What Can I Do to Improve My Credit Score?

What can I do to improve my score?

Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change — but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application.

Nevertheless, scoring models generally evaluate the following types of information in your credit report:

• Have you paid your bills on time? Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report.
• What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.

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Reverse Mortgages 101

Get the Low Down on Reverse Mortgages

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.

To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions

For more information visit Mortgage Lenders Outlet
To read more detailed information visit “Reversing the Mortgage Process“

New Interest Abatement Loan Program for Home Purchases

With this new program Sellers can contribute money towards the buyers mortgage payments. This is a fully backed Fannie Mae loan program. This program allows flexibility to the new home owner and makes the transition into their new home more affordable.

The loan works by using the seller contributions towards the interest portion of your new mortgage payment. The sellers’ contribution is placed in a separate non-interest bearing account that will be used to subsidize your monthly payment for up to 6 months. This type of loan also has the ability to be used in conjuction with seller concessions, not to exceed 6%.

Consult with your lending professional to find out more about a how to use this program on your next home purchase. Currently in Maryland, Pennsylvania, Delaware, Florida and all other states.