Lenders estimate your ability to pay back money based on your credit score.  The risk factor they take on is built-in to your interest rate as a financing fee.  Therefore, a low credit score results in a higher interest rate, higher monthly fees, and a higher amount of interest being paid over the total life of the loan.A borrower with a credit score of 620 would be questionable to an underwriter.  While the lender may agree to provide financing, the increased interest rate is factored into the monthly payment.  The following chart illustrates the difference in the amount of interest paid over the life of the same loan with three different credit card scenarios.A borrower who increases his or her credit score from 620 to 720+ can potentially save $601 per month on mortgage payments, $7,... 08/06/2007

Do you have past due balances that have been neglected? If they are showing up on your credit report and you want to purchase a home, make sure you bring them up to current status whenever possible. Do you have outstanding debt that you can afford to pay off right now? Try to get these accounts down to a zero balance, or at least a lower balance. If your cash on hand doesn't allow you to do this, try to distribute the debt amongst other open credit cards. You can also consider opening a new line of credit and transferring part of the balance off a card that is close to being "maxed out." If you can get the resulting balances below 50% of the available credit, you're on the road to improving your credit score considerably in most cases. Do not close existing credit card accounts, even if... 08/06/2007

LAFAYETTE, IN - When a marriage ends in divorce, the lives of those involved are changed forever. During this time of upheaval, one thing that shouldn't have to change is the credit status you've worked so hard to achieve.Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing out of credit cards, and a total breakdown in communication frequently lead to the annihilation of at least one spouse's credit. Depending upon how finances are structured, it can sometimes have a negative impact on both parties.The good news is it doesn't have to be this way. By taking a proactive approach and creating a specific plan to maintain one's credit status, anyone can ensure that "starting over" doesn't have to mean rebuilding credit.The first step fo... 08/02/2007

Custom Ranch For Sale in Stonewick - Lafayette, Indiana Hot Tub, Deck, Privacy Fenced Yard Property information• 1,904 sq. ft., 2 bath, 3 bdrm ranch - MLS® #9929443   $170,000 - Exceptional Home & Yard Stonewick, Lafayette, Indiana  -  Exceptional home with spacious floor plan. All new wood floors & trim. Ceramic tile in kitchen & Baths. All new paint & fixtures, large deck & hot tub. Stained privacy fence. Quiet neighborhood south side of town.Contact Scott Brown today (765)714-1971, Email: realestatebrown@yahoo.com Property informationLafayette, IN Real EstateYour Real Estate Specialists Group - http://www.yourrealestatespecialists.com/Keller Williams Lafayette, Indiana 08/02/2007

Price Reduced on 2424 Crestview in Lafayette, Indiana 2424 Crestivew -  Lafayette, Indiana  -  Announcing a price reduction on 2424 Crestview, a 1,025 sq. ft., 1 bath, 3 bdrm Ranch. Now MLS® #9927770   $80,000 - New Deck & Covered Patio, Oversized Garage, Large Fenced Yard...Great Home for the Price!Property informationLafayette, IN Real EstateYour Real Estate Specialists Group - http://www.yourrealestatespecialists.com/Keller Williams Lafayette, Indiana  08/02/2007

Price Reduced on 1409 S 22nd Street in Columbian Park Area Columbian Park Area- Lafayette, Indiana  -  Announcing a price reduction on 1409 S 22nd Street, a 1,309 sq. ft., 2 bath, 4 bdrm 1 1/2 story "Great Bungalow Style Home". Now MLS® #9928284   $113,900 - 4 Bedrooms & 1.5 Baths, Basement, Fenced Yard, Deck, Hardwood Floors, and More! MOTIVATED SELLERS!  Property informationCall Erika today for your personal tour of this property!  (765)404-5855 08/02/2007

Price Reduced on 325 Park Avenue in Columbian Park Area Columbian Park Area, Lafayette  -  Announcing a price reduction on 325 Park Avenue, a 1,754 sq. ft., 2 bath, 3 bdrm 1 1/2 story. Now MLS® #9928178   $135,000 - Full Finished Basement. Property informationLafayette, IN Real EstateYour Real Estate Specialists Group - http://www.yourrealestatespecialists.com/Keller Williams Lafayette, Indiana  08/02/2007

Bungalow for Sale in Lafayette, Indiana - $49,900 Over 1900 Square Feet & Basement • 1,950 sq. ft., 2 bath, 3 bdrm 1 1/2 story "Beautiful Bungalow" - MLS® #9925801   $49,900 - Charming Bungalow Lafayette., Lafayette  -  Charming Bungalow with so much to offer! Over 1,900 square feet plus a full basement & 2 car garage. Offers 3 bedrooms & 2 full baths. Beautiful Natural Woodwork, Built-In Cabinets, and Brick Fireplace. The Kitchen & Baths have recently been Updated. Newer vinyl siding & deck off the kitchen. Amazing Home, only $49,900!Contact Becky today to see this property (765)426-2083, TopAgentKW@aol.com Property information Lafayette, IN Real EstateYour Real Estate Specialists Group - http://www.yourrealestatespecialists.com/Keller Williams Lafayette, Indiana  08/02/2007

Keep in mind the actual lender will pull their own credit report at closing, and if your credit scores have dropped, you may no longer qualify for the rate that was underwritten and the final approval may come back with a higher rate. Unfortunately, all lenders qualify you by your credit score as to which criteria you fit and every loan has different criteria attached. The loan to value, the debt to ratio and so on etc. This is what borrowers do not understand, and they think the loan officer is baiting and switching. They are not. If an issue comes up that the lender decides you do not qualify for a certain loan, the only thing a loan officer can do is shop for lenders and see if any are willing to give the rate and program they thought you qualified for. If you have good credit and kn... 07/31/2007

Seek a Qualified Mortgage Consultant to Ensure the Best ResultLAFAYETTE, IN - Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one's house or borrowing against its equity. With reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not need an existing income to qualify.  How a Reverse Mortgage WorksReverse mortgages are probably best understood when compared side-by-side with traditional home mortgages, otherwise known as "forward" mortgag... 07/23/2007

A Qualified Mortgage Consultant Can Help Boost Credit Scores LAFAYETTE, IN - Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. It's important to have a mortgage professional in your corner that has a keen eye for solutions to improving credit scores in an effort to get the best interest rate possible. Interest rates associated with various loan programs are broken down into schedules based on credit score ratings. While each lender has its own guidelines, it's safe to assume that as the consumer's credit score goes down, interest rates ... 07/23/2007

Refinance Your Mortgage for Rate and Payment Reductions Refinance CalculatorHelps you determine if you will benefit by refinancing. Debt Consolidation CalculatorShows you how a refinance can reduce your monthly payments. LAFAYETTE, IN - One of the biggest reasons homeowners refinance their mortgage is to obtain a lower interest rate and lower monthly payments. By refinancing, the borrower pays off their existing mortgage and replaces it with a new one. This can often be accomplished with a no-points no-fees loan program, which essentially means at "no cost" to the borrower.In the no-points no-fees scenario, the mortgage consultant uses rebate monies paid by the lender to pay off non-recurring closing costs for the borrower. These are "one time" fees such as escrow or attorney fees, tit... 07/23/2007

Many individuals today have blemishes on their credit reports.  Whether it be form a dreaded case of identity theft or not being punctual about paying bills on time, these credit mishaps can cost an individual thousands in interest if not corrected.What makes up a credit score? A credit score is made up of five components. Payment history (35%), balances carried (30%), credit history (15%), mix of accounts (10%), and inquiries (10%).Payment history is based on paying bills as agreed and on time.  The majority of the payment history is based on the most recent six months and the highest weight is on the highest pay history.  For example, a mortgage loan would be rated first and then the next biggest payment, whether it is an auto loan or credit card with a high payment, would rate next.B... 07/23/2007

LAFAYETTE, IN - There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let's examine the pros and cons of both strategies.Leveraging Your Property. In order to understand why you'd want to borrow as much as possible for your home purchase, you must first grasp the concept that equity has a zero rate of return. Here's an example: If Consumer "A" buys a home for $300,000, and puts 20% down, then they have $60,000 in equity. Over the next 5 years, the property appreciates $100,000 in value. Consumer "A" now has $160,000 in equity. Consumer "B" buys a ... 07/19/2007

Seek a Qualified Mortgage Consultant to Ensure the Best ResultsLAFAYETTE, IN - Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free c... 07/19/2007

A Qualified Mortgage Consultant Can Outline Your OptionsLAFAYETTE, IN - Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment. The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% ev... 07/19/2007

Seek a Qualified Mortgage Consultant to Ensure the Best ResultsLAFAYETTE, IN - Taking the step into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many factors to consider when embarking on this venture. Literally hundreds of loan programs are available, and it is important to find the one that best fits your personal long-term goals.First and foremost, you must have a mortgage consultant in your corner that is willing to take the time to know what your long-term goals are. Communication is the key factor here. Curious prospective home buyers sometimes turn to Internet-based services just to see what current interest rates are. But a faceless web site will not take the prospect's future financial planning into consideratio... 07/19/2007

Raineybrook, Lafayette  -  Announcing a price reduction on 4663 E Commodores Lane, a 3,930 sq. ft., 5 bath, 4 bdrm 1 1/2 story "2 Story Fireplace & Foyer". Now MLS® #9927987   $395,000 - Full Finished Basement. Property information 07/03/2007

Why should you have a mortgage approval before you have a home?With our pre-approval program, we verify your income, credit and assets to determine the maximum loan amount you can qualify for. We will issue a mortgage approval letter which is subject to an appraisal.You can use this in you negotiations to remove any worries about your ability to obtain financing and therefore have more power to remove any worries about your ability to obtain financing and therefore have more power to negotiate. Don't lose out to another bid because of a mortgage contigency.BEFORE YOU LOOK FOR A HOME, GET YOUR MORTGAGE APPROVED FIRST!CALL US TODAY!David MennenMortgage Loan Consultant/OwnerTippecanoe Mortgage, Inc.Direct: 765-448-1808dmennen@tippecanoemortgage.comhttp://www.davidmennen.com/ Local Mortgage... 07/02/2007

Raineybrook, Lafayette Indiana -  Announcing a price reduction on 4663 E Commodores Lane, a 3,930 sq. ft., 5 bath, 4 bdrm 1 1/2 story "2 Story Fireplace & Foyer". Now MLS® #9927987   $405,000 - Full Finished Basement complete with a Bar, Fireplace, and Theater Room.Property informationLafayette, IN Real EstateYour Real Estate Specialists Group - http://www.yourrealestatespecialists.com/Keller Williams Lafayette, Indiana  06/25/2007