North Carolina Mortgage

Improve Credit Score

Chris Murphy (Mortgage Rates) — Wed, 03 Oct 2007 11:18:40 -0700

Today, I will cover why it's important to strategize your self credit repair disputes in order to have a successful outcome. Not many borrowers are aware that deleting negative items on your credit report can hurt your score. One of the main factors in a credit score is the 'credit history'. Whether it's positive/negative it will impact your score in a positive/negative way.

Derogatory accounts can be on your credit report for up to 7yrs from last activity. The activity is being reported for 'credit history' and accounts for 15% of your score. If the derog is much older than most of your credit accounts it is actually the account that is giving the positive affect on the score. If you delete this derogatory it WILL lower your score.

Bankruptcies have been deleted from credit reports, and the scores have dropped with many individuals! Generally, a person who files bankruptcy starts rebuilding their credit after 2yrs. All credit items listed under a bankruptcy is UNRATED towards your credit score. The actual bankruptcy (listed under the Public Records section of your credit report) is the item that is RATED. Many disputers are baffled when items listed under a bankrupty doesnt raise the credit score after being deleted. Make sure to compare the credit items on your credit report before disputing any items.

These helpful factors can help you dispute effectively:
1. When the account was open
2. When the account was first/last reported
3. Last account activity date
4. Original Creditor or Collection Company
5. Duplicates with different companies for same account.
6. Hard credit inquiries
7. Transfer/Sold/Paid dates
8. 1st Delinquency date.

One of the foolish mistakes a Credit Repair agency may make is attempting to delete an item (from the original creditor), because of late payments. What they're not realizing is that if the account is 'closed' or has been inactive for a while, the original creditor is less likely to respond back to the Credit Bureau. This will result in a 'deletion' of a credit item in your 'credit history'. They should be requesting 'payment history validation' to result in 'NEVER LATE' on your credit report. Collection, bankruptcy, and lien items cannot be used for this tactic.

Learning to repair your credit will help you save money by doing it for free, and saving from high interest rates. Mortgage lenders can penalize you for a low score or for low credit worthiness. After fixing your credit you should be able to qualify for the best mortgage rates or loan programs.

37 Days to Clean Credit

Repair Credit Score

Chris Murphy (Mortgage Rates) — Tue, 02 Oct 2007 20:45:37 -0700

Most self credit repair disputes are resolved in the borrower's favor, and nobody can figure out why. Consumers dont realize that it cost money to report, dispute, re-report, validate, etc for a Creditor.

Creditor's are businesses that extend credit to borrowers for mortgages, credit cards, auto loans, etc. For example Carteret Mortgage, Discover Card, and Honda Financial.

These creditors have to pay Experian, Equifax, or Transunion, when they are reporting you. Normal subscriptions to the credit agencies might be a client that pays on time, and has no problems in the future. If you dispute an account, the credit agencies will contact the creditor, and will initiate an investigation. The creditor spends money researching your request, and now they have to re-report the findings. Whether it's the same information or not they will need to pay the agencies to re-report you.

A lot of borrowers are constantly disputing erroneous items until they are removed from their credit file. This may cost the borrower a few postage stamps, but the cost is a lot higher with the creditor. Eventually, the creditor decides not to respond to the credit agency, and a 'credit deletion' occurs. This would be a normal Credit Repair result.

Many items are generally deleted in the first round of disputes. One of the top reasons is that these accounts are marked as 'paid', and the creditors are losing money by re-reporting you. This is why a lot of Credit Repair agencies go after 'paid/closed' accounts.

Another top reason, is that judgements/bankruptcies are being reported by the local/state/federal government. The federal government normally holds records for 2yrs before storing the record. When they receive an investigation notice (from the Credit Agency), they normally disregard it or take longer than the allotted time to re-report. (30days)

Remember that the Credit Agency will perform your 'request' if the creditor doesn't respond in 30days. If you 'request' deletion, they will go ahead and delete the item. You will need to look at all items on your credit file (positive/negative), before making a decision in how you would like the Credit Agency to respond. Free Credit Repair is simple once you get the hang of it. I sometimes may send someone to a Credit Repair Agency, but that is when I'm overflowed with work.

37 Days to Clean Credit

Credit Repair - Equifax deleting items, and removing credit Inquiries

Chris Murphy (Mortgage Rates) — Fri, 05 Oct 2007 11:47:53 -0700

Let me first say that Equifax is probably the best user-friendly website for online credit repair disputes. It allows you to dispute unlimited times with or without a 'confirmation' number. Their turnaround time for self credit repair disputes can be the quickest of all 3, and it's my favorite out of the three agencies.

Let's start off by going to their website.
Currently it's located at http://www.equifax.com/ or http://www.econsumer.equifax.com
On the page you will see the 'Online Dispute' tab.
After clicking the tab, you will need to input a 'zip code', and click 'Submit'.

It seems that a different zip code will send you to a different dispute center in the United States. For example, CA has a larger population thus having more disputes. One worker can probably deal with 10 disputes per day compared to a NC worker with 3-4 per day. Larger amounts of work on someone's desk can lead to ineffeciency.

After clicking submit, you will have two choices to dispute. Either you have a 'confirmation number' that is less than 60days old or you can dispute everything manually. With the 'confirmation number' you will be able to dispute a lot quicker. Everything is auto-populated, and you will need to just click on the corresponding field for your dispute.

"If you do not have a confirmation number, click here to start your investigation." This step is for the manual disputes or for everyone who doesnt have a 'confirmation number'. After clicking on the link, it will take you to the next page that will allow you to INPUT everything. Confirmation number ISNT required, but the RED FIELDS need to be filled.
You will need to put the CORRECT creditor's name as it appears on your credit report. You will also need to put the correct account number that appears on your credit report. Putting the PARTIAL number is fine.

You can only dispute 6 items at a time with the manual disputes. If you are disputing Credit Inquiries, replace the account number with 'INQUIRY 05/10/2007'. The date will need to be the exact inquiry date that appears on your credit report. If you have different dates, then you will need to dispute each one. The name of the company that appears on the credit report needs to be filled under the Collection Agency, Courthouse, or Credit Company Name.

Normally, they will remove all inquiries EXCEPT if there's an open account with the same creditor around that inquiry date.

Click on Send Mail to submit dispute.

The great thing about this site is that it allows you to dispute multiple times, and it's FREE! No letters, no phone calls, no hassles.

In case you need to contact them,
800-685-1111
877-528-6488

Equifax Information Services, LLC
P.O. BOX 105069
Atlanta, GA 30348

37 Days to Clean Credit

New NC Mortgage Broker Law - Bans YSP or not?

Chris Murphy (Mortgage Rates) — Thu, 21 Aug 2008 19:58:18 -0700

Here is the new law

http://www.ncleg.net/Sessions/2007/Bills/House/HTML/H2188v5.html

SECTION 3. G.S. 53‑243.11 is amended by adding a new subdivision to read:

"(16) In connection with the brokering or making of a rate‑spread home loan as defined under G.S. 24‑1.1F, no lender shall provide nor shall any broker receive any compensation that changes based on the terms of the loan. This subdivision shall not prohibit compensation based on the principal balance of the loan."

SECTION 4. This act becomes effective October 1, 2008.

I was wondering what this part means.

Does it mean that we are not allowed to changed the YSP after we quoted it to the borrower? For example, if the YSP is 1%, and we're going to be making 2% for the same rate....are we allowed to receive the extra YSP or will we need to be capped at 1%? (There are some states like Maine that enforces this) I'm assuming that this may also apply to points in the front.

I haven't heard from my Corporate legal department yet, but was wondering if anyone has contacted NCCOB for clarification?

North Carolina Refinance

Blog Comments with Huge Signatures...VIOLATORS Must Read!

Chris Murphy (Mortgage Rates) — Wed, 03 Oct 2007 16:07:16 -0700

I havent been on ActiveRain for very long, but I have noticed that there are a lot of blog comments with HUGE SIGNATURES!

Most people start a blog to advertise their name, brand, face, products, etc.

It's kind of rude to advertise your face, products, company, etc on the BLOG COMMENTS.

Blog comments should stick to JUST COMMENTs on the blog, and not including a picture of yourself, your company's name, etc.

Let's all be courteous to one another, and please refrain from posting comments that YOU yourself wouldnt want someone posting on your own blog.

The only CUTE FACE that should show up on the blog is my 2yr old son. :)

Today's Current FHA Interest APR rate

Chris Murphy (Mortgage Rates) — Fri, 04 Jul 2008 19:26:44 -0700

Since 1934, FHA has helped about 35 million borrowers, making it the biggest insurer of Government mortgages in all of the world. Congress introduced the (EAHA) Expanding American Homeownership Act in June 2006, which would enable FHA home loans to be a great option for more low-to-moderate-income, and minority families so they can achieve the American Dream of owning a home. The Current FHA home loan rate has dropped to 6.125% - and dropped to the current FHA APR 6.460%. This is awesome news for those seeking a home loan from FHA.

FHA mortgage refinancing has also helped those homeowners in 2/28 ARMs, and someone who is just looking for a low FHA mortgage interest rate APR. FHA cash out home loans may go to 95% of the loan to value, and FHA rate/term home loan refinances may go up to 97.75% of the loan to value.

Arden Home Mortgage Lender

Chris Murphy (Mortgage Rates) — Tue, 19 Feb 2008 22:29:03 -0800

Arden Home Mortgage Lender

Why Choose Us?

We offer a wide range of Arden home mortgage solutions.

We specialize on all Arden home loan types.

We promise to provide you with the best possible Arden mortgage terms.

Because our representatives are Arden mortgage loan experts, and can help you with making the right decision.

We offer fresh start mortgages to those with past bad credit problems (foreclosure, bankruptcy, judgments, and collections).

We search investors for the best available Arden mortgage products and mortgage rates.

We have the best Arden mortgage rates for all credit grades in North Carolina.

VA Loans & FHA Loans
Fixed Rate Mortgages
Refinance Cash Out for any reason
Super Jumbo Mortgages
FHA Secure programs
Home Improvement loans
FHA Reset Programs
Interest Only Loans
Bad Credit Mortgages
Bankruptcy Chapter 13 Buyout
Mortgage Refinancing
Zero Down Loan Programs
1st Time Home buyers
FHA loan with No Credit
Current Mortgage Rates

Apply Today

Salisbury Home Mortgage Lender

Chris Murphy (Mortgage Rates) — Tue, 19 Feb 2008 22:32:57 -0800

Salisbury Home Mortgage Lender

Why Choose Us?

We offer a wide range of Salisbury home mortgage solutions.

We specialize on all Salisbury home loan types.

We promise to provide you with the best possible Salisbury mortgage terms.

Because our representatives are Salisbury mortgage loan experts, and can help you with making the right decision.

We offer fresh start mortgages to those with past bad credit problems (foreclosure, bankruptcy, judgments, and collections).

We search investors for the best available Salisbury mortgage products and mortgage rates.

We have the best mortgage rates for all credit grades in North Carolina.

VA Loans & FHA Loans
Fixed Rate Mortgages
Refinance Cash Out for any reason
Super Jumbo Mortgages
FHA Secure programs
Home Improvement loans
FHA Reset Programs
Interest Only Loans
Bad Credit Mortgages
FHA Bankruptcy Buyout
Mortgage Refinancing
Zero Down Loan Programs
1st Time Home buyers
FHA loan with No Credit
Current Mortgage Rates

Apply Today

North Carolina FHA Mortgage Loans

Chris Murphy (Mortgage Rates) — Wed, 20 Feb 2008 15:29:53 -0800

North Carolina FHA mortgage applications have been rising with the new FHA loan limits.

The current FHA rates have been on the rise, but borrowers are still refinancing from their subprime ARMs.

Charlotte FHA Loan limits have risen to 230k, and may rise again to 271k within 30days.

Charlotte NC has been experiencing a growth spurt with the new residents moving from across the US.

With scores as low as 400, and a 12month positive history, the FHA borrower maybe a prime candidate for FHA.

A Charlotte FHA mortgage broker may have access to FHA lender that may offer manual underwrite.

It's important to find a lender that offers this FHA feature. It may make or break your deal.

FHA mortgages still allow FHA rate term refinances to 97.75%, and FHA Cash out refinances to 95%.

Low FHA current mortgage rates

Google PageRank Updated Today!

Chris Murphy (Mortgage Rates) — Wed, 27 Feb 2008 17:08:09 -0800

Hey guys....just noticed that the big G updated their page ranks.

My North Carolina Mortgage website was a 1....and now went to a page rank 2.

I know that mine is a low pagerank but my domain was created on Aug 2007.

Domain age may affect in how Google determines your PR or how it is ranked in the search index.

Most of my webpages had a 0, and has now gone to a PR2. Backlinks is a huge factor in determining your PR.

Make sure to always use anchor text (back links) to gain a higher PR ranking.

For example.

Never place your website like this http://carolinahomerates.com

Never put a keyword w/out a link. FHA current rates have dropped.... (incorrect)

FHA current rates have dropped....

To check your PR..you can download the google toolbar OR visit PR checker

Charlotte Home Mortgage

Current VA Home Rates

Chris Murphy (Mortgage Rates) — Sun, 02 Mar 2008 20:34:06 -0800

Current VA rates have lowered to 5.5% - APR 5.89%

This is really good news for veteran borrowers who are looking for a VA home loan.

A VA mortgage loan can assist many homeowners with a no down payment, and also for those that need a bad credit mortgage.

VA home mortgages can assist a 1st time home buyer or a 2nd time home buyer. You're can use the VA home loan as many times as you move to a new home, and not currently using it.

VA home refinances have also been helping homeowners that are in 2/28 ARMs, and those that have been looking for a low VA mortgage rate. You're also able to do a VA streamline refinance (IRRRL) if you currently have a VA home loan.

Charlotte Home Mortgage Loan

New Jumbo Mortgage Loan Limits have gone up today!

Chris Murphy (Mortgage Rates) — Thu, 06 Mar 2008 12:20:48 -0800

I posted about the FHA loan limits going up, but forgot to include the Jumbo loan limits.

You can visit HUD's website or go directly to https://entp.hud.gov/idapp/html/hicostlook.cfm

Place your state, and all the counties will show up.

Go to Limit Type and scroll down from 'FHA Forward' to 'Fannie/Freddie'.

North Carolina FHA loan limits had a huge impact, but the conforming loan limits were still at 417k.

Only a few cities like Elizabeth City (MICRO), and Kill Devil hills had an impact.

A lot of cities in CA had their conforming loan limits go to 729k!!!!!

NC Home Mortgage Loan Lender

Chris Murphy (Mortgage Rates) — Mon, 21 Jul 2008 21:49:19 -0700

As a NC Home Mortgage Loan Lender we are offering a variety of home loan programs with various lenders. FHA mortgage loans are one of the top mortgage products that our clients ask for. Please visit our FHA mortgage section. We are also having a lot of VA loan applications from Veterans looking to take advantage of the ‘no down payment‘ program.

Please visit our rate page to view Today's Mortgage Interest Rates.

Charlotte Home Mortgages

Chris Murphy (Mortgage Rates) — Wed, 09 Jan 2008 16:26:10 -0800

Located in Charlotte North Carolina we specialize in great customer service, and are backed by the largest Charlotte home mortgage lenders in the country. Let us put our Charlotte home mortgage resources to work for you in financing your new home!

Carteret Mortgage is one of Charlotte's largest home mortgage broker, and works with over 440+ mortgage lenders. Carteret Mortgage is proud to be serving Charlotte homeowners with Charlotte refinancing, and purchase money mortgages. We will provide Charlotte's best home mortgage rates, mortgage calculator, mortgage quotes, mortgage lender, and many more!

Current Mortgage Rates FHA Mortgage Loans

Current FHA Rates

Chris Murphy (Mortgage Rates) — Fri, 08 Feb 2008 20:34:37 -0800

The Current FHA rate has lowered to 5.375% - APR 5.703%.

This is really good news for those who are looking for a mortgage from FHA.

The FHA home loan has been assisting many homeowners with a low down payment mortgage program, and also for those that need a bad credit mortgage.

FHA mortgages can assist a 1st time home buyer or 2nd time home buyer. You're can use the FHA loan as many times as you move to a new home.

FHA refinance has also been helping homeowners that are in 2/28 ARMs, and those that have been looking for a low FHA mortgage rate.

Charlotte Home Mortgage Loan