of which is tax deductible, or should you pay the minimum possible towards your mortgage and invest all those extra pennies?  Ric, along with scores of other financial experts, obviously thinks you should do the later.  I have a DVD called “10 Great Reasons to Carry a Big Long Mortgage” by Ric Edelman, and I would be happy to give you a FREE copy if you call me. Read more »

Beware of Unsolicited Letters Suggesting Potential Mortgage Audit Refunds

I have been contacted by several homebuyers and homeowners with questions about letters being received by them in the mail from “Mortgage Auditing Program, Division of A.M.T.” These letters are being received all over the county and they get the attention of homeowners by offering risk free mortgage audits that can lead to potential refunds due to miscalculations that occurred with their most recent mortgage transaction.

These letters should be tossed. There is chatter all over the internet in regards to these letters and this company and various news channels have also reported on them. The company appears not to be reputable and little is known of what they are really trying to accomplish.

If you ever get a letter regarding your mortgage and you are not sure who it is from or why they sent it… it is most likely a SCAM.  Even if legitimate, at best it is a deceptive advertisement and they are just trying to get you to refinance your home loan.  Anything regarding your loan would come to you from the same company you make you monthly payments to each month.

Feel free to call or email me if you would like me to take a look at something you are not sure about.  It’s better to be safe than to be sorry later!

It’s ok to RENT… for a while!

Renting is ok for a whileAre you a renter who wants to become a homeowner but you’re just not ready?  I am here to tell you that is just fine!!  You might not be ready to buy a home today, and whether you need 5 months or 5 years to get ready, that is OK.  Don’t let anyone tell you that now is the time to buy if you are not ready.  It’s ok to wait, but its not OK not to have a plan.

Well over 95% of all renters we have surveyed have said that they do not intend to be a lifetime renter.  Almost everyone renting today would like to buy a home, but many are not ready now.  If that’s you, why not start preparing now so that when the time is right you will be educated, prepared and in control?

Many people are cautious to buy in today’s economy because of various reasons.  In order to better understand the mindset and challenges of renters today, we did extensive research.

Would you like to know the 7 and 1/2 reasons why the renter is struggling to make a decision to buy a home in today’s economy?  If yes, click here to watch a great video that will explain what our research has discovered and how you might benefit from working with a certified Path2Buy coach!

If you would like to get started right away, simply pick up the phone and give me a call today at 980-721-7478.  We can schedule you a FREE consultation to set your “METER” and get you on the Path2Buy!

How to Shop for a Mortgage – Don’t take my word for it!

I talk to new homebuyers or homeowners looking to refinance every day of my life.  I love it!  I love helping families in Charlotte to navigate the ever changing mortgage world and buy their first home, move up to that dream home or even refinance the home they have to save thousands of dollars!  It is an exciting time, but to most people it is just plain scary.  People are afraid about the market and aren’t confident about the mortgage process because of all the mess out industry caused a few years ago… a mess we are still clawing our way out of today! Read more »