Welcome to 1 Step Home Mortgage
Refinance Home Mortgage Rate Article
This is a selection made from among articles on Refinance Home Mortgage Rate. For a permanent link to this article, or to bookmark it for future reading, click here.
What is Credit Repair and How Can It Help You?
from: Scott BrownThere are millions of consumer credit reports on file from mainly three major reporting bureaus which include Trans Union, Experian, and Equifax. These credit gathering agencies store huge amounts of data about every person that takes out a loan, credit card, or any other line of credit. Information is reported to these credit bureaus when you apply for credit, apply for some jobs, or even apply for an insurance policy.
Because of the huge amounts of data being gathered and reported there is a lot of room for errors. Credit Repair is a way of disputing or correcting these errors made by credit bureaus and creditors. Credit Repair can also be a way of optimizing your credit report or credit score.
Disputing, correcting and deleting erroneous negative accounts on your credit report is very important to your financial well being. The better your credit report the better your credit score. The better your credit score the better the interest rates you will be offered. For example: A 30 year home mortgage of $100,000 will cost you almost $25,000 more from just 1% of interest! This 1% more of interest could be from only one late payment on your credit report!
It’s not just home mortgages lenders that raise your interest rates. It’s just about every other type of loan out there including: auto loans, credit cards, personal loans, and business loans. Even insurance companies are now using your credit scores to figure premiums.
Now with this in mind start thinking about all the extra money you are paying because your credit report is less than perfect. Credit Repair is starting to sound better and better isn’t it?
To repair items in your credit report you must get a copy of your reports from each of the credit reporting bureaus either by mail or internet. Make copies for your records. Then very carefully go over your reports and find any negative accounts. Highlight the negative items to be disputed. Send the highlighted copies with a letter describing each account and why you are disputing them (not my account, never late, outdated, etc.) to each of the credit bureaus. Be sure to tell the bureau what you want done with the account if it is not verified (delete it, correct it, update it etc.)
The credit bureaus must investigate these items and if they can’t verify them within 30 days they must be deleted or corrected. The credit bureaus themselves have to get verification from the creditor of the account in dispute. Often times the creditor does not have the records to show or verify that the account is indeed accurate or that it even exists.
You can now see how disputing negative items can get them deleted or corrected on your credit report. You can even change negative items to positive items by simply telling the credit bureau that the items in dispute are in fact yours but they were never late.
If you have errors or negative items on your credit report using credit repair to fix these accounts can save you thousands of dollars. Credit repair is a valuable tool of personal finance.
About the Author
Scott Brown is a fair credit reporting advocate and the author of his own website Credit Repair, a free information site dedicated to help consumers repair bad credit and optimize their credit reports and credit scores. For more indepth information on the above topic please visit Credit Repair.
Refinance Home Mortgage Rate News
Mortgage refinancing skyrockets - Cincinnati.com
With U.S. mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance their mortgages in Greater Cincinnati and Northern Kentucky. From the largest commercial banks to ...
Read more...Question & Answer on mortgage refinancing - Boston Herald
W ith mortgage rates at historic lows, lots of homeowners are debating whether to refinance their mortgages these days. True, refinancing can get you out of an adjustable-rate mortgage or replace your current fixed-rate loan with a lower-interest one ...
Read more...Is now the time to refinance? - ABC2 News
The holidays are likely to be a little more cheery at Kevin Coughlin's home. Coughlin refinanced the adjustable-rate mortgage on his Shorewood, Minn., house this week into a 30-year fixed-rate mortgage that's going to save him $200 a month. "It takes ...
Read more...Housing still soft despite rate drops - Raleigh News & Observer
Mortgage rates, which are at record lows, are key to an economic recovery, economist Ed Yardeni says. Lower rates should trigger a wave of refinancing, leaving U.S. homeowners with lower monthly payments and extra cash. They also could give the weak ...
Read more...Don't miss the refinance window - HometownAnnapolis.com
With interest rates hovering around 5 percent for conforming loan amounts, homeowners should begin to seriously consider refinancing into a new fixed-rate mortgage, especially if they currently have an adjustable-rate mortgage," said Lisa Weaver ...
Read more...The rush to refinance - Boston Globe
The mortgage interest rates have gone down again. Does that mean that refinancing is the best thing you can do? It’s a dirty little secret that most of the homeowners who are under water got there through refinancing, not by borrowing for their ...
Read more...Mortgage applications remain at 5-year highs - WTOP Radio
WASHINGTON (AP) - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. While low rates are a great opportunity for borrowers ...
Read more...