My Credit Report is Wrong...How Do I Get It Changed?

One of the most common complaints I hear from people getting their personal credit report is that it's wrong. You had paid bills in the past three years that are still showing as delinquent or in the arrears on the report. You can get the report cleared up with only a few minutes in phone calls and a FAX or two.

The problem is usually caused by one Company in your past that filed a poor payment report to one of the three credit bureaus. That Credit Bureau then exchanged information with the other two and then when the bill was paid... failed to inform the other two credit bureaus. Get your receipts and payments together and verify with the Company in question that it was indeed paid and ask them to get it off the reports immediately. Then call the particular credit the next week to see if they have gotten it off. "Team Sieber" has acquired the telephone numbers of all three credit bureaus and are listed below.

Don't be overly bothered by this, it's happened to me before too!

CREDIT BUREAUS:

EQUIFAX
P.O. BOX 105873
ATLANTA, GA 30348
1-800-685-1111
www.equifax.com

TRANSUNION
1561 E. OREANGETHORPE
FULLERTON, CA 92631
www.transunion.com

EXPERIAN
P.O. BOX 2350
CHATSWORTH, CA 91313-2350
1-800-354-5368
www.experian.com

Contact all three to make sure none have it still showing as due or bad!

Your New Home Loan Down Payment

Listed below are some of the options for where the down payment may come from:

1. Personal Savings

2. Gift Letter (from a relative)

3. Personal Reserves/Sellable Assets

4. Home Equity

5. Joint Ownership

Many "First Time Buyers" have a parent or relative "Gift" them the down payment and closing cost. If you are one of these individuals please have the relative write a letter expressing these intentions in writing to the lender.

Financial Proposals

• Buyer Qualification

• Buyer's Closing Costs

• Alternate Financing Plans

• ARM vs. FRM

• Mortgage Comparison

• Mortgage Accelerator

Financing Home Improvements

One of the joys of owning your own home is the ability to make it fit your family's changing needs and desires. Indeed, most American dream homes are truly works in progress.

Home improvements run the gamut from building a modest tool shed to replacing an entire roof or remodeling the kitchen. Needless to say, few of these projects come cheap, even if you are ambitious enough to do the work yourself.

Once you've determined your needs and decide the time is right for such an undertaking, there are some golden rules worthy of consideration. A couple of experts in the real estate field advise: Every bit of attention should be directed to finding a home improvement loan as you paid to finding the best home mortgage.

Here's some more expert advice on financing home improvement projects:

• Don't borrow unless you have to.

• Get estimates from reputable contractors before seeking a loan.

• If you must borrow, shop around for the best terms, hunting for the lowest interest rate available.

Possible funding sources include:

• relatives

• borrowing against passbook savings accounts, whole life insurance policies or mortgage securities

• credit unions

• contractor financing

• utility companies (for energy-saving projects)

• unsecured home improvement loans from banks or savings and loans

• government loans

• mortgage refinancing

• second mortgage

• home equity loans

Remember to investigate all your options carefully before borrowing any money for a home improvement project because interest rates can vary from 3 percent to as much as 20 percent!

What Does Your Personal Credit Report Say About You?

When applying for a home loan, the last thing you need are surprises.

Thatās why anyone who is considering buying a home should obtain, and if necessary correct, their personal credit report. One of "Team Sieber's" lenders will provide you with a credit report on yourself at the pre-qualifying meeting. You can get on the internet and get a credit report for as low as $7.00.

Understandably, the lender wants to know your track record of paying your debts. To find out, they will order a mortgage credit report from a bureau that collects information from retailers, banks, finance companies, mortgage lenders and other public sources on all consumers who use any type of credit.

You have the right to inspect a summary of your credit report, challenge any inaccuracies and request that the credit agencies make corrections. You can see why it is so important to start this process early in the game.

You can purchase a special consumer version of you report by contacting one of the major credit bureaus covering your area. One of the largest in the United States, TRW, offers a free copy as often as once a year by calling 214-390-9191 and following the instructions provided in the taped message. You may do this or wait until the pre-qualifying meeting.

Upon receiving your credit report, carefully review the explanation of codes used to rate your payment history for each account and scrutinize each entry. Credit bureaus, which handle millions of consumer records, are notorious for including erroneous information; The good news is they are required by law to promptly substantiate or correct any discrepancies.

If you discover any errors in your report, immediately follow the bureaus procedures to correct them. If your credit report still has a negative tone or contains a series of late payments that may have occurred due to extenuating circumstances, you have the right to submit an explanatory statement that can be made part of your permanent record.

It is important that prospective lenders know that you care about your credit history.

Is Refinancing Right for You?

There are a number of variables that come into play when deciding whether or not to refinance your home, an option that becomes particularly attractive to homeowners when competitive interest rates prevail.

Generally speaking, it is considered smart to refinance if you can make up the costs of the new loan and benefit from your investment before you plan to sell your home or pay off your mortgage.

With some basic information and a few calculations, you can figure out whether refinancing might be a good option for you.

First determine what the monthly savings will be with the new loan by subtracting the new house payment from the existing payment. Then divide the monthly savings into the cost of refinancing to determine the point of pay back. If you plan to remain in your current home beyond the that point, the time may be right for you to refinance.

Some experts believe you should avoid refinancing if you have any thoughts of moving in the near future because you are likely to end up incurring more costs than you will recoup in the short term.

It is important to note that fees associated with securing a new loan cannot be completely deducted as interest in the year paid. Instead, they must be distributed throughout the life of the mortgage. This is why it is a good idea to get a loan with no points charged if possible. Although the rate may be higher, the interest is fully deductible within federal limits.

Deciding to refinance your home is a complex decision that should be carefully planned. If I can be of any assistance, please feel free to call.

Items Needed for a Credit Application

Employment

• Addresses for two full years
• Gross monthly income
• W-2s, if available
   Proof of pensions, retirement, disability or Social Security
   Proof of income from rentals, investments, etc.
   Proof of child support or alimony paid/received
   Year to date pay stub
• If self-employed:
   Two years 1040 Tax Returns
   Current year profit and loss statement

Creditors

• Each creditor's name, address and type of account
• Account numbers
• Monthly payments and approximate balances
• Amount of child care expenses

Banking

• Names and addresses of saving institutions
• Account numbers for all accounts
• Type of accounts and present balances

Miscellaneous

• List of assets in stocks, bonds, land
• Life insurance cash value (documented if used as cash down payment)
• If applicant is selling a home, a copy of sales contracts
• Social Security numbers for all parties
• Veterans - Certificate of Eligibility & DD-214
• Cash or check to pay for application fee

Realtors

• Copy of sales agreement
• Copy of listing on property
• Instructions on how appraiser is to gain entrance

Questions to Ask The Lender About Adjustable-Rate Mortgage

1. What index is used? Can it be changed during the course of the loan?

2. Is there a conversion option? What is it?

3. What do points buy?

4. Does the loan have a cap? Is it on the payment or interest rate?

5. What is the maximum monthly payment?

6. What is the annual increase? Is there a cap on how much the payment can increase in a year?

7. Is there negative amortization (meaning the amount due increases because interest owed exceeds the monthly payment)? If so, is there a cap?

8. Is there a balloon?

9. Is the loan assumable?

10. Are there penalties for refinancing or accelerating payments?

Questions for a Borrower

Personal Factors

1. How long do you expect to own this home and to be paying on this mortgage?

• Do you plan on or desire strongly to move in 2, 3, 5, 7 or 10 years?

• Do you plan on staying 15 or 30 years, or the rest of your life, or just a very long time?

2. Will this loan probably be a max out on:

• down payment?

• monthly payment?

• purchase price?

3. Do you expect, with a strong degree of certainty, to be earning a higher income over the next 2, 3, 5, 7 and/or 10 years?

4. Do you have family nearby? Did you and/or your spouse grow up here? Do both spouses want to live here for an equally long period?

Outside Factors

1. Is the area on a decline or a rise?

2. Are interest rates historically high, medium or low?

3. Is the market strong, normal or weak for the home seller?

Questions, the Answers to Which a Lender May Find Useful

1. Will there be a co-signer or a co-borrower?

2. How much down payment is available and how much savings does it leave the borrower?

3. How large of a monthly payment for PITI can borrowers handle?

4. What is the current rent or mortgage vs. the possible new mortgage?

5. Can the purchaser handle a fluctuating mortgage payment amount?

Questions to Ask a Lender

1. How long does it take from applying for a loan to funding?

2. What is your general acceptance-to-rejection rate on loans?

3. How much of your business is new financing? Refinancing?

4. Are your rates competitive to others in the area?

5. What options do I have to save the most in lowest monthly payments for ARMs, 15 year and 30 year rates?

6. What options do I have to save the most in lowest down payments for ARMs, 15 year and 30 year rates?

7. What options do I have to save the most in lowest interest rate for ARMs, 15 year and 30 year rates?

8. Do you make all types of loans? Which types are your specialties?

9. Do you have recent testimonial or reference letters and names?

10. How long have you been a loan officer?

11. Does your company have any affiliation or relationship to any real estate companies?

12. Will you inform me as a new buyer about all my options?

13. Will my loan be sold to another company or lender?

14. Where will I send my payments?

15. If I have to talk to someone about the loan account, who, where do I call?

16. Is the call an 1-800 number?

17. Are there any commissions or referral fees paid to a Realtor or Title Company?

Here are Some of My Client's Lenders That They were Happy with!

Pacific Republic Mortgage	Senior Loan Officer: Duane Holtan Email Direct Line: 208-363-8275 Toll Free: 800-259-6510 Cell: 208-866-3135 Fax: 208-336-1458 921 S. Orchard Boise, ID 83705
Community Lender Loan Officer: Chris Himes Email Office: 208-895-0026 Cell: 208-941-3411 Fax: 208-895-0478 925 E. First Meridian, ID 83642	The Mortgage Exchange, Inc. Loan Officer: Steve Powell Email Direct: 208-859-7777 Fax: 208-424-8124 PMB 417, 967 E. Parkcenter Blvd. Boise, ID 83706

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