In case you haven’t seen it, HSH.com has created a section on our website for experienced journalists from around the country to contribute new content to our visitors. We call it our “Contributing Voices” section (located in the middle of our homepage).
Since we’ve already updated the section once, I want to share with you all the articles we’ve added so far:
Now more than ever, credit scores are especially important to mortgage borrowers. If you’re a mortgage borrower with a poor credit score, your financing options are vastly limited. Besides the FHA, which still has financing available for borrowers with below-prime scores, the private market has shown little interest for borrowers without pristine credit.
The good news is that there are ways you can improve your credit before you apply for a home loan.
The sheer responsibility that comes with owning a home — making all your payments on time, maintaining the upkeep of the property, etc. — can be a frightening task for those who aren’t prepared. However, before the monthly payments and the lawnmowers, comes the mortgage qualification process.
If you’re in the market to buy a home, achieving the American dream isn’t going to be easy thanks to all the stringent borrowing requirements placed on homebuyers these days.
Today’s post will be a lot like last week’s. Instead of writing one longer piece, I’m going to give you a few ideas to think about over the weekend.
How Will the Financial Reform Impact Mortgages?
From what we know about the bill at this point, the main impact this legislation will have on the mortgage market goes a little something like this: with increased protection comes higher costs and fewer loans: Read the rest of this entry »
Last week, HSH.com’s VP Keith Gumbinger was a guest on The Takeaway, a national radio morning news program.
As part of their “Do-It-Yourself Bailout” series, The Takeaway program talked about “how we can all get into better financial shape and bail ourselves out of debt.” Last week’s topic: credit scores.
Keith as well as personal finance expert Beth Kobliner talked “about how to improve your credit score and why you should care about it. Both Kobliner and Gumbinger agree: You can’t afford to ignore your credit score any longer.”
During my morning scan of Twitter, I came across a tweet from personal finance gurus Ken and Daria Dolan:
Cutting up your credit cards? Great! But don’t forget to close the account. Our sample letter makes it easy.
The recession spawned a national trend which saw thousands, if not millions, of American shift from spenders to savers. High charges and fees imposed by credit card companies made the transition all that much easier. But before you pull out the scissors and kiss that plastic goodbye, remember that merely cutting up your card doesn’t mean your account is closed.
Think your paycheck is for your eyes only? Think again. Americans are surrendering over more and more of their personal information with each passing day — and your paycheck is the latest bit of personal data that’s now out in the open.
The final rules issued by the Federal Reserve under the CARD Act will now require credit-card companies to examine your income when you apply for credit as a means of determining your ability to make payments. The examination of your income, among other factors, can be used to determine whether or not your application is approved, the size of your credit limit, and/or whether you may be pre-approved for certain offers: Read the rest of this entry »
Each Saturday we review all the stories we published during the week — just in case you missed one or two.
Friday
“FHA Reserves Almost Gone, And There’s No Going Back“: HUD/FHA say no need for a bailout. We say that the FHA’s expanded role in the marketplace suggests otherwise.
Thursday
We’re “borrowing” this topic from our friend Mitch over at TopFinanceBlog.com. While Mitch’s latest post is titled “Why I Say Credit Scores Are Worthless,” we’re taking a somewhat different approach.
Banks and credit card companies have been jacking up interest rates and fees (if not simply canceling cards) more and more these days — sometimes without warning — as they prepare for the new business landscape that will be created by Congress’ upcoming credit card reform.
Credit conditions are tight these days — getting a loan isn’t as easy, and may never be as easy, as it used to. That means your credit score and report may dictate whether or not you get a mortgage, car, credit card, student loan and more. With so much riding on good credit, it’s time to separate the facts from the fiction when it comes to your credit.
You may think that you have just one credit score, but in fact, you have several. Your FICO score — the credit rating system developed by Fair Isaac Corp. which can range from a dismal 300 to the pinnacle of 850 — is just one. The others are calculated by the three credit bureaus: Experian, Equifax, and TransUnion. Your exact credit score all depends on the type of lender requesting it and which credit bureau reports it.
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
