credit report

What Is the Mortgage Appraisal Process?

                    Today, we are going to talk about appraisals and the mortgage appraisal process. When you go to get a mortgage, lenders approve YOU, and your specific financial situation. A lender will begin by looking at your credit, your income and your debts, the sources of your income, and the specific property you are buying or refinancing. The lender will check that the cost of the home is where you need it to be from a financial standpoint, and that it comes in at the right value by doing an appraisal. Finding an Appraiser When doing an appraisal, a qualified appraiser is brought in to appraise the value of the home. Previously, we could pick the appraisers that we brought in to do the appraisal that knew the area well. However, today there is more of a blind system: appraisers are…

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Renovation Loans: How Long to Close

How long does it take to close on a renovation loan? Many folks have heard horror stories on renovation loans, which often times can take 90 or 120 days to close. Realtors often discourage the use of renovation loans because they never close. However, renovation loans can close quickly when set up appropriately. Two main factors influence the amount of time renovation loans will take to close: making sure the loan officer gives good advice on an appropriate time schedule, and you doing your homework. When doing a renovation loan, you will go and find a property and get a contract on the home, and then determine what work needs to be done to the home. Once under contract, your list of repairs and upgrades needs to be priced out, which involves getting quotes from good contractors that will do the work. Coming up with a list of what work…

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The Credit Reporting System

Your credit record is compiled by 3 companies, Equifax, Experian and Trans Union. They are called credit repositories. The credit report from each repository can come out slightly different. When we run a credit report for your mortgage we pull a merged report which draws from all 3 repositories. Your credit report is a record of all the credit you’ve built up over your lifetime. It gives a list of all the accounts you currently have, as well as accounts that you have closed. It shows the balance of the accounts, the credit limit on each account, the payment history showing late payments as 30, 60, 90 or over 90 days past due, and any past due balance. It also has a record of any bankruptcies, judgments, and foreclosures you may have had (these will eventually drop off the report in either 7 or 10 years, depending on the type,…

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Chicago, IL -List of Things To Do Before Buying a Chicago Area Home

Are you looking to buy a new home this year? If you are, planning ahead will make the process easier and less stressful. To make sure that you make the best decision there are several things you should do before you even start to look at houses. Here’s a to-do list for buying a home: Check your credit – Having good credit is more important than ever before for both qualifying for a mortgage and getting the best pricing. You can get a free copy of your credit report at annualcreditreport.com. (You will have to pay extra to see your Fico score.) Check your credit report for mistakes and potential problems. For more information on credit scoring and how to make the most of your credit, see How to Understand Your Credit and parts two , three  and four. Determine what you want, and more importantly what you need –…

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