Credit Card And Loan Application Approval Resources To Raise Your FICO Score

Often times crisis happen in life, therefore, causing financial hardship for the family such as divorce, loss of income from company downsizing, illness in the family or death. These unfortunate circumstance can upset your financial capability to pay your mortgage, car payment, credit card debt and other financial obligations. Bad credit can happen to anyone.

Filing for bankruptcy can remain on your credit report 10 years. After you file for bankruptcy, it is always best to try and re-establish credit. Once you have re-established your credit, always pay on time. You’re trying to gain the confidence of banks, lenders, credit card companies and financial institutions your willingness to pay on time. Your credit worthiness will be judged by your credit rating.

Never let anyone run your credit report. Be very cautious! If you’re shopping around for a home loan, often times, banks, realtors or mortgage companies will want to run your credit report. Don’t do it. Each time someone run your credit report, inquiries will appear on your report, which can lower your FICO score. I have seen clients with several inquiries on their report who had FICO scores in the 600 and now in the mid 400 because of inquiries. Shop around and search for a good lender whom you trust, who is honest and has integrity. When shopping for a home loan, by all means, ask questions. What are your lender fees, interest rate, points, APR, loan approval process?

If you have a FICO score of 620 or better, you have an advantage. Demand the very best interest rates. Don’t go to sub-prime lenders for a home loan. To maintain a high FICO, try to keep your outstanding balance no more that 30% of the high credit limit. A recommended source for credit disputes, improving your credit or building your financial wealth, visit my recommended reading resource.

Dispute Your Credit Report

Order a copy of your credit report. You should be able to get your scores from all bureaus. Verify all data is reported accurately. Prepare a letter to dispute any inaccurate information. Provide any documentation to support it. Know that hard inquiries will remain on your report for two years. Credit report fees may apply depending on your state and situation.

Credit bureau contact information

Experian

PO BOX 2002

ALLEN, TX 75013

888-397-3742

Transunion

PO BOX 1000

CHESTER, PA 19022

800-888-4213

Equifax

PO BOX 740241

ATLANTA, GA 30374

800-685-1111

Atlanta Mortgage Rates

Based on interest rates, Atlanta Mortgages can be divided into two types namely fixed rate and adjustable rate loan. In the case of a fixed rate loan, a monthly payment including the principal and the interest will never change for the duration of the loan.

These types of mortgages are available for different maturity periods ranging from biweekly to 30-year. The rate of interest also increases with the increase in the maturity period of the loan.

Adjustable rate mortgages offer an introductory rate of interest in the beginning for a fixed time period and later an adjusted rate based on the market index rate. The rates of interest of these mortgages fluctuate with market rates of interest on securities like the six-month Certificate of Deposit (CD), the one-year Treasury Security or others. Adjustable rate mortgages have a lifetime cap which protects the borrower from the monthly payment going too high too fast. The interest payments under adjustable rate mortgages are lower than those under fixed rate mortgages.

In Atlanta, mortgage rates differ throughout the city-and throughout Georgia. Generally rates range from 4 to 6 percent. For instance, the 30-year mortgage holds an interest rate of 5.3 percent in the case of Metro Atlanta’s best home mortgages. A borrower can find plenty of useful information via online research directories.

A mortgage calculator gives you an idea as to how much a borrower has to pay every month for a home loan. Information required for using the mortgage calculator are the amount of the loan, the expected interest rate, which is an estimate based on current interest rates, and the period of loan.

Advice on Purchasing Your New Home

2009 is a new year and we are starting to see marked improvement in the Atlanta home sale market. If you are considering purchasing a home, there will never be a better time. Rates are low and there are great values in homes in Atlanta and surrounding areas. As you begin your home buying adventure, let me offer some advice to make this process a pleasant and rewarding experience.

A home purchase is possibly the largest financial transaction to date, so it is important to make good decisions and to be well informed. Your Real Estate Agent and your Loan Officer will be valuable assets to you as you begin to research the area. Whether you are looking at Atlanta new homes for sale or you are looking at the Atlanta home sale market, in general, surround yourself with knowledgeable, helpful real estate and mortgage professionals. They are the keys that will make this a happy, memorable event in your life. Your Real Estate Agent and your Loan Officer will work together to help you buy the home of your dreams.

Where do you begin? Your first step is to meet with a reputable, knowledgeable Loan Officer for your pre-qualification. Your Loan Officer will help you find the best loan program to meet your personal situation and needs. Once your pre-qualification is complete, you will meet with your Real Estate Agent and starting looking for the home of your dreams in the Atlanta home sale market. With your pre-qualification letter in hand, your Real Estate Agent can negotiate the best deal for you. Work closely with your winning Realtor/Loan Officer team and you will be celebrating the purchase of your new home before you know it. In the Atlanta home sale market, there are many beautiful homes for you to choose from so start looking for an Atlanta new home today. Ask your friends to refer a Loan Officer or realtor they were happy doing business with.

Good Luck in your search and enjoy your new home!