There has been some good news in the housing market, particularly the mortgage market. Based on economic indicators, more people filed mortgage application forms to buy a house or to refinance their loan. Meanwhile, fewer mortgage holders are finding themselves behind on their payments. The Mortgage Bankers Association reported that the total number of mortgage […]
In previous blogs, we discussed the impact that credit scores have on obtaining a home loan. More stringent requirements such as higher credit scores, more money for a down payment and other financial factors are making it harder for people to get a mortgage. But one thing that applicants must ask yourselves is this: Have […]
Today’s Associated Press article reported that the amount consumers owed on their credit cards fell to its lowest level in eight years. According to TransUnion, the average combined debt for bank-issued credit cards — either with a MasterCard or Visa logo — was $4,951 in the second quarter of this year, down 13% from $5,719 […]
The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers […]