Using Downpayment Gifts for Your FHA Loan
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on using downpayment gifts for your FHA loan.
Unlike with most other conventional loans, the Federal Housing Authority (FHA) allows borrowers to pay some or all of their down payment with gift funds. No verification of the source of the down payment money is required. All that needs to be done is for the money to first be deposited into the borrower’s bank account or an escrow account before and until the loan is approved, and for proof of that deposit to be provided.
Greater than half of first-time homebuyers receive gift money from relatives in order to help them pay for their down payment. Besides relatives, other accepted sources of down payment gifts are friends, labor unions, faith-based organizations, and charity organizations. Another valid (and novel) source of down payment assistance is through the Bridal Registry program whereby newlywed couples can get gift money deposited into an account for them to use towards a down payment on an FHA loan.
In 2004, President George Bush announced intentions to convince Congress to eliminate the down payment requirement for FHA loans entirely, but so far nothing has come of that.
Recent attempts in the U.S. Congress to pass legislation that would make it extremely difficult for charitable organizations that provide down payment gift funds to claim tax exempt status, thereby disqualifying them from being able to provide a down payment gift fund for FHA loans at all has fortuitously failed.
Despite the attempted U.S. Department of Housing and Urban Development (HUD) rule to eliminate all down payment assistance programs, the U.S. District Court intervened to protect low-to-moderate income potential homebuyers. The result of this injunction is that organizations like the Home Down Payment Gift Foundation and the Genesis Foundation can still claim tax exempt status and still provide down payment gifts to would-be FHA mortgages, at least until there is some sort of final resolution on the matter.
It is likely that compassionate wisdom and common sense will prevail in this situation as it is plainly obvious that allowing homebuyers to cover the cost of their down payment with down payment gift funds is far preferable to burdening low-to-moderate income households with higher debt.
By paying their down payment with gift funds, homebuyers begin their home ownership experience from Day One with equity in their new home, that home equity being equal to the amount of their down payment (or at least the amount covered by down payment gifts). This also puts these households that much closer to the day they own their homes outright.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Showing posts with label free rate quote. Show all posts
Showing posts with label free rate quote. Show all posts
Wednesday, July 8, 2009
Wednesday, July 1, 2009
Consolidating Debt
Consolidating Debt
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on consolidating your debt.
Debt consolidation was designed to help individuals who are “drowning in debt” to regain control of their financial lives. Consolidating debt gives individuals the chance combine their various monthly payments into a single monthly payment that is usually lower than the sum of the individual monthly payments on the same debt. Payments on consolidated debt are also quite often at a lower interest rate than the rates offered by the individual lenders.
1 Warning Signs
If one or more of the following applies to you, debt consolidation may be in order
a You pay for normal living expenses with credit
b You transfer balances around from one credit card to another
c You can only afford the minimum monthly payments on your credit cards, and no more
d You have maxed out one or more credit cards
e You find yourself spending more than half your income to pay your monthly credit card payments
f You’re looking to open yet another line of credit in order to better manage your current debt, expenses, and lifestyle
The following is a breakdown of some of the best and most common ways to consolidate debt
2 Debt Consolidation Loans
The traditional way to consolidate debt is to take out a debt consolidation loan. This is a personal loan that is unsecured, and therefore considered riskier other types of loans. Lenders therefore will usually charge higher interest rates for these loans, the advantage to getting such a loan being the single (and hopefully smaller) monthly payment. People with lots of debt may find they have difficulty getting a lender to give them a debt consolidation loan, however, and may need to look further to find a viable debt consolidation solution.
3 Debt Settlement
Debt settlement agencies help you resolve debt by becoming the intermediary between you and your creditors, You stop paying your various creditors and instead make a single payment to the debt settlement agency.
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief article on consolidating your debt.
Debt consolidation was designed to help individuals who are “drowning in debt” to regain control of their financial lives. Consolidating debt gives individuals the chance combine their various monthly payments into a single monthly payment that is usually lower than the sum of the individual monthly payments on the same debt. Payments on consolidated debt are also quite often at a lower interest rate than the rates offered by the individual lenders.
1 Warning Signs
If one or more of the following applies to you, debt consolidation may be in order
a You pay for normal living expenses with credit
b You transfer balances around from one credit card to another
c You can only afford the minimum monthly payments on your credit cards, and no more
d You have maxed out one or more credit cards
e You find yourself spending more than half your income to pay your monthly credit card payments
f You’re looking to open yet another line of credit in order to better manage your current debt, expenses, and lifestyle
The following is a breakdown of some of the best and most common ways to consolidate debt
2 Debt Consolidation Loans
The traditional way to consolidate debt is to take out a debt consolidation loan. This is a personal loan that is unsecured, and therefore considered riskier other types of loans. Lenders therefore will usually charge higher interest rates for these loans, the advantage to getting such a loan being the single (and hopefully smaller) monthly payment. People with lots of debt may find they have difficulty getting a lender to give them a debt consolidation loan, however, and may need to look further to find a viable debt consolidation solution.
3 Debt Settlement
Debt settlement agencies help you resolve debt by becoming the intermediary between you and your creditors, You stop paying your various creditors and instead make a single payment to the debt settlement agency.
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Monday, June 29, 2009
Another Humbling Testimonial Proves That Somerset Mortgage Lenders Truly Helps Make Owning a Home a Reality For Borrowers
Another Humbling Testimonial Proves That Somerset Mortgage Lenders Truly Helps Make Owning a Home a Reality For Borrowers
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.
Here is a yet another letter on this subject, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747
"To Gregg Marcus,
Hello Gregg,
I just wanted to take this time to write a letter expressing how happy I am to have worked with the Somerset Investors Team. Especially, Nancy Grana, and Catherine Belle. For the past year, my wife and I have struggled with making our mortgage payments. I was very concerned that we might lose our house. And since my mother lives with us and she depends on her disability check, it would have been extra hard for her to find somewhere else to live. And I did not want to fail my family at all.
Although I was a little skeptical with working with any loan investor, I took a chance with Somerset. I didn’t believe that anything would go through due to our credit history. But I really had no choice and after Nancy starting working with me, she demonstrated how committed she was to try to make this work. And she did just that. I was a little upset when I turned over to someone new, but Catherine Belle filled in just fine. She worked with me to finish the job. Both were very concerned about their customer.
I think that the Somerset staff has proved that even in this struggling economy, there is still hope for those of us that are hard working people to make it through. But without the encouragement, not many will be able to follow through. I want to thank Nancy Grana and Catherine Belle for their diligence to see this through. My mind and heart are more at ease than before. I can’t thank them enough for what they have done. I will be sure to refer Somerset to anyone that I speak with.
God Bless
Best regards,
Marcus"
We would like to thank Marcus as well for allowing us to serve as their loan partner - helping all their dreams get closer to becoming reality!
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.
Here is a yet another letter on this subject, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747
"To Gregg Marcus,
Hello Gregg,
I just wanted to take this time to write a letter expressing how happy I am to have worked with the Somerset Investors Team. Especially, Nancy Grana, and Catherine Belle. For the past year, my wife and I have struggled with making our mortgage payments. I was very concerned that we might lose our house. And since my mother lives with us and she depends on her disability check, it would have been extra hard for her to find somewhere else to live. And I did not want to fail my family at all.
Although I was a little skeptical with working with any loan investor, I took a chance with Somerset. I didn’t believe that anything would go through due to our credit history. But I really had no choice and after Nancy starting working with me, she demonstrated how committed she was to try to make this work. And she did just that. I was a little upset when I turned over to someone new, but Catherine Belle filled in just fine. She worked with me to finish the job. Both were very concerned about their customer.
I think that the Somerset staff has proved that even in this struggling economy, there is still hope for those of us that are hard working people to make it through. But without the encouragement, not many will be able to follow through. I want to thank Nancy Grana and Catherine Belle for their diligence to see this through. My mind and heart are more at ease than before. I can’t thank them enough for what they have done. I will be sure to refer Somerset to anyone that I speak with.
God Bless
Best regards,
Marcus"
We would like to thank Marcus as well for allowing us to serve as their loan partner - helping all their dreams get closer to becoming reality!
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Wednesday, June 24, 2009
Find The Right Home Loan Program
Find The Right Home Loan Program
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief how to guide on finding the right home loan program.
Whether it’s to purchase a new home or refinance your current home, there are an assortment of loan programs you have to chose from, based on a combination of your objectives and your eligibility.
Conventional Loans: Conforming Loans and Jumbo Loans
The conventional loan is the most common kind of loan, available to most people who have at least 3% of the requested loan amount available to pay as a down payment. The two most common types of conventional loan are conforming loans and jumbo loans.
Conforming loans are a type of conventional loan that are secured by Freddie Mac (FHLMC), Fannie Mae (FNMA) and other GSEs, or Government Sponsored Entities. These GSEs do not directly lend the money to borrowers but rather work with various lenders country-wide to provide loans that meet the average homebuyer’s needs. These entities also buy mortgage loans from lenders in order to re-package them as securities available for sale to investors on the secondary market.
For loan amounts that are higher than the loan limits set each year by the GSEs, private investors offer jumbo loans. The trade-off of going to a private investor to borrow a larger amount of money is that the interest rate on such loans is also usually higher.
Special Circumstances: Loans for First-Time Homebuyers, Low-Income Households, and People with Poor Credit
Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).
HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably.
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com/
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief how to guide on finding the right home loan program.
Whether it’s to purchase a new home or refinance your current home, there are an assortment of loan programs you have to chose from, based on a combination of your objectives and your eligibility.
Conventional Loans: Conforming Loans and Jumbo Loans
The conventional loan is the most common kind of loan, available to most people who have at least 3% of the requested loan amount available to pay as a down payment. The two most common types of conventional loan are conforming loans and jumbo loans.
Conforming loans are a type of conventional loan that are secured by Freddie Mac (FHLMC), Fannie Mae (FNMA) and other GSEs, or Government Sponsored Entities. These GSEs do not directly lend the money to borrowers but rather work with various lenders country-wide to provide loans that meet the average homebuyer’s needs. These entities also buy mortgage loans from lenders in order to re-package them as securities available for sale to investors on the secondary market.
For loan amounts that are higher than the loan limits set each year by the GSEs, private investors offer jumbo loans. The trade-off of going to a private investor to borrow a larger amount of money is that the interest rate on such loans is also usually higher.
Special Circumstances: Loans for First-Time Homebuyers, Low-Income Households, and People with Poor Credit
Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).
HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with down payments lower than 3% of the total loan amount. There is a limit to how high of a loan the FHA will insure, but the limit is at least high enough to allow people in qualifying circumstances to buy reasonably.
Get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more get a free rate quote now at http://www.somersetmortgagelenders.com/ or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Tuesday, June 23, 2009
A Testimonial and A Thank You
A Testimonial and A Thank You
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.
Here is one such letter, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747
"From:
Mark & Anna
Dayton, Texas
June 15, 2009
To: Somerset Mortgage Lenders
Dear Somerset:
Although this may be an overlooked task, we feel that we must bring to your attention the exceptional service that we received from you and the entire Somerset Mortgage Lenders organization.
We are, of course, very delighted to have had the pleasure of working with you during the loan acquisition. Your professional and courteous attitude, expert knowledge, and patience in handling our specific issues were very important to our complete customer satisfaction.
In the past, I felt that loan service providers were not sensitive to our needs and provided the quickest and most convenient solution to my problems from their perspective. But not in this case. You and the entire Somerset Mortgage Lenders organization handled our issues as if they were their own, and we are completely satisfied.
We again thank you for the exceptional and professional service and look forward to patronizing your organization. Please forward this letter to the entire organization as we appreciate their hard work, professionalism and understanding in completing this transaction.
Sincerely,
Mark & Anna"
We would like to thank Mark & Anna as well for allowing us to serve as their loan partner - helping their dreams get closer to becoming reality!
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus work hard every day to make the experience of getting your loan as easy and enjoyable as possible. So it's even more rewarding when a satisfied consumer comes forth with a heartfelt letter of recognition, a thank you for a job done right.
Here is one such letter, recently submitted to our offices at 290 Broadhollow Rd in Melville, NY 11747
"From:
Mark & Anna
Dayton, Texas
June 15, 2009
To: Somerset Mortgage Lenders
Dear Somerset:
Although this may be an overlooked task, we feel that we must bring to your attention the exceptional service that we received from you and the entire Somerset Mortgage Lenders organization.
We are, of course, very delighted to have had the pleasure of working with you during the loan acquisition. Your professional and courteous attitude, expert knowledge, and patience in handling our specific issues were very important to our complete customer satisfaction.
In the past, I felt that loan service providers were not sensitive to our needs and provided the quickest and most convenient solution to my problems from their perspective. But not in this case. You and the entire Somerset Mortgage Lenders organization handled our issues as if they were their own, and we are completely satisfied.
We again thank you for the exceptional and professional service and look forward to patronizing your organization. Please forward this letter to the entire organization as we appreciate their hard work, professionalism and understanding in completing this transaction.
Sincerely,
Mark & Anna"
We would like to thank Mark & Anna as well for allowing us to serve as their loan partner - helping their dreams get closer to becoming reality!
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Monday, June 22, 2009
Understanding Your Credit
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief how to guide to understanding your credit.
Credit is the borrowing of money with the intention of repaying the lender at some later point in time. Examples of credit include: credit cards, home mortgages, student loans, and car loans.
There are 3 primary agencies that compile information on an individual’s credit history and produces a report which lenders use to help determine whether or not to approve a request for credit. These 3 main credit reporting agencies are: Experian, Equifax, and Trans-Union.
A credit report includes an individual’s name, address, social security number, current employer and employment history, and previous credit history. A person’s credit history includes various types of accounts (ie. bank accounts, credit card accounts, student loans), the respective balances remaining, the payment status (ie. whether or not payments were made on time), and any collection information. A person’s credit report contains information on that person’s credit history going back 7-10 years.
A credit report will also identify how often, when, and by whom an inquiry was made into the individual’s credit. This is valuable information to lenders as it shows them how frequently a person is applying for additional credit. And a credit report will identify any legal actions taken against an individual for the purposes of reclaiming money owed.
In instances where a person’s credit history is lacking, lenders may take other proof of credit into account, such as rental payment receipts and utility bills. It is difficult to obtain credit without proof of some sort of existing credit history, however short or small.
When a consumer applies for a loan or other form of credit, the lender will contact one of these credit bureaus to review the applicant’s credit report. Although most of the information collected by each of the agencies is the same, slight differences may exist in an individual’s credit report from each agency. In addition, errors will often exist on credit reports.
Different lenders will pull different agency’s credit reports on their applicants, making it essential for every consumer to make sure all 3 of their credit reports are accurate. Fortunately, every American is entitled to receive one free copy of their own credit report per year from each credit reporting agency. But even if you’ve already received your free credit report from each agency for a given year, you can still purchase an additional copy at any point in time you like for a small fee.
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
by Somerset Mortgage Lenders: "The Brains, The Courage and The Heart to Make Your Dreams Come True"
http://www.somersetmortgagelenders.com
Somerset Mortgage Lenders and Gregg Marcus strive to keep the public educated with tips meant to make getting your loan as easy and painless as possible. To this end, they have put together this brief how to guide to understanding your credit.
Credit is the borrowing of money with the intention of repaying the lender at some later point in time. Examples of credit include: credit cards, home mortgages, student loans, and car loans.
There are 3 primary agencies that compile information on an individual’s credit history and produces a report which lenders use to help determine whether or not to approve a request for credit. These 3 main credit reporting agencies are: Experian, Equifax, and Trans-Union.
A credit report includes an individual’s name, address, social security number, current employer and employment history, and previous credit history. A person’s credit history includes various types of accounts (ie. bank accounts, credit card accounts, student loans), the respective balances remaining, the payment status (ie. whether or not payments were made on time), and any collection information. A person’s credit report contains information on that person’s credit history going back 7-10 years.
A credit report will also identify how often, when, and by whom an inquiry was made into the individual’s credit. This is valuable information to lenders as it shows them how frequently a person is applying for additional credit. And a credit report will identify any legal actions taken against an individual for the purposes of reclaiming money owed.
In instances where a person’s credit history is lacking, lenders may take other proof of credit into account, such as rental payment receipts and utility bills. It is difficult to obtain credit without proof of some sort of existing credit history, however short or small.
When a consumer applies for a loan or other form of credit, the lender will contact one of these credit bureaus to review the applicant’s credit report. Although most of the information collected by each of the agencies is the same, slight differences may exist in an individual’s credit report from each agency. In addition, errors will often exist on credit reports.
Different lenders will pull different agency’s credit reports on their applicants, making it essential for every consumer to make sure all 3 of their credit reports are accurate. Fortunately, every American is entitled to receive one free copy of their own credit report per year from each credit reporting agency. But even if you’ve already received your free credit report from each agency for a given year, you can still purchase an additional copy at any point in time you like for a small fee.
Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak with a LIVE Loan Officer now.
SOMERSET MORTGAGE LENDERS
specializing in: purchases, debt consolidation, divorce buyouts, home improvement, mortgages, refinancing, reverse mortgages, FHA loans & more
get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.
Subscribe to:
Posts (Atom)
