Tuesday, August 30, 2011

Poor Credit Home Mortgage Loans - The Role Of The FICO Score

Poor Credit Home Mortgage Loans

If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.

FICO  Fair ISAAC & Company  is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.

The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:

1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.

2. If you have a FICO score lower than 500, there is very little chance you'll be getting a mortgage home loan.

That said, if you have a score of:

500 - 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.

600 - 640 You should get a 100% home loan financing. Thats right, with no money down.

640 - 700 You should be able to be approved for a 125% home mortgage loan.
700+ You're in the drivers seat! You should be able to get an excellent rate with excellent terms.

3. FICO depends on each credit report, so before you apply for a home mortgage loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn't be there. If there is, get it changed before you apply for the home mortgage loan.

4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.

5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don't succeed in getting your home loan mortgage, don't give up. Some lenders may still be willing to lend to you!

People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.

For more information click here

How To Get The Lowest Home Loan Mortgage Rates

As speculations are arising about the state of the US economy, many are wondering whether it is still possible to get the lowest home mortgage rates. Even other parts of the world may face the effects of the US economy. The question is, is it still possible to get the lowest home mortgage rates?

Foreclosures is a risk which gets many potential home owners to get cold feet in getting a home mortgage loan to buy a home. Banks are writing of many mortgage debts as lost forever. This is a cause for concern, however, realize that times change, and as last year had good growth, we will see good growth in future. Mortgage lenders will still give out mortgages to people, though the mortgage lending companies may be a bit more vigilant when deciding who to give a home mortgage loan to.

While people from other countries may look into the US standard of living and think that every American is rich. For those living in the US, they know that it just isn't the case. Many families have to really save and work on a budget. For people who want the American dream of owning a home, saving and scrimping is the goal to make it all happen. Something that comes into play when trying to buy a home is the price of housing and the interest rate cost of the mortgage. Getting the lowest home mortgage rate is critical for families wanting to own instead of rent.

Finding the lowest home mortgage rates is also a possibility. With so many mortgage lenders willing to give you a mortgage to buy a home, you can be assured that there are still great rates available for you.

::: Why Get The Lowest Home Mortgage Rates :::
Getting the lowest home mortgage rates can be the difference between getting a mortgage and being able to pay for it or not being able to pay for the mortgage. Most people who end up with a foreclosure, with the exception of certain circumstances, happen due to people not taking a look on the long term, and looking how getting a mortgage will effect them not just today or in a few months, but in a decade or two.

Something to bear in mind with regard to the lowest home mortgage rates is that the lowest home mortgage rate is always fluctuating but it currently hovers at close to six percent. This is for owners that have good credit and very little debt to income ratio.

It's easy to see how the mortgage rates have been when looking back over the last forty years. Looking back on the payments for housing, it shows that new homeowners will also find that the cost of interest rates will seem low to future generations. There was a time in the late seventies and the early eighties when the lowest home mortgage rate was in the double digits. The lowest home mortgage rate was at ten percent and higher. Thankfully, today's rates are much lower and more people should buy now before interest rates climb once again. Talk to a real estate professional that can help people know when the best time to buy is.

Your FICO credit score is an important factor in whether you will get the lowest home mortgage rate or not. However, the FICO credit score is only part of the decision process. The mortgage lender will take into account your current circumstances, income level, and your ability to keep that payment throughout the mortgage period.

For more information click here

Friday, October 15, 2010

Something To believe In

     Hear Me,Hear Me

Are you like me :Wanting to provide for your family all the
things YOU never had, to spend more quality time with them, to help others like yourself grow & prosper.
Has this happened to you or someone you know,
You were lied to. You were “Mislead”.  You got thrown in the Mix, untrained, unprepared. Your checking account was drained. Your credit cards were maxed out. Friends & relatives screened your phone calls.
Have you looked in the mirror and called yourself, “Loser!”
   I know, I know.
It has started because you want the same things I wanted.
You want to be your own boss, answer to no one … and earn a good living doing it. You want to go where you want, when you want. You want to spend $200 on dinner without batting an eye.
You want precious time NOW with those you love. You want the money & freedom to take a day off – or 2 weeks off – and maybe fly to some faraway island on a whim. 
   Can you share your work and socialize with people you like & admire, who has the same outlook on life and your goals. You want the self-satisfaction of achieving your goals, and the self-fulfillment of helping others reach theirs. You want financial freedom.

The plan is NOT easy. But it’s simple. Its NOT “I’ll do all the work FOR you.”
   It only works if YOU do. But you can create a lifetime residual income.
What’s in it for me, you ask? That answer is helping you helps me. It’s part of my giving back to this great plan.
I wish you the absolute best, and I hope you use this information. It could change your life.
Are you game? Then read on!

Our Training Results

TRUE support is to take you by the hand and lead you through every step of this business, so you can actually experience it in real time and get good at it.
THAT is the way we designed our training and the tools, phone calls are a added bonus to help in our success
I don’t do ANYTHING in life that isn’t fun. Whatever I do, it’s because I love it.
So I do what I can to balance the scales. I choose to support with every
fiber of my body ANYONE who invests their hopes & dreams & life into
this company. It makes my day to help keep their dreams alive.
  I am not threatened by anyone or any company in this industry. More info, CLICK HERE
Truth: People are people - not numbers. They have goals, dreams and desires.
They are mothers, fathers, sisters, brothers, aunts, uncles, nieces, nephews, grandmothers, and grandfather's to someone that loves them. They are not a number, but real people.
  If you treat them like a number, I promise you: you have NO future in
in this business.
This lie teaches people to be a recruiter, not a sponsor. Recruit, recruit, recruit.
Numbers, numbers, numbers. Lies, lies, lies. A recruiter never knows their personally sponsored people's "WHY." Or their dreams, goals, or spouse's or children's names. It's only about numbers.
To succeed long-term, you need to become a mentor with a servant's heart. When you do, people will ask you to PLEASE sponsor them into your business.
Ever wonder why you get so many "NO"s? Take a look at this
  Go get 100 “NO’s”, they say. You're just getting closer to a "YES."
The word "NO" has taken more good people out of this industry that any other word in the English language.
   Picture this: all day long you've been flirting with your spouse. At night you take a bath, candles around the tub, soft music, perfect for romance.. And your spouse says "NO!"
GREAT! Just 99 more "NO"s and you'll get lucky!
And some nitwit says NO is a good thing.
   Have you ever noticed how we're always looking for the right money-making opportunity or the next big business trend? Then when you think you've found the right thing, it's usually too expensive, or too risky, or too much work.

I've finally found a financial opportunity with all the benefits, but without the risk and expense. Big upside, very little downside. I really want you to know about it, because we want to help with the
ever increasing needs of making the right decisions,company support and guidance.  

   Provide you with answers to your problems,

It's very brief, but it does a really good job of explaining the concepts and principles behind this opportunity I've found. CLICK HERE

After you've had a chance to watch it, I'd love to get together and chat about the business. I value your opinion, and want to know what you really think about it.

My friends, thanks in advance for your time. I look forward to speaking with you soon.

JOHNNY H WHEELOCK  Emial me info@johnnywheelock.com