In today’s market, having a high credit score is essential. Considering the lack of credit that is being made available for consumers these days, only the highest credit scores can expect to receive favorable loan terms, or even receive loans at all. The old standards for good credit scores have been thrown out the window, and the base scores needed to qualify for loans, mortgages and credit cards continue to climb. Additionally, more sources other than financial institutions have begun to use credit checks. Landlords will hesitate to rent to renters with low scores and employers can check credit to see if the applicant is trustworthy and responsible.
Archive for January, 2010
Credit in 2010
Monday, January 11th, 2010What If I Skip A Monthly Loan Payment With A Home Loan Workout?
Saturday, January 2nd, 2010
Many mortgage holders, when working a note workout, in CA think they can hop a home Modification for every state. They think, they should be able to skip a note payment just like the one they skipped when they bought their house and when they refinanced. The homeowner, thought wow, skipping a home payment would be great and really help me, so let’s do this home loan note payment. Of course it did not make to me, as there is no free lunch and the homeowner never really skips it; instead the interest is rolled into the new note. In essence, the homeowner has paid the mortgage in advance, but may not really understand that, no matter how many ways you explain it to them.
