Question by karenldee: Home equity Line of Credit…shopping tips, questions, etc.?
I’m shopping for a home equity line of credit which I’ve never done before. I’d really appreciate some tips on doing this – what should I look out for and what questions should I be asking? Thanks.
Best answer:
Answer by mister ed
what are their points -interest rate – payment date – and amount you can receive!!!
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Question by bIGdADDY: How long to repair credit after a bankruptcy to qualify for a home mortgage?
Please provide information about experiance or knowledge relating to the amount of time it takes to repair ones credit after a chapter 7 bankruptcy. All loans reaffrimed thru bankruptcy have always been on track and have remained current. Any info provided would be a great help. Thanks
Best answer:
Answer by golferwhoworks
2 years as of now FHA 4 years as of now Fanny, Freddie but all of that is subject to change
I am a mortgage banker in TN & KY
What do you think? Answer below!
Question by Molly B: What is the minimum credit history length needed to get a home loan?
If a person has midscore of 640, what is the minimum length of credit history and the minimum open lines of credit needed to get a homeloan with a fair interest rate? Does having a 10% down payment help?
Same job for 5 years, income verification will be used.
Best answer:
Answer by Blu
That will depend on the entity loaning the money. Some entities are more lenient than others. And yes having a down payment does help. The more you have available for a down payment, the less you have to pay in the long run.
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Question by draymond31: Bankruptcy vs. credit repair before selling and buying a home?
Ok, I have a credit score of 504. Of the 40 items on my credit report 37 are old medical and the other 3 are paid as requested which are home, car, and one credit card.
Do I go ahead and try to repair the credit or file bankruptcy?
Before or after selling a home?
Best answer:
Answer by annazzz1966
Repair your credit before buying a home. File BK after buying a new home. Sell the home anytime regardless of your credit.
Pay all your old bills off and your new bills on time for the next 5 years and your credit will be in better shape and then you dont’ have to file BK.
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Question by horsefeathers23: How do I get my home mortgage payments to apear on my credit report?
I’ve owned it since 2003 and it doesn’t apear on my credit report. I’ve contacted the three credit agencies and they said it was up to the loan servicing corp. or the lender to report it. Neither the loan servicing corporation or lender will report it. I’ve made all payments on time and don’t get any credit for it but if I were to miss payments I bet they would report it asap.
Best answer:
Answer by Abbi
That seems awfully sketchy to me. Who did you go through?
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Question by dominiquegilmer04: When creating website for credit repair, should I also have an office or is work from home a good starter?
Is it possible to provide credit repair services to individuals without having an office enviornment to invite potential applicants to?
Best answer:
Answer by vg55 v
I would start working from home to get a client base first. Once you are making money, look at office space.
I hope you know about www.creditboards.com
What do you think? Answer below!
Question by planeboy747: Tips on buying home with less than perfect credit?
I’ve been working over the last 2 years to raise my FICO score which has gone from 420 to 623.
In fact, my current scores are 600 (TU), 623 (EQ), and 683 (EX).
I still have some open collections on my credit report that I’m trying to get cleaned up. However, I’d really like to move into a home soon.
Any tips would be appreciated.
Best answer:
Answer by tylernmi
How secure is your job?? How much do you have in savings?
If you are still paying off old bills, how will you pay a mortgage, as well as taxes, insurance and utility bills? Right now, there are a lot of people losing their homes because they are in over their heads financially. If you miss a payment on your house, you can be foreclosed, which means you will lose everything you paid, and your credit rating will tank. To save on mortgage insurance, which is not the same as homeowners insurance, you should have 20% down payment as well as several thousand dollars in closing costs. Buying a home is not cheap, and over a 30 year mortgage, you will pay out about three times the price of the house in interest and principal, and that is a conservative estimate. Run the numbers, and don;t get conned because some guy is looking to make a commission on a sale. For you, with bills owing, I would suggest renting, it may be cheaper than all of the other expenses, and save the difference Ina bank account. Best wishes…….have been an owner and now a renter….++$ $
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Question by karenldee: Home equity Line of Credit…shopping tips, questions, etc.?
I’m shopping for a home equity line of credit which I’ve never done before. I’d really appreciate some tips on doing this – what should I look out for and what questions should I be asking? Thanks.
Best answer:
Answer by Randall Parker, MBA
The best bet for this would be to go to a major bank. Citibank and BofA both offer pretty good HELOCs with low interest rates and low to no fees.
You want to compare interest rates and repayment periods, but they are all pretty similar. The only thing that might hang you up is the appraisal, so I would apply with both, and see who offers more money.
Good luck!
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