What Not To Do During Home Buying Process

What Not To Do During Home Buying Process
The home buying process can be tricky at times. There are
definitely some things you need to avoid during this
process. I have seen all kinds of nightmares because
someone did not listen to their loan officer. I will give
some you exactly what not do in this articles so your loan
and credit score is not affected.

Late payments
During the home buying process make absolute sure you are
not late on anything. If you have a late payment on
anything that reports to your credit report your credit
score will be affected. In return an underwriter will see
this and your loan could be dead as a result. Late payments
on any obligations that reports to your credit report will
drop your score between 100 to 150 points. "Don't be late
on anything."

Don't buy anything on Credit

While you are going through the home buying process you
don't want to take on anymore debt, this could affect your
loan. That means don't go out and put furniture on credit
for your new home until you have closed and funded on the
loan. Don't put anything on credit period.

Don't co-sign on a loan for anyone

While you are in the process of getting a loan, don't
co-sign on any note. This could cause your loan to get
denied. When you co-sign on a loan, then you are equally
responsible for the new obligation. This could lower your
credit score, and also cause income to debt ratio problems
as well.

Don't quit your JOB

Ok, you might think this is a joke, but we have actually
had borrowers quit their job thinking we would not find
out. Well, guess what we will. Don't quit your job during
the home buying process; underwriters do last minute job
verifications before loan documents go out to the title
company for a closing.

I hope this has been advice you got prior to doing any of
the above. You could definitely have some major problems.
Maybe you have not even started the loan process, and this
will be good advice for you. What ever your situation is,
make sure you are on top of your credit report and scores.
Your credit scores could be affected by any of the topics
discussed in the article.Remember your credit is your
life.If you dont manage it properly, you will have major
problems during todays times.

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About the Author: Mike Clover is the owner of
http://www.creditscorequick.com/ . CreditScoreQuick.com is
the one of the most unique on-line resources for free
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software, secure credit cards, and a BlOG with a wealth of
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website is written by professionals that know about credit,
and what determines ones credit worthiness.

What You Don't Know About Debit Cards Will Make You Poor

What You Don't Know About Debit Cards Will Make You Poor
I am totally disgusted with debit cards and this is a
lesson that ive learned the hard way, which are the risks
of using debit cards. To make sure I didn't overdraw my
bank account, I checked my online bank statement. Since it
had showed $100 in my checking account, I kind of felt that
I could make several small purchases a few days before I
got my paycheck. So with me using my debit card, I bought
some groceries and some gas which had totaled to about $85.

Even though the balance in my account was what thought to
be more than enough to cover the price of the stuff I
bought, I had decided to check my account about ten days
later, I had found out that Hellsfarlow had raped my
account for $120 in overdraft fees.

I couldn't figure out what was going on, I knew I had the
money in the bank. I had checked my account online. But
what I didn't know is that these banks can and most likely
will put a pre-authorization hold on your account when you
make a purchase. In situations where the exact amount of
the transaction isn't taken from your account at the time
of purchase, but it does make sense that a merchant would
want to reserve a little more to cover their transaction.
Think about if you give your debit card to a waiter for a
tip or a gas station, where the merchant is likely to get
an approval of a higher amount after you used the card.
Even car rental companies that accept debit cards routinely
place holds in the amount of $300 to $500.

And where I got caught up at is when the pre-authorization
hold the gas station put on my account resulted in
overdrafts on at least 5 other small transactions even a $2
cup of coffee and Im talking about a overdraft charge of 35
dollars on each transaction. I think that Ive paid over
$4,000 in overdraft fees because of this corrupt bank and
evil debit card.

By not knowing whats going on with your account you can end
up going deep into debt from using a debit card, and if
banks don't give you a warning when you're going over, how
would you know? And think about how many banks offer free
checking when they intend to rape you for hundreds of
dollars a month, so as of now I won't touch a debit card
anymore. Im using cash and money orders only.

These pre-authorization holds placed by the merchants are
just one of the factors that make it very difficult, if not
impossible for a depositor to know their available account
balance. It's becoming more difficult to tell when a
transaction hits an account and what is your current
account balance. So beware of the evil debit card as I
know what damages can be caused from experience.

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How To Save My House From Foreclosure- Something Everyone Should Know

How To Save My House From Foreclosure- Something Everyone Should Know
There are many people who get online every day looking for
information on how to save my house from foreclosure. This
is one of the most commonly searched for terms online
because of the rapid rise of foreclosures happening all
over the place.

There is really only one answer to the question, how to
save my house from foreclosure and that is that you have to
take action. Too many people think that there is nothing
they can do to save my house from foreclosure. This is not
true at all.

Believe it or not but you really are in control when it
comes to trying to save your home. The banks and lenders
don't want to foreclose on your home because this will mean
extra paperwork to be filed and extra expenses. They would
rather avoid that and this is why if you contact the bank
or lender, most of the times they will be willing to work
something out with you so that you can save your home.

If you have enough equity in your home to save it from
foreclosure than you will definitely want to take action
now. You can most of the time delay the full payment and
agree to a smaller payment for a period of up to two years
or more in special cases. This will give you the time you
need to save my house from foreclosure.

Before you contact the bank or lender to find out how to
save my house from foreclosure you want to make sure your
home is worth saving. If you have expenses or repairs on
the house that don't fit in your budget then it might not
be worth it.

You want to make sure before you try saving your home that
the value is there for your home and the neighborhood it is
in. If you think it is worth saving then start today.

The only sure way that you will lose your home to
foreclosure is if you don't take action to stop it today.
So if you really want to save my house from foreclosure
then you need to get started now.

The sooner you talk to the lender or bank about how to save
my house from foreclosure the sooner you will be able to
get it stopped. If you ignore the notice of foreclosure and
hope it will go away then you will definitely end up losing
your home. So take action now to save your home.

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Seller Concessions - What Is That?

Seller Concessions - What Is That?
It is not uncommon for real estate agents, mortgage loan
officers, buyers and sellers to inquire as to how much the
seller is allowed to pay in contributions on a conventional
mortgage loan in Georgia. Any closing costs that are
normally paid by the borrower are considered contributions
if they are not paid by the borrower. The seller, builder,
developer, real estate agent or any other interested party
to the transaction, including any affiliates, may pay these
contributions.

The maximum allowable contributions from interested parties
are based upon the lesser of the purchase price or
appraised value, property type and the down payment amount.

Primary residences and second homes with less than 10% down
allow contributions of 3%. If the buyer pays between 10 and
25% down the contributions are limited to 6%. Down payments
of more than 25% allows contributions up to 9% on
conforming loan amounts but non-conforming loans are
limited to 6%. The maximum contribution is 6% for
conforming 80/20 and 90/10 on primary residence and second
home financing.

The contribution on investment properties is limited to 2%
regardless of amount paid down.

Contributions toward any of the following are included in
the maximum allowable limits:

1. Closing Costs

2. Discount points

3. Commitment fees

4. Origination Fees

5. Mortgage insurance premium

6. Discount Points for temporarily or permanently lower the
borrowers monthly payment or interest rate.

7. Any other transfer charges normally paid by the
borrower, e.g., transfer taxes, tax stamps, title
insurance, surveys, appraisal, and recording and attorney
fees.

8. Homeowner association fees for future dues.

If there are excess contributions, a downward adjustment to
the property's sales price must be made to reflect the
amount of any contributions that exceed the maximum
contribution limits. The LTV/TLTV ratio must then be
calculated based upon the lesser of the reduced sales price
or the appraised value.

The cost of any personal property, e.g., furniture,
decorator items, automobiles or other "giveaways", must
always be deducted from the property's sales price
regardless of the amount of any other contributions.

A cash credit, cash rebate, incentive or
inducement/enticement to purchase from the seller, builder,
or developer must also always be deducted from the
property's sales price. Examples may include but are not
limited to: excessive marketing costs, commissions, or
seller financing at below market interest rates.

A new LTV/TLTV must be calculated whenever the property's
sales price is reduced. The LTV/TLTV is based on the lesser
of the adjusted sales price or the appraised value.
Personal Property Exception

Typically, a short list of personal property may come with
a house. Most built-in appliances (such as stove,
refrigerator, dishwasher), window coverings and carpeting,
are usually considered to be fixtures so no adjustment to
the purchase price is needed.

Sometimes personal property may be left for convenience and
has minimal value (e.g., pool cleaning equipment, lawn
mowers, picnic tables and patio sets). Generally, if
personal property equals less than 2% of the value of the
property or has a value of less than $500 it is not
considered a contribution.

You can see how important it is that Loan Officers and Real
Estate Agents understand the limits of concessions. Sales
contracts and mortgage loans should be structured
accordingly. A lack of training on our part can cause
major frustration for the buyer and seller.

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Jerry Sanders understands how critical it is for every
professional in a real estate transaction to be trained in
all aspects so contracts and mortgages can be structured
properly. Jerry owns a Georgia Mortgage Company and can be
reached from his web site at: http://www.peachstatemtg.com

Contact him today for assistance.