Trended Credit Data

Posted on Leave a commentPosted in Conventional, Credit, Qualifying, RE Agents

We are about to experience one of the largest shifts in mortgage qualifying that we have had in quite some time.  If you have not heard about Trended Credit Data make sure to read this post thoroughly…

Fannie Mae decided that their newest automated underwriting system release (DU 10.0) would require what is called “Trending Credit Data”.  … Read the rest

Comparing Mortgage Lenders

Posted on Leave a commentPosted in FAQs, Home Owners, Mortgage, Purchase, Rates & Fees, Refinance

$402,302

$341,956

$8,836.68

Ummm, ok, what are those numbers?  Those are numbers I think you will be quite interested in…

$402,302 is the average sales price in Denver right now.
$341,956 would be the mortgage amount with an average down payment (15%).
$8,836.68 is the extra interest paid over 30 years between a 3.875% rate and a 4% rate.… Read the rest

How Mortgage Companies Look at Credit Scores

Posted on Leave a commentPosted in Credit, FAQs, Purchase, Qualifying

You have a CreditKarma or FreeCreditReport.com account and you keep a close eye on your credit score.  You receive alerts notifying you of any activity or score changes.  You are on top of it!  Keeping tabs on your credit score through subscription programs like this may be helpful to see what is going on but do you know how mortgage companies look at credit scores?… Read the rest

Credit Disputes Impact Mortgage Qualifying

Posted on Leave a commentPosted in Credit, FAQs, Purchase, Qualifying

Did you know you could dispute items on your credit report?  Did you know that disputing items has become a popular method to clean up your credit and improve your score?  I am here to tell you that credit disputes impact mortgage qualifying, so be careful.

credit disputes

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) was put in place in the 70s but was amended under the Fair and Accurately reflect Credit Transactions Act (FACTA) in 2003.  … Read the rest