Wednesday, March 31, 2010

Your Credit Score - The Basics

These days more than ever your credit score is key to not only having access to better loan programs but the score will determine how much you pay in rate and fees. There have been many changes in recent years and Fannie and Freddie have instituted risk based pricing which may impact you if your score is below 740. So it pays to keep your score in good shape.

So how do you do that and what are some of the tricks that can help you maintain a good score?

Tuesday, March 23, 2010

Paperwork - Should Borrowers Take a Stance?

So how much paperwork do you need to give a lender these days to get a loan? Not that much really, but many people in the market today appear to be uncomfortable with providing much, if any documentation to a lender that is trying to determine if they can safely lend these folks a couple of hundred thousand bucks. In fact, I have encountered an increasing number that simply draw a line in the sand and dictate what paperwork they are willing to part with.

So how did this situation develop and why are these folks playing hardball? And the better question is; should they?

Friday, March 12, 2010

Tax exemption for homeowners in distress goes to governor

Prior to 12/20/2007 , if a homeowner who had a foreclosure, loan modification or short sale may actually have had the debt forgiven become a taxable event and had it be deemed income as far as the IRS was concerned.  Just what someone in that position needed.  The feds did take that nasty rule out of the IRS code in 2007 but California did not follow suit.  However, this may change soon.  Read on