I just came across this. Not usually a big fan of Liz, but this time she puts the basics out there and it makes sense. If you want to improve your credit score, read this!
Raise Your Credit Score
Monday, March 22, 2010
Thursday, March 18, 2010
More Technology
In an attempt to stay somewhat abreast of the changing technology I have added twitter and facebook. You can follow my tweets at @cscheer1961
If you know anyone who would benefit from my services, please don't hesitate to let me know!
Chris
If you know anyone who would benefit from my services, please don't hesitate to let me know!
Chris
Tuesday, March 9, 2010
Maybe the mortgage insurance companies have finally figured it out!
This just in; one of the leading mortgage insurance companies has announced plans to insure conventional loans up to 95% LTV with a minimum fico of 660.
In addition they have increased the maximum debt to income ratio they will accept for borrowers with fico’s over 740.
What does this mean? It means that since tightening their lending guidelines they have lost all of their insurance business to FHA. In the meantime they have continued to lose money paying out claims on all the bad loans that they have insured. You don’t have to be an economics major to understand that if your revenue goes down and your expenses go up you will lose money. In an effort to try to get more revenue they have made these moves. Will they work? Only time will tell, but for now it could be the beginning of loosening of credit that will help stimulate the mortgage market after the tax credit ends on June 30, 2010.
In addition they have increased the maximum debt to income ratio they will accept for borrowers with fico’s over 740.
What does this mean? It means that since tightening their lending guidelines they have lost all of their insurance business to FHA. In the meantime they have continued to lose money paying out claims on all the bad loans that they have insured. You don’t have to be an economics major to understand that if your revenue goes down and your expenses go up you will lose money. In an effort to try to get more revenue they have made these moves. Will they work? Only time will tell, but for now it could be the beginning of loosening of credit that will help stimulate the mortgage market after the tax credit ends on June 30, 2010.
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