Hi,
I have a question about credit scores and loans; so I have perfect credit, except for a $ 500 thing from five years ago that I am currently disputing (long story). I don’t actually know what my credit score is, but its probably kind of low because I am getting offered interest rates more like 6% So my question is, if I just give up on the dispute and pay this company off (its a collection agency now), how quickly will that affect my credit score and my loan opportunities? I’m not actually worried about getting approved, because my parents who have great credit and are well off will co-sign my loan, but my understanding is that their signature will not effect my actual interest rate as that will be based on my credit alone?
Thanks!
by dustjelly
My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.
Homebuyers Beware: Who’s Ripping You Off Now?--What You Must Know About the New Rules of Mortgage and Credit
“Carolyn Warren is my go-to expert for mortgage industry information. She not only helps you avoid rip-offs, she helps you know what questions to ask and how to ask them. Full of tips, scripts, and sample letters, Homebuyers Beware is an extremely valuable book that I recommend to all my readers!” --Alison Rogers, “Ask the Agent” columnist, CBS Moneywatch.com “In this fun-to-read volume, mortgage industry insider Carolyn Warren tells you what real estate cheats and mortgage scamm
I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?
do you have the amount?
it apparently was not financed by the qualifying agency
Dear Eva: You can deduct it but you may need proof of payment by the IRS. Contact your lender or provider and get documentation. If you paid it, deduct it.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent
I also have issue with my insurance. I posted my problems on wish123 and got an excellent advise from an expert. I highly recommend the website!
homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.
Everything, PITI – the goal of asking is to get an idea of your monthly outgo – plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.
Unless you pay it separately, they really want the whole thing: PITI.
This book will save you many,many times the price you pay for it,
As a small businessman and even smaller real estate investor,a licensed R.E.Broker and General Contractor,I wholeheartedly recommend Homebuyers Beware to all home buyers,first timers and seasoned investors alike.
I read Carolyn Warren’s first book,Mortgage Rip-Offs,a few months ago and liked it so much I contacted her for consultation re:refinancing of my properties.Eventhough I bought my first home over 30 years ago and many since,I must confess I know NOTHING about yield spread premium and the way brokers/lenders use YSP to add income to themself before reading that book.The YSP information alone was worth thousand times the cost of the book(approx.$13 from AMAZON.COM)because I know absolutely, definitely that the brokers’ additional income must come only from one source : borrowers like you and me.
There were other important information for ALL mortgage seekers in the first book :how to negotiate for lower fees and rates,whether to pay point,how and what to do with junk fees etc.All those and more were explained and clarified further in Carolyn’s second book,Homebuyers Beware.
In her new book,Carolyn takes her readers to the real estate mortgage market situation today.This is most important due to the fact that rules for qualifying for new and refi mortgages changed substantially in the last 2 years it’s like we’re looking at 2 different creatures altogather :
—no more easy no loan docs. loan,no more easy qualifying loans
—good credit is a must.So are substantial down payment required in most cases
—W-2,income tax returns and bank staments are all standard required docs.
—etc.,etc
Carolyn explained all of the above in practical details,with intended benefit for the consumers.Even for readers who’ve no credit,with bankruptcy/shortsale in their credit report or who want to repudiate bad info. in his/her credit files.The book is,like her first book,very easy to read and full of helpfull pointers that can be used to save unnecessary fees/chrges made by lenders/brokers.
This book will save you many,many times the price you pay for it.
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|A must for new home buyers…,
If I were going to buy a new home, I would read this book very carefully because it’s filled full of information that you need to know to be prepared. For one thing, you really can’t trust anyone but yourself to look out for your best interest. She gives great examples of how people have been ripped off and they thought they were getting a bargain. For instance, the “no down” when buying a house may be no down payment then, but you will pay for it later and in another way. There are lots of costs added on that you can avoid if you read this ahead of time and go prepared.
She recommends always having your own real estate agent and mortgage broker (check them out to make sure they are honest though!). After reading about all the trouble you can get into on your own, I am in agreement with her.
She also explains how you can get your credit rating up, how foreclosing on a house can hurt it bad and how you can get it back to normal. Since banks are no longer loaning credit for houses except to people with excellent credit rating, then it makes sense to have yours in great shape before you even try to buy.
She tells of all the fees involved (some aren’t even needed but you’ll have to read the book to find out which ones they are) and how you can get them lowered and save thousands of dollars.
And there are a lot of scams going on for home buyers that you need to be aware of.
It’s well written, easy to read and easy to understand, and the author writes with a sense of humor, so it’s a fun read too.
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|Homebuyers Beware,
As a student of business finance for over 40 years, I’ve been in the trenches of real estate and Mortgage lending for over 25 years. I assure you that my assessment of the latest block busting book on fraud and duplicity in this industry is this:
If you are planning to buy a home or refinance your current mortgage, you must heed Carolyn Warren’s “Homebuyers Beware”…….
Avoid unscrupulous banks, brokers and lenders of all kinds. YES, UNSCRUPULOUS loan officers still lurk in the brick and morar of those behemoth lending institutions, the BANKS!!!!! Find out what their tricks are. You need to read, NO, study this easy to read guide to stress free engagement of this industry. Do NOT, and think of this: would you jump out of an airplane without a parachute ???
Wether it’s finding the lowest cost loan,improving your credit score for the lowest rate, homebuyer guidance or avoiding mortgage fraud and scams, Carolyn Warren has given Main Street how to navigate these tracherous waters.
Buy it !!! Try it !!! Fly with it !!! And you won’t kick yourself for “being in it, to win it”.
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