Credit Tips if you are considering Buying a Home (or Refinancing)

Are you considering buying or refinancing your home? You may be surprised at what you should and shouldn’t do. Some things that are common sense may actually not be the best actions if you’re planning on obtaining a mortgage in the near future.

Please check out my latest video with simple credit tips.

The FIRST thing you need to do BEFORE applying for a mortgage or get preapproved for ANY credit

WARNING: Rant ahead!

When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault! [Read more…]

‘Tis the Season to not sabotage your credit

Several weeks before the holiday season sets in, we begin to see those commercials I absolute dread. You know, the luxury cars with giant red bows on them…the recipient gushes, “you shouldn’t have!”… and they’re right, the gift giver probably should not have – especially if they’re considering buying or refinancing a home. [Read more…]

Boost Your Credit Score or Boost Your Spam?

Experian, one of the big 3 credit bureaus, has been actively promoting that consumers can “boost” their credit score using their services. Since I help people with their credit and mortgage needs for my profession, this naturally got my attention.

[Read more…]

Buying a Home Using Your S.O.’s Income

Recently I helped a couple buy a home in King County. They’re engaged, had been living together for many years and were ready to purchase their first home. One of them, Billy Bellevue, had some credit issues and it made more sense for them to only have Susie Seattle’s on the transaction. [Read more…]

Can you get a Mortgage with Frozen Credit?

In light of Equifax’s recent massive credit breach, many people are going through the process of “freezing” their credit with each of the credit bureaus. This prevents someone from obtaining a new credit account in your name (it does not prevent them from using existing credit). I actually decided to freeze my credit a while back when it appeared that someone was trying to commit fraud with our address. It’s not that difficult to do and it’s pretty easy to forget about…until you decide to apply for new credit, such as getting a mortgage. [Read more…]

Fannie Mae updates underwriting guidelines at the end of this month

Effective July 29, 2017, Fannie Mae will release DU Version 10.1, packed full to changes to their underwriting guidelines. These changes apply to Fannie Mae conforming mortgages (Freddie Mac has different guidelines). Here are some of updates effective at the end of this month:

50% Debt-to-Income Ratios. [Read more…]

Not so good karma for your credit?

I just received an email from a popular credit reporting service suggesting that I open new accounts.

Carma

[Read more…]