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The History of Credit Scoring

The origin of credit scoring dates back to the 1950’s.  The purpose of its design was to provide lenders with financial profiles on consumers who wished to borrow money.  The structure of the credit scoring model seeks to reflect the likelihood of an individual to pay off debt without being more than 90 days late […]

People often ask me about how the interest rates impact the monthly mortgage payment for a home.  When the interest rate changes, how much of an impact does that have on the monthly payment?  You will find that for each eighth of a difference in the interest rate, for example you go from 4.25% to […]

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Have you found that you receive an influx of phone calls or letters in the mail right after you have applied for credit for a home loan or other types of credit?  Are you wondering how to protect your privacy when applying for new credit. Did you know that the actual credit bureaus, Experian, Equifax […]

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We have just released a new home loan program specifically designed for people who are self-employed.  The program allows us to qualify self-employed folks using bank statements instead of the previous year’s tax returns.  We take a 12 month history of your deposits that show on your personal bank statements.  We can also use more […]

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Think of interest rates and points on opposite ends of a scale.  The more that you pay upfront, the higher the points, the higher the closing costs, the lower the interest rate that you would have over the life of the loan.  Also vice versa, the fewer the points and fewer closing costs that you […]

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  Qualities in Choosing a Home Lending partner. Hi there. Have you ever wondered how your Realtor chooses a Carmel Valley home lender that they work with? I’m here with Dena Leber today and I’m Julie Ozanich. Dena, tell us what are some top two qualities you look for when choosing a lending partner. Dena: […]

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David interviews Julie during a Google Hangout: David: Today, I’m here with Julie Ozanich, who’s our local home lending expert on the CarmelValleyLife.com. I wanted her to talk a little about some of the cool things that she’s doing marketing-wise, as well as what she’s doing within the community that’s really highlighting the community in […]

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When you purchase or refinance a home, the average escrow period runs around 30 to 45 days.  During this period the lender is going through your loan application and verifying the information that was listed and provided to them.  There are a few things that you should be aware of during this process: Be sure […]

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Ever Wonder What Happens During a Home Loan Approval Process? There are many steps that go into the loan approval process when applying for a home loan.  Below I will list out just some of the many steps a loan goes through from start to finish: First you make your application by providing the lender […]

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Today’s underwriting rules can be fairly stringent on which income can be counted and how it is calculated.  For example, income such as overtime, commission and bonus income must have a 2 year history of receipt and your employer must state that it is likely to continue in order to be included in qualifying for […]

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As of this writing, there are various down payment assistance programs available. Various programs are funded by different sources and you do have to be careful as different programs can run out of funding (money) at different times.  Some of the primary sources are local cities and state backed assistance. Most down payment assistance programs […]

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The Patriot Act was passed in 2001.  The majority of Americans agreed it was a good idea.  After all, the purpose of the legislation was to identify both foreign and domestic terrorists by tracking the movement of their financials.  What many may not realize is how that has impacted the home loan process. Lenders will […]

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