Earlier, it was quite easy to become a mortgage officer. However with the introduction of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), things are changing. The SAFE Act will help in increasing consumer protection and reducing fraud. The last date for the states to have the licensing and registration system in place was July 31, 2010.
Here are some of the major highlights of SAFE Act:
Misconceptions or myths regarding credit reports are quite common in the market and most consumers tend to get affected by them. Thus, they do certain things which can negatively affect their credit report. Let's take a look at 5 credit report myths that one should be aware of:
Due to the present economic crisis, it's quite difficult to plan for a budget and save money. The worst affected people in this situation are the single mothers. Being the sole earning member of the family, they need to look after the family expenses as well as the kids and their needs.
Here are 5 helpful tips from my end which can help single mothers plan their budget and save money in a better way:
You love your kids more than anything else in the whole world, isn't it? It won't be pleasant for you to find your kids going through a financial crisis. Thus, start teaching your kids about money management from the early age. Your advice to the kids and teens regarding money management will help them become responsible individuals and they'll avoid major financial mistakes later in their lives.
Here are 4 steps which you may take in order to help your kids develop better money management habits:
With the introduction of the Credit Card Accountability Responsibility and Disclosure (CARD) Act, many experts have opined that it would affect the eligibility of the borrowers to qualify for a mortgage.
The British Petroleum (BP) oil spill has severely affected the economy of the Gulf of Mexico region. The nine-week-old oil disaster has badly affected the coasts of Louisiana, Mississippi, Alabama and Florida. It has been estimated that around 12,000 jobs could be lost in the Louisiana region alone. Apart from this, due to a ban in oil drilling, a large number of people living in Alaska and Virginia will also lose jobs.
Getting a mortgage, credit card or an auto loan with a mediocre credit history has become a thing of past. If you want to get best rates on your credit cards, home loan or car loans, then you should have excellent credit score. The FICO scores help the lenders/banks to judge your creditworthiness. So, you should always take steps to enhance your credit score and avoid doing things which may destroy it.
Let's take a look at 5 things to avoid and save your credit from taking a hit:
All of us have learned it in a hard way that budgeting is a must if we want to survive during the times of crisis. However, while planning for a budget, many of us tend to make certain mistakes which may cost us dearly. Let's take a look at some of the budgeting blunders and how we can avoid them:
The Basic Allowance for Housing (BAH) is a military benefit that comes in handy when applying for an FHA or VA home loan. It is based on pay grade, geographic duty location and dependency status. It helps the lender to judge a veteran's ability to pay down the mortgage. The main aim of BAH is to provide identical and equitable housing compensation based on housing costs in local civilian housing markets. This allowance is payable when government quarters are not provided to the servicemen.
Features of Basic Allowance for Housing (BAH):
Due to the decline of property values during and after the rescission, a large number of homeowners are going for short sale in order to get rid of their mortgages. In a short sale, the lender sells off the property at a price which is lower than the outstanding mortgage balance of the borrower. Thus, there results a deficiency amount from the sale of the property. This deficient amount needs to paid off by the ex-homeowner.
