Category Archives: MortgageBytes

Mortgage Bytes — FHA Loans

One of the most popular loan products for first-time homebuyers is an FHA loan, backed by the Federal Housing Administration, which insures the loan. FHA guidelines are more lenient on credit, job stability, and assets than those of any other mortgage program. Of late, FHA loans have also become more favored with “Move-Up” buyers who Read more »

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Mortgage Bytes — VA Loans

We are proud of the men and women who serve our country, and pleased to participate in the VA loan program designed by the U.S. Department of Veterans Affairs to assist qualified veterans with their home financing needs. Veterans who have served 181 continuous days OR served in wartime, or have completed six years as Read more »

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Mortgage Bytes — Second Homes

When’s the best time to buy a second home? Off-season!  If you are in the market for a second home, NOW is the time to be shopping. There are many ways to finance a second home, including a variety of mortgage options. Call us today to get your pre-approval started so you can be enjoying Read more »

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Mortgage Bytes — Construction Loans

Spring will soon be here, bringing with it the start of the building season. But don’t wait until spring to get it all together! With a One-Time Close Construction Loan, you can hit the ground running and be all set to build when the climate is right. Call us today to get a list of Read more »

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Credit Report — Foreclosure

If you have suffered through a foreclosure, you need to know that this is NOT the end of your ability to buy another home. Under current guidelines, the waiting period following the completion of the foreclosure (defined by when the bank actually sells the house and the deed is recorded in the new owner’s name), Read more »

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Credit Report – Minimizing Bankruptcy Impact

You can start minimizing the impact bankruptcy will have on your credit report before you even file. It’s important to know what’s on your credit report before you file, so obtain a copy of your report from each of the three major reporting agencies before meeting with a bankruptcy attorney. You are entitled to a Read more »

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Bankruptcy

There are different types of bankruptcy, but they all have the same immediate impact on your credit rating. When you file for bankruptcy protection, you are basically voiding debt obligation agreements you had with your creditors. Whether you filed for bankruptcy due to circumstances beyond your control — such as job loss or major medical Read more »

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Collection Accounts

A collection account can cause your credit rating to plummet. But after a year or more, your credit rating will start to improve as long as you are paying any other debts on time. Keep in mind, though, that some collection accounts can be really troublesome, particularly if the collection agency continually reports your account Read more »

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Repossession

If you’ve had a vehicle repossessed, whether it was voluntary or involuntary, you still owe for the balance of your debt, less what the vehicle is ultimately sold for and any fees incurred by the dealer. It is up to you to determine how much you still owe, and to try to make arrangements to Read more »

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