Even though you think you have good or great credit, you may be in for a surprise. Last week, I was working with a client who was buying his first home. He thought that his credit was great. He only had two charge cards which carried no balances, and he had a car loan which had recently been paid off.
However, when I pulled his credit report there were numerous credit card accounts, two mortgages and a car loan which appeared. None were his. All of them were his father's. Although they had different first names, for some reason his father's accounts appeared only on his Equifax report.
As you can imagine, this was and is a nightmare. My client no longer qualified for the mortgage because his debt to income ratios are now too high. Of course, banks and lenders will need proof to show that all the disputed accounts are not his. This takes time. In order to have all this removed may take weeks. In the meantime my client and the homeowners whose home he is buying are left hanging in the wind until all this is resolved.
Let this serve as a warning. In this computer age that we live in, one small glitch can cause major headaches and take months to correct. You must keep an eye on your credit report. You should probably check out your report annually just to make sure everything is kosher.
If you discover any problems you can begin to correct them before it's too late. This will avoid the nightmare of having to scramble in order to fix the problem when you are under the gun.
Now, here are some of today's best 30 year fixed WHOLESALE mortgage rates.
However, when I pulled his credit report there were numerous credit card accounts, two mortgages and a car loan which appeared. None were his. All of them were his father's. Although they had different first names, for some reason his father's accounts appeared only on his Equifax report.
As you can imagine, this was and is a nightmare. My client no longer qualified for the mortgage because his debt to income ratios are now too high. Of course, banks and lenders will need proof to show that all the disputed accounts are not his. This takes time. In order to have all this removed may take weeks. In the meantime my client and the homeowners whose home he is buying are left hanging in the wind until all this is resolved.
Let this serve as a warning. In this computer age that we live in, one small glitch can cause major headaches and take months to correct. You must keep an eye on your credit report. You should probably check out your report annually just to make sure everything is kosher.
If you discover any problems you can begin to correct them before it's too late. This will avoid the nightmare of having to scramble in order to fix the problem when you are under the gun.
Now, here are some of today's best 30 year fixed WHOLESALE mortgage rates.
rate 15 day 30 day 45 day
5.2500 97.577 97.502 97.440
5.3750 98.279 98.204 98.141
5.5000 98.933 98.858 98.795
5.6250 99.393 99.318 99.255
5.7500 99.928 99.853 99.790
5.8750 100.515 100.440 100.377
6.0000 100.911 100.836 100.774
6.1250 101.235 101.160 101.098
6.2500 101.713 101.638 101.513
6.3750 102.197 102.122 101.997
6.5000 102.525 102.450 102.325
6.6250 102.704 102.629 102.504
6.7500 103.104 103.029 102.904
6.8750 103.338 103.263 103.200
7.0000 103.541 103.466 103.404
5.2500 97.577 97.502 97.440
5.3750 98.279 98.204 98.141
5.5000 98.933 98.858 98.795
5.6250 99.393 99.318 99.255
5.7500 99.928 99.853 99.790
5.8750 100.515 100.440 100.377
6.0000 100.911 100.836 100.774
6.1250 101.235 101.160 101.098
6.2500 101.713 101.638 101.513
6.3750 102.197 102.122 101.997
6.5000 102.525 102.450 102.325
6.6250 102.704 102.629 102.504
6.7500 103.104 103.029 102.904
6.8750 103.338 103.263 103.200
7.0000 103.541 103.466 103.404
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