What matters more; your credit score or the contents of your credit report?

July 22, 2010 · Posted in Qualify For A Mortgage · 9 Comments 

I have a good credit score but I still have unpaid collection accounts on my credit report. Will lenders expect me to pay those off before they would give me a mortgage? Since my credit score is high, will it really matter what is on my credit report?

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What credit score is need to qualify for a home loan?

June 29, 2010 · Posted in Qualify For A Mortgage · 9 Comments 

What credit score do I need to qualify for a loan at all, not necessarily a loan with a great interest rate? Due to some student loan problems over the past year, my credit score has plummeted into the 500s from around 700. I earn 6 figures and I have very little debt, so that should look ok to lenders. I’m just wondering what my credit score needs to be before I can even consider applying for a mortgage.

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Qualifying for a mortgage after filing chapter 7

May 11, 2010 · Posted in Improve Your Credit Score · 2 Comments 

I filed chapter 7 back in 2004 and I checked my credit score and it is 645. I am looking to purchase my first home by the end of summer this year and I want to make sure that I am able to get a loan. I have heard that it is hard to get a loan if you have filed chapter 7. Any and all information is greatly appreciated.


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Can you get a mortgage that allows you to bid on a foreclosed property?

May 1, 2010 · Posted in Qualify For A Mortgage · 2 Comments 

Our Realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?


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How high can my credit score go with only credit cards in my credit history?

April 29, 2010 · Posted in Improve Your Credit Score · 5 Comments 

My current credit score is 745 and I’ve built it solely by using credit cards and paying on time (but never had any loans). Somebody told me that the absence of installment loans will prevent my score from climbing much higher. Is it true? Should I take some consumer loan to boost my credit score since I am planning to apply for a mortgage in the near future?


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I have a mortgage on one home, can I get a second mortgage to pay for another house?

April 18, 2010 · Posted in Qualify For A Mortgage · 9 Comments 

I’m planning to relocate, but I currently owe a mortgage for $50k. I also have a bankruptcy on my record that’s a couple of years old. I’d like to find a new home in the state I’m moving to. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?


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    The bank charged late payment fees on our mortgage but never told us.

    April 12, 2010 · Posted in Qualify For A Mortgage · 6 Comments 

    I recently got a letter from my bank saying we owed them 9 “late payment” charges on our mortgage. (you know how your mortgage is due and if you pay it late they tack on a charge) Well, every time my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are now saying that they’re going to take us to collections for the amount due, does this mean they’re going to try and take our house? We have never missed a month on our mortgage, just a few times they didn’t tack on the late charge…can anyone answer?

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