MORTGAGE QUEEN NEWS

50" Inch Flat Screens and Downpayments

2012-01-31T11:44:00.002-05:00

FHA Loans require a three and a half percent downpayment of the sales price.

There are several acceptable sources of FHA Downpayment.

In this week's video tip FHA Mortgage Lender, Markita Woods, answers the question about tax returns and FHA Loans

Having trouble viewing the video click "FHA Downpayment Sources"

Woodbridge Short Sale Buyer shares their story

2012-01-13T10:40:00.001-05:00

Buying a short sale in Woodbridge, VA Can be exciting, frustrating, and scary all at the same time. Here is a video testimonial from, Two Woodbridge first time buyers, shot about the process when using your Woodbridge Mortgage Lender

Having trouble viewing? Click Woodbridge Short Sale Buyer

Bad Credit Loans

2011-12-21T12:00:00.000-05:00

Woodbridge Mortgage Lender Markita Woods shares how Christmas Shopping can be dangerous to your credit score.

If unable to view click here Credit Score Tips From FHA Mortgage LenderFor a free consultation after holiday shopping email or call Markita Woods at Markita.woods@gmail.com or 703-497-3936

Holiday Shopping Tips From Woodbridge Mortgage Lender

2011-12-15T12:32:00.002-05:00

Woodbridge Mortgage Lender Markita Woods Shares how Christmas Shopping can be dangerious to your Credit Score

If unable to view Click Here Credit Score Tips From FHA Mortgage Lender

For a free credit consultation after holiday shopping email or call Markita Woods at Markita.woods@gmail.com or 703-497-3936

Buy Home After Short Sale

2011-12-09T15:07:00.001-05:00

Woodbridge FHA Lender answers the question of several buyers that have short sold their previous home in the last three years: Can I Buy A Home After Short Sale

If you can't view this video please click on this link

Is Rent to Own a Good Option?

2011-12-06T14:47:00.001-05:00

Recently a lot of people have asked is Rent to Own a Good Option when restoring credit?

In this week's video tip your Woodbridge Mortgage Lender is here with the answer on weather Rent to Own is a Good Option.

If you are unable to view the video click the link "Is Rent to Own a Good Option by Woodbridge Mortgage Lender."

Contact Markita Woods at markita@weststarmortgage.com or 703-497-3936 to run a free Rent vs. Own cost comparison.

Washington DC Realtor

2011-10-07T05:38:00.001-04:00

Washington DC Realtor, Lanre Folayan, is the agent I know,like, and trust to help you buy or sell a home in Washington DC.

Lanre specializes in buyers and sellers in DC and Prince Georges County.

Did you know choosing the right Realtor can make all the difference for a successful transaction when buying or selling a home in Washington DC?

Here is a brief video introducing Lanre Folayan, The Real Estate Farmer.

Can’t view video click the link Washington DC Realtor

What is a Veteran Home Loan?

2011-10-03T14:44:00.001-04:00

What is a Veteran Home Loan?
In this video VA Home Loan Specialist Markita Woods explains what is a veteran home loan. And who is eligible to use a VA Loan to purchase a home in Virginia, Maryland,and DC.

To watch the entire video series All About Veteran Loans visit my YOU Tube channel Veterans Home Loans Or visit www.allaboutveteranloans.com and grab your free report, What Bank and Credit Unions Don’t Want You To Know About VA Home Loans!

Take the Next Step in Homeownership in Maryland and Virginia

2011-06-07T14:00:00.001-04:00

Are you ready to take the next step in homeownership? So you purchased your starter home and enjoy being a homeowner, but now you realize:

Your "starter home" is not your "dream home"
You really need a backyard for the family
You really want a garage for your two cars
Now is a great time to buy

We can show you how to buy your dream home and rent or sell your current home in Maryland or Virginia.

Take the first step and contact " Your FHA and VA Lender" at (703)497-3936 to discuss your options. I will walk you through each step of purchasing your dream home in Maryland and Virginia.

original article published at www.woodbridgemortgagenews.com

Are You Veteran or Active Duty Military Moving to Maryland or Virginia? You Have a Secret Weapon!

2011-06-03T13:13:00.001-04:00

Are You Veteran or Active Duty Military Moving to Maryland or Virginia? You Have a Secret Weapon!
original article posted at www.woodbridgemortgagenews.com

Veterans and Active Duty Military have a secret weapon when buying a home in Virginia and Maryland. The secret weapon is a Veteran Home Loan with No Money Down. There has been much talk about the changes in regulations and guidelines on just about every other loan type. In my opinion many have not been beneficial to consumers. The Veteran Home Loan guidelines have remained virtually the same for years making it easier for Veterans or Active Duty Military to qualify for a home loan.

Here are some of the benefits of using your secret weapon:

No Money Down up to $818,750 in Washington DC Metro Area
No Mortgage Insurance
Qualifying credit is 600 (at Weststar Mortgage)
VA Loans are the most lenient on previous Foreclosures and Short Sales
No Funding Fees for Veterans that are 10% disabled

Veterans and Active Duty Military have a secret weapon in the home buying process. Put your Veteran Loan to work with your Veteran Loan Expert in Woodbridge, VA. I will close your VA Loan in Virginia and Maryland in 30 days or less (in most cases).

Not sure if you qualify for a VA Home Loan? Click here to order your Certificate of Eligibility

FHA 203(k) News

2011-05-27T11:51:00.001-04:00

This week's episode of FHA 203(k) Rehab Loan News, has important information about 203(k) streamline guidelines. If you are considering purchasing a bank owned, foreclosure, or a HUD Home in Maryland or Virginia, the FHA 203(k) streamline loan is a great loan for you. Visit http://HUD.gov/HUDHomes for current HUD Homes for sale.

Other FHA 203(k) Renovation Loan Posts:

Stay tuned for our featured HUD Home of the Week.

Don't Switch Jobs When Buying a Home in Woodbridge, Va

2011-05-17T11:47:00.001-04:00

Don't Switch Jobs When Buying a Home in Woodbridge, Va
In the Northern Virginia area many people work for the federal government or for companies that support the government. These employees are used to working on a contract basis. Many times the names on the contract may change but the job duties and assignments are the same.
This fact of life almost cost one first time buyer in Virginia her new home purchase. In today's world of lending nothing is taken for granted: tax transcripts are requested from the IRS, credit reports re-verified, and before closing your job status is verified again too.
Imagine the shock in my voice when the underwriter (upstairs in my office) calls and says your client no longer works at ABC company, so I can't clear the loan for closing. I am sure she heard me scream NO WAY from downstairs.

But I am thinking sure the client still works there. Yesterday, I just spoke to her on her work phone about the closing details for her no money down purchase in Virginia.
I still was in denial so I called the client on her work phone again to share the information and ask how can this be? The client went on to tell me that two weeks ago the contractor she worked for had changed but her job duties and pay were the same.

Although we provide a Do's and Don'ts Checklist at the beginning of the home buying process,she did not feel it was necessary to disclose the change after all everything was still the same except the name on the check.

We did close the loan after waiting for the first pay stub from the new contractor.
Although the contractor change was out of her control it is important to share the details of any changes with your Woodbridge FHA Loan Expert when buying a home in Woodbridge, VA.
If at all possible DO NOT change jobs during the home buying process. But if you do be prepared to present the offer letter and first pay stub before being able to close on your FHA or Veteran Home Loan .

original article posted at www.woodbridgemortgagenews.com

Queen of Mortgages vs. Michelle Obama

2011-05-14T13:47:00.001-04:00

Michelle Obama was recently seen doing the "Dougie" for the Let's Move Initiative. You decide, whose "Dougie" was better?

FHA 203(k) News You Can Use- Episode 2

2011-05-13T14:14:00.001-04:00

The FHA 203(k) Renovation Loan is not only an excellent product for purchasing a home that needs a little TLC, the 203(k) streamline can be used to refinance repairs and upgrades of your existing home. Basement not complete? Consider a FHA 203(k) Renovation Loan as an option. In our first episode of FHA 203(k) News You Can Use (click if you missed it) we shared some exciting news about our new and improved FHA 203(k) program. It will make closing to construction much quicker. Watch the video below for this week's FHA 203(k) mortgage update.

original article posted at www.woodbridgemortgagenews.com

Veteran Loans Under 620 Credit Score

2011-05-12T09:47:00.000-04:00

Veteran Loans with a credit score under 620?

original article posted at www.woodbridgemortgagenews.com

Roadmap to Good Credit

In late August 2010, Mr.Buyer was referred to me by an agent to get pre approved. But this was not a ready to go client. We provided the client a detailed roadmap to

get mortgage ready in the next six months.

Many times we do this (you know give the buyer a chance to participate in their own rescue), but when we check-in a couple months later via phone the buyers have not done anything to change their situation.

Well this client was different he did everything we asked and had greatly improved his credit score

as a result. So finally in early March of this year we were able to issue a Mortgage Pre-Approval Letter to start shopping for homes with a Veteran Home Loan.

I asked the buyer if he was going to work with the Agent that originally referred him and he decided not to. According to the buyer, the agent did not keep in touch and one of his friends had a great experience with another Realtor that he wanted to work with as well.

I immediately asked for the Agent's information since we had never worked together, I sent him an email and left a voice mail to introduce myself and let him know I would be working diligently on the team. As a lender I am aware that you, Mr. or Ms. Agent, are putting the biggest part of the transaction in my hands. So I try to communicate quickly with agents that I have never worked with to start establishing a working relationship.

After house hunting and receiving an accepted offer from the seller with my pre-approval letter, the agent goes on to explain to the buyer he feels he would be better off with his lender. The buyer called me and asked why his Realtor would state that and I told him because most people like to do business with people they know, like and trust. And rightfully so, at this time I am none of those to your Realtor.

I then call and leave another voicemail for the agent to let him know that we are going to do the best job for Mr. H, and that he can count on me to get the loan to closing and to communicate throughout the process.

Shortly after the signed contract addendums returned from the bank, the agent sends the client rate quotes via email from his preferred guy and pressures the client again to go with his lender. At this point I am not to happy with the way this transaction is starting, so I call the agent yet again and politely ask what he needs from us to move forward with confidence . He goes on to give me some speech about doing the best for the buyer. But the buyer has clearly stated, to me anyway, he is very pleased with our services and sees no need to switch lenders.

Anyway, after providing two good faith estimates with the buyers rate lock options, Mr. Realtor again tells the buyer he could get a lower rate with his lender and he really thinks he should switch. I am trying at this point not to take this personally, but I was a little frustrated as I knew it was my roadmap to credit recovery, the buyers willingness to take action, and our ability to stay connected that led to the buyer even being able to look at homes with Mr. Realtor, let alone submit a contract.

I placed one more call to the agent to say I appreciate you looking out for the best interest of the client but the information you are giving him is not taking into account this buyer's overall financial scenario. But had you called me back earlier, you would've understood that not only do we have skin in the game but we also are providing a loan to a client who otherwise may not be approved. (Which I am sure made him somewhat uncomfortable, and he probably hears that line all the time.)

I then explained we do VA loans and FHA loans for buyers with less than 620 score ( there are not many lenders that still write these loans) but as a result the interest rate is typically an .125 to .250 higher than market....I am sure some would cry foul on this, but it is what it is. This information had been explained upfront to Mr. H and he was given the opportunity to continue working to raise his credit score above 620 or move forward with buying now. And of course he chose the latter, Mr. H had paid his dues by correcting his past credit mistakes, had great debt to income ratios, and a clean rental history. So sitting on the sidelines was no longer an option, buying at .125 higher rate was still cheaper than renting in his case.

Anyway I politely asked Mr. Realtor, "Will your preferred lender do a VA loan for a buyer with a credit score under 620?" Nope, just as I thought. Even with the added pressure by his agent the buyer did remain loyal and I am very pleased to close the loan.

It's always nice when a plan comes together!

Considering Buying A Short Sale in Prince William County?

2011-05-09T15:10:00.002-04:00

Considering Buying a Short Sale in Prince William County?
original article posted at www.woodbridgemortgagenews.com

Well, consider this...short sales are typically a bargain, but you have to be willing to wait. If you are not patient then a short sale purchase is not for you. Although banks, the actual seller of the home, claim to be more ready to handle this market with new departments and fancy software, on average my clients have waited four months to close on their short sale purchase. Be prepared to hear absolutely nothing in the beginning. Then requests for more information (you already provided) to be submitted again in the middle, and then a mad rush for closing.
Here are a 5 tips to help a short sale flow smoothly while waiting:

Do continue to use credit as usual, but do not max out credit cards or revolving accounts because chances have it, the initial credit report for preapproval will have to be reviewed again before closing

Keep your lender updated with recent paystubs and bank statements through out the waiting period. Be careful about large deposits and odd transactions that are red flags.

Do have your agent keep in touch with listing agent frequently even if there are no new developments.

Be prepared for the bank to not accept or counteroffer your initial offer with the seller. I have seen banks raise price, reduce seller concessions, and flat out reject an offer.

Be patient and don't take the lack of movement early on in the process as an indictment against you or your offer.

Navigating a short sale purchase requires help from an experienced loan officer, Realtor, and title company. Call "Your FHA and VA Loan Expert" at (703)497-3936 to help take away the stress of purchasing a short sale home in Prince William County, Va.

"FHA 203(k) News You Can Use"

2011-04-26T12:33:00.000-04:00

FHA 203(k) is an excellent loan to upgrade, repair, or rehab homes with one loan and low money down.

-FHA 203(k) streamline

-FHA Rehab Loan

-FHA 203(k)

-Low Down Renovation Loan
Call Markita, Your FHA Lender at (703)497-3936 for more information.

Strike While the Iron is Hot!

2011-04-08T12:05:00.000-04:00

Veteran Not Eligible for a VA Loan

2011-03-24T14:38:00.003-04:00

Veteran Not Eligible for a VA Loan
original article published at www.woodbridgemortgagenews.com

Mr. Veteran found me, "Your FHA/VA Lender" on the web and called for an appointment to discuss his situation. After review, Mr. Veteran had great income, but needed some "credit updates". So over the next 90 days with our guidance we raised Mr. Veteran's score from 579 to 627 an acceptable score for a No Money Down Veteran Home Loan. During our time of credit updating, we also gathered income, and Veteran- specific paperwork such as a copy of his DD214. He even had an original Certificate of Eligibility issued in 2007.

Fast forward three weeks, contract ratified, appraisal done, and conditional underwriting approval, but the loan did not close because the Veteran was not eligible for a Veteran Home Loan. After two attempts to update the certificate of eligibility through the electronic system. We mailed the required forms to VA only to be mailed the bad news.

Dear Mr. Veteran,
After review of our records you are not eligible for a VA Loan due to lack of service time. Your records indicate twenty months we require 24 months with honorable discharge.

Veterans before start your home search make sure you are eligible for a Veteran Home Loan. Here is a form to submit for an updated Certificate of Eligibility. Need Help, get your questions answered from a VA Loan Expert call Markita Woods (703)497-3936.

Mr. Veteran is still working with the Veterans administration trying to clear up the eligibility issues .According to the Veteran, he did serve more than twenty four months and recieved an honorable discharge. And just to add insult to injury he had also been issued two Certificates of Eligibility in the last ten years...

A veteran buyer with an outdated Certificate of Eligibility is not eligible for a VA Loan, after all...go figure

In summary - Veterans need to serve at least two years with honorable discharge for VA Home Loan Eligibility.

Are Free Credit Reports Really Free?

2011-03-10T13:07:00.001-05:00

Beware of free credit offers from companies like freecreditreport.com, etc. Visit www.annualcreditreport.com to get a free credit report or contact your Woodbridge Mortgage Lender.

Original article at www.woodbridgemortgagenews.com.

Woodbridge Mortgage Lender Believes Credit Scoring System Sucks!

2011-02-25T16:35:00.000-05:00

The credit scoring system sucks when buying a home. The main three reasons "Your Woodbridge Mortgage Lender" states this are the following:

1.) Three scores are all different and can vary greatly

2.) Outdated information and errors on 79% of all reports

3.) FICO scoring algorithims penalize you if you have high credit utilization

If you need help with credit scores and buying a home in Woodbridge, VA, visit my websiteto get mortgage ready.

Original article posted at www.woodbridgemortgagenews.com

2011-01-12T15:04:00.001-05:00

Woodbridge Lender Will Work for Food...http://actvra.in/QM

Your SSN has been sold!

2010-03-19T13:56:00.008-04:00

www.optoutprescreen.com

Another Satisfied Client

2010-01-20T14:39:00.001-05:00

Despite a 6 month short sale, a 15 day closing delay, and a crazy closing experience, I still get to share a testimonial from a satisfied VA home loan buyer.

My Carrots Are Watered

2010-01-08T12:07:00.001-05:00

Check this out you'll be surprised...

It Takes Unconventional Measures

2009-11-18T15:08:00.000-05:00

Client—“I need to get mortgage approved right away. But my credit score is 590 which is 30 points low according to other lenders.”

Lender—“I have a secret weapon to boost your score. Are you ready to get it done by untraditional measures?”

Client—“Of course, I just need to get this done. What do I have to do?”

Lender—“Okay visit www.getnewcreditline.com and sign up for $5,000 credit limit with $100 balance” the account will boost your score in thirty days or less

Client—“What type of credit line is this?”

Lender—“It’s a merchant account that allows you to buy books online and improve your credit score quickly”

Client—“But I don’t read books. So can I apply for a traditional or secured VISA or Mastercard?”

Lender—“Of course but I thought you wanted to get it done in 45 days or less”

Client—“I do but I would prefer to go with as secured VISA or Mastercard, you know a more reputable source..”

Lender—“Okay, call me back in thirty days to see if the $300 balance from Visa helped boost your score”

Client—“I need this done in 45 days or less. There’s a home I have under contract”

Lender—“Okay but since you don’t read books, and you prefer a Visa or Mastercard with a $300 credit line. I suggest you open the account and call me back to repull credit next month.

Client— (SILENCE)

Lender—“Hello, hello, are you still there?”

Client—“Yes, but I’m not sure about this www.getnewcreditline.com

Lender— Well since you have never heard of merchant accounts before. I need you to do what you “think” is best

The purpose of this post was to show you how we talk ourselves out of moving forward, due to lack of knowledge. I really wish this client did read books but our purpose for using www.getnewcreditline.com is to immediately raise credit scores so you can purchase a home. A home, that pays $8,000 before April 30th, provides excellent tax breaks, and the overall pride of homeownership. Then she can sit at her home and watch TV all day and never read book again in her life…

So Do You Want To Own a Home or Not?

2009-11-16T14:43:00.000-05:00

Watch this short clip to make sure you are moving in the right direction

Don't hesitate to contact me for more information at 703-497-3936 for your free consultation.

--
Markita Aldridge-Woods is a mortgage banker that is passionate about helping clients reach their goal of home-ownership. Visit website at www.queenofmortagages.com or call (703) 497-3936.

Foreclosures Purchase Process Video Shows Exactly How It Works

2009-11-10T14:23:00.000-05:00

This video shows you what Agents and buyers must do to make an offer an a foreclosed property these days! This is a funny three minute clip but it really does relay how the foreclosure process has been working behind the scenes. The video features the robot Joe Citizen posing questions he would be asking his Buyer Agent and the "Foreclosure Specialist" listing agent robot is giving answers that are, exaggerations but really are based in fact on the truth. Just because it is a foreclosure does not mean it is always a great deal....

Quickest Way to Improve Credit Score (w/o paying off one negative item)

2009-11-04T13:34:00.000-05:00

If there is one question I’m asked by consumers more than any other question about credit, it is “What is the quickest way to improve my credit score?” My answer is always the same, “how much do you want to raise it?”

If you wish to increase your score from 580 to 620 then your strategy will be very different from someone wanting to go from 670 to 725. Why? Because your starting point is different, it requires a different approach. While the removal of negative items from a report will almost always lead to an increase in score, it’s still a very basic concept at best and typically never leads to the increase score most are seeking.

Believe or not, improving your credit score could be as easy as adding new revolving credit. Of course there are several credit cards available to get you back in “financial trouble” or secured/credit accounts that don’t add any value to your credit score. The most effective tool to increase credit limits and decrease debt to credit ratios (two major factors of credit score) is the use of online merchandise cards or credit lines that report to at least one or more of the three major credit bureaus.

I recommend subprime merchandise cards. Unfortunately this is the most misunderstood card in the industry so most people shy away from use…which is a huge mistake if your goal is to increase your score specifically for the purpose of purchasing a home. The merchandise credit lines typically report high credit limits with low balances and the approval is guaranteed. Sound like a scam…if you say “yes” like everyone else you are missing the point and the opportunity to get out of credit prison. This technique is hard to beat based cost and effectiveness. If you add a secured credit card for the same cost, you do not get the bang for your buck because it will only increase available credit by $300. Which may be okay if your strategy is to raise your credit scores over the next six months versus the next 30 to 60 days, Basically a revolving credit line that reports to two of the three major bureaus, gives you a high credit limit, but it also gives you the security of a “secured card” by allowing only to finance a set amount (keeps you out of trouble) For more information on this secret weapon email me at markita@weststarmortgage.com or visit www.getnewcreditline.com to sign up.

Markita Aldridge-Woods is a mortgage banker that is passionate about helping clients get out of credit prison. Visit website at www.queenofmortagages.com or call (703) 497-3936.

Improve Your Credit Score Overnight

2009-10-29T11:02:00.000-04:00

Improving your credit score does not happen overnight. Many consumers believe there is a quick fix to a situation that did not happen overnight. It is estimated that 60% of all people will have a bruise or blemished credit in the next several years. The rampant foreclosure and job loss has caused a downward swirl in credit portfolios. The first step in improving your credit score is actually obtaining your credit score from all there major credit bureaus. I recommend getting your credit report from a local banker or mortgage professional so you will have the report that financial institutions use to make financing decisions.

Once the tri-merge credit report has been secured the fun part begins. Verify the account information listed, it is estimate that 79% of all reports have some type of errors. If the accounts are numerous and hard to verify consider working with reputable credit repair company to work on your behalf If the accounts are few in number work with the creditors to offer settlements on collections and charged-off accounts. But beware that paying off collection charges on judgment does not increase credit scores dramatically. In order to see a significant boost your credit score you will need several factors working together at the same time –stay tuned for next post that describes a key element in raising your credit score on your own.

Don’t let your credit score keep you in credit prison visit www.queenofmortgages.com for more information. Markita Aldridge-Woods is an expert at helping clients raise credit scores and get the chance they deserve to become homeowners.

Is Credit Repair the Ethical Way to Handle a Major Problem?

2009-10-13T11:56:00.000-04:00

A lot of people ask if it's ethical to try to take off legitimate bad credit.

American consumers have been treated unfairly by the credit-ranking system. "Credit repair" is a phrase that has ended up with a bad reputation, and it has been associated with scams. The outcome is, a lot of times we end up having to defend our work of assisting other people to fix their credit.

The experience of being in credit prison does have other solutions to the issues that are harming the credit report. Rather than a person seeing the credit report as evidence of poor credit, he or she should see it as an allegation that often goes unchallenged. The people we help with this are generally saying they are not guilty when they join up to use our preferred attorney option to defend themselves.

Our preferred lawyers make the credit bureaus prove their claims. If the bureaus state that they have previously examined the situation and the charge is real, then this decision is debated. We have found that the majority of credit report accusations are incorrect, and that is when they can be removed. It makes good sense ethically to take a bad credit item off your record.

Our society has origins in capitalism, and the credit bureaus apply consumer personal information to their own benefit. The legal system pledges an oath to be honest, equal and generally good; however, credit bureaus don't do this. Why should any person be forced to help any company, not to mention big businesses, when doing this could mess up his credit and financial situation? The credit bureaus would hold onto all of the credit information, real or fake, forever if the government didn't make them get rid of the many details after seven years has passed. If not for this law, credit bureaus would be able to keep many items on your report after seven years has passed. If good credit accounts can be taken off after a brief time period, then why don't you take off bad credit accounts before the seven years is up?

Credit bureaus don't care about their effect on customers. Profits -- not the rights of the consumers -- are the main reasons for their judgment.

Judging a person's credit from their past credit isn't always reliable. It hurts all people to have nice people thought of as being deadbeats. A number of policies and methods utilized by credit bureaus appear to be harmful to the consumer. Because of this, we disagree very much with the current standards of credit reports. The debtor is chastised unfairly with seven years of credit prison (with 10 years for being bankrupt and some court judgments). Credit bureaus have never conducted any research to figure out if seven years is enough time to re-establish good credit. The seven-year mark is a random choice. The facts are that, based on what Dr. Bonnie Guttion, consumer affairs adviser to President Bush, computer models that foretell credit details which show "nearly all details that are over two years old are not important"; also, our customers think that seven years is too much time. After a few years, the majority of people are capable of completely recovering from a financial crisis. In spite of this, they are usually made to live a poor life style and pay a lot of interest on loans and wind up being rejected for loans because of the information on their credit reports.

Even though credit bureaus boast of a 1% error rate, that isn't really accurate. But, other research not conducted by the bureaus reveals that errors happen at a rate of almost 79%.

One credit bureau confesses that they have an error rate of over 50%.

The legal agencies stubbornly oppose that these errors be fixed. It is very expensive for them, spending time as well as money. The truth is, credit bureaus profit from selling your credit history. This vast amount of information is not handled by anybody but them. A person can't win if they are valuing someone's privacy. People have lost their jobs and public standing due to errors on their credit reports.

There has been a high amount of the worst offenses like file errors and mis-merges. This means that their should be a big scale update for the American credit reporting procedures. When an individual's information is assigned to the incorrect file, it is called a mis-merge.

Consumer credit reporting standards are not only used in the United States, but other countries use them also. Most countries judge credit considering the recent credit standards. For instance, Equifax and Experian in England can't hold onto credit details after five years. The credit reporting system in America needs to be changed. There is nothing wrong with wanting to be sure your credit report is correct. Be assured that it is not unethical or wrong in any way.

Our clients can be trusted and have been totally redeemed from hardship, as well as they are elated to come back to the credit economy and be financially trustworthy. Our aim is to assist people to avoid predatory lenders.

A person can lose thousands of dollars because of bad credit and can end up in a vicious cycle, from which escape is virtually impossible. Many people repair their credit for refinancing, or to purchase "double the home's worth" at almost the same cost. For people who have credit issues, it is difficult to pay another person's mortgage. A lot of renters have finished paying another person's mortgage, but still are not able to buy their own house because of bad credit.

Unfortunately, a lifetime of good credit can be overwhelmed by just one bad item on your credit report. Unfortunate consumers end up with no choice but to reside in neighborhoods that don't have a nice reputation. Don't let this happen to you....visit www.queenofmortgages.com to learn more about reparing your credit so you too can realize the American Dream

2009-10-07T17:05:00.001-04:00

Lots of bad news about real estate and mortgages so here is one to make you smile...http://ping.fm/qTQ7X

2009-09-26T20:07:00.001-04:00

is amazed with the amount of quality information shared at Marketing Mastermind. If you are not in the internet and you are in business, you are missing the boat

The New American Dream,uh,Deferred!

2008-02-22T13:55:00.000-05:00

I read in a Washington Post article two weeks ago, that the biggest losers of wealth in the midst of the subprime crisis are Blacks and Hispanics. The two most targeted groups for the exotic mortgage products, that have helped cause a mortgage meltdown. The media has done a good job of reporting the doom and gloom but out of all this there is a silver lining. There has not been a greater buying opportunity available since, well actually I can’t remember. Just as many that lost wealth, in the wake of the unscrupulous loan officer and fat cat Realtor market; there is the opportunity for that many or more to gain wealth in this market. One of the secret of the rich is to by low and sell high; for the last five years most people have operated totally opposite of that paradigm. And many Realtors and lenders laughed themselves right to the bank.

Speaking of banks I have a situation with one of the biggest participators in sub-prime exotic mortgage lending, that now has several foreclosed properties on the market. This credit fallout is not just the homeowners fault, big lenders and banks like Wells Fargo and Countrywide approved these loans without the blink of an eye, only worried about their fiscal bottom-line. And not the potential of what could happen to the homeowners after their ARMS adjusted and literally knocked them out of their homes (the place where hopes and dreams, family memories, and the cornerstone of wealth used to reside). Anyway back to my situation, I have a pre-approved client that has gone through the process of lining up financing before looking for a new home (the right thing to do). Now that she has found this home, the lender/owner of this foreclosed property does not want to accept her offer until she is “pre-qualified” through their lending department and ultimately try to steal the client and place their loan back on the house. It is so interesting to me that had they verified and made sure clients were truly qualified before they would not have to stoop to such a low level to regain business.

Personally I have decided the next time this happens under the banner of giving the clients a choice, that I am not going to participate in the shameless act. Because my clients are not some MARKET SHARE TRYING TO BE REGAINED or BIG COMMISSIONED EARNED AND ON TO THE NEXT LOAN. My valued services are for a lifetime, because homes are the cornerstone of wealth. I will be my client’s lender for life not just for one loan transaction. When the tax issues needs to be addressed, or identity theft has occurred, or a new baby has been welcomed to the family I will be there to service my clients if we did a loan one week ago to one decade ago, because I believe in the American Dream. And my passionate mission is to empower people to purchase homes, start building wealth, and living the new American Dream! If the people on your team don’t share this conviction then get a new team. No more business as usual, house rich but cash poor clients wondering how to keep their American Dream from being deferred.

Mortgage with big bank worth $100 monthly savings…Mortgage with trusted advisor…PRICELESS!

NO Cost Refi....Yeah Right!

2007-09-25T14:39:00.000-04:00

Most of my blogs have been directed to new buyers, etc; today I am focusing on the current or soon to be homeowner. One of our biggest allies has turned into somewhat of a foe by advertising the so called “No Cost Refinance”. You have probably seen the ad from this company (withholding the name to spare the guilty) and thought to yourself this is too good to be true. And you are somewhat correct….

The no cost refi program truly has no closing costs; all the closing costs and third party fees are paid by the lender. Let’s discuss the true pros and cons of the no cost refinance program. Typically, a no cost refinance will come with a higher interest rate. Face it; there really is no free ride no matter how cleverly disguised!

One of the main factors in determining whether a no cost refi is the "right" way to go is to look into your financial situation and see what your future goals are. A no cost refi is a good idea if you are considering moving in a few years or you know that you will need to refinance in a few years. The reason being is that by obtaining a no cost refi you are going to pay a higher interest rate than you would have by just simply paying for the closing costs or rolling them into your loan. Most of the time the closing costs could have been paid for within a couple of years with a lower rate loan and therefore if you keep the no cost loan more than a couple of years you will be stuck with that higher interest rate for the life of the loan or long after you would have paid for those closing costs. This will cause you to pay much more in interest over the life of the loan. After discussing your goals and needs with your mortgage professional he or she should be able to provide you with their opinion on which type of refinance will be best for you, "no cost" or "with cost".

Whether a no-cost refi is the way to go depends on a couple of factors. ... If you're planning on moving fairly soon, the no-cost refi might very well make sense.
One way to find out which method is best for you is to find your breakeven point. The breakeven point is the number of months it would take to recoup your closing costs based on your savings in monthly payment. For example if you incur 5,000 in closing costs which result in a $250/month savings, it would take 20 months to break even of the closing costs.

Again the large corporate lender that advertises the "NO Cost Refi" puts it in a way that appears to save the borrower money. Again name withheld to spare the guilty! But I know you have seen or heard the commercial. The fact is that over the life of the mortgage the higher interest rate of a No Cost Refi will cost you substantially more money. You are better off paying closing costs out of pocket or rolling them into the loan in return for a lower mortgage interest rate.

When you hear the term "NO Cost Refi", ask yourself how are they going to make their money. (Remember there are no free rides!)The answer is in the form of a higher interest rate. You may save a few thousand dollars upfront but you will be paying tens of thousands of dollars in the long run. These loans are great for borrowers without the ability to pay the upfront fees but borrowers who can afford them should be very leery about using them.
While a no cost refi may sound like a dream come true, talk to a local and accountable mortgage professional about the detailed costs of originating a new loan or refinance. There is no such thing as a free ride, and sadly, there is no such thing as a free refinance either. How you choose to pay may dramatically impact how much you spend on your mortgage over the long run.

Overcoming Your Fear!

2007-09-11T15:02:00.000-04:00

Fear stands for False Evidence Appearing Real! I don’t think we realize how much this can truly impact our personal and business life. I believe fear is the reason so may borrowers have called my office or met with me personally been pre-approved for excellent mortgage programs , viewed several properties with their Realtors but have yet to move forward on actually signing a contract. And basically giving up on their dreams of homeownership!

The external noise of the media and sometimes friends and family members can actually paralyze us from moving forward with our goals and dreams. In most cases, you will have to step out on faith. This simply means that you believe in yourself and that you will be able to make it work. Definitely you must not make foolish decisions but prepared and informed decisions that will help you deal with the unknown. This weekend I was listening to a song that had an appropriate hook “How will you make it if you never even try?”

Of course, I am basing this article on mortgages and purchasing a home, but the information is true for any endeavor we are looking to accomplish. In many cases, we often let ourselves or other people talk us out of doing something rather than into it. Distance yourself from the well-intentioned naysayers who think they are protecting you. But many times stealing away your dreams is exactly what they do.

It is okay to be afraid when doing or starting something new. As a matter of fact it is perfectly normal. As stated by a spiritual leader with the utmost integrity,” Do it with the fear!” How many people would have let golden opportunities pass them by, if they let their FEAR stop them from moving forward? I admit it can be frightening to think about all the different aspects of the transaction with realtor, lender, and title company, etc. Then there is the mound of paperwork that needs to be signed in advance such as the real contracts, inspections, and loan applications. As one buyer put it, you feel like you are signing your life away. Which is relatively true in a reverse way if you don’t sign you could be giving away certain aspects of your financial life such as the opportunity to build home equity that could fund your child’s college education, receive the large tax savings that you definitely deserve, or the opportunity to become debt-free through smart mortgage planning.

I encourage you to use fear as a tool to make sure you are informed and prepared versus paralyzed in your tracks. Meet with your local and accountable real estate professionals, ask plenty of questions, and use their expertise as your safety net. This will only be true when working with lenders and Realtors that you trust. Any Realtor or lender can place an advertisement in the paper or on the Internet. Only work with individuals that come highly recommended and will add value to your Real Estate transaction.

Since way back in the nineties, this is one of the most excellent times to purchase. The difference in this era is mortgage rates, although they have crept up in the last few years, still remain at overall thirty year lows. So if you have the opportunity to buy a home go ahead and seize it today before the window closes. Contact your local and accountable mortgage professional, to start the process or update your existing mortgage pre-approval. Get back out there on the market and purchase your new home today. False Evidence Appearing Real can never win unless you let it stop you instead of stepping out on faith!

Bad Credit a Bigger Risk than Terrorism...

2007-08-28T16:19:00.000-04:00

Bad credit a bigger risk than terrorism…

Yes according to an article written by Dan Seymour of the Associated Press on Monday, the biggest short term risk to our economy is bad credit. According to a survey of 258 members conducted by the National Association of Business Economics (NABE) credit has replaced terrorism as the gravest immediate threat to our economy.

It almost sounds surreal but I actually agree with the findings of the survey. As we continue to deal with the “credit crisis”, the issues have trickled down into our everyday lives at a record pace. The stock market being our first indicator, followed by the fact that 2 million people are expected to lose their homes this year to foreclosure. Even the big boys like Home Depot are taking the hit. Folks, real estate drives are economy far more than we would care to admit. Ask the car dealers, airlines, and other companies that depend on high discretionary income if real estate drives our economy. With less people able to tap cash/equity out of their mortgages through refinancing, Realtors not spending at a very high clip either, and the 100,000+ loan officers who have left the industry our entire economy is feeling the crunch. It is a serious trickle down effect. Builders are building less new homes being which means less work for the blue collar individuals ultimately leading to higher than normal unemployment rates.

Whoever though that a few missed payments here and there would supplant Osama Bin Laden and his terrorist goons as one of the greatest risk to the USA. I believe it goes back to my blog from last week about “Was the Mortgage a Mistake”. The consumerism mentality of our culture has left us in a very tough position for now. In a perfect world maybe we should have purchased smaller homes with stable fixed rates and chose not to drive our gas guzzling oversized SUV’s. But who know the bottom was going to fall out so quickly.

Listed below are 5 tips I encourage you to use, so we do not continue to add to the threats bad credit is placing on our society:

1) Stop using the credit cards unless you can afford to pay the balance in full for that month. This tip alone will give you a raise in income by having your money work harder for you because it won’t be spent paying high interest credit debt.

2) Pick up the book Smart Couples Finish Rich by David Bach. Married or single this book has some great tips on budgeting and other financial tools that will help you weather the storm and plan for the future

3) If you know you are going to be late contact your creditors in advance. Most creditors will be more forgiving of customers who are proactive about there obligations.

4) Don’t run from your history. It is important to review your credit at least one time per year but twice a year is ideal. You can receive a free report at www.annualcreditreport.com it really is true knowing is half the battle.
5) If you have derogatory or past due accounts that are now collections and charge-offs try to call and negotiate settlements with the creditors. My company has created a script to help our clients with the calls to creditors.

In closing, bad credit is not only a greatest short term risk to our economy; it can become the greatest risk to our personal quality of life as well. Today, credit is reviewed for everything from car insurance rates to homeowner’s insurance rates. Let alone applying for a mortgage with low money down and attractive interest rates. Even the ability to get a cell phone with an affordable, economical plan is nearly impossible when you have poor credit. Some employers even view credit, so it could have an affect on what job you get. Don’t let this happen to you!

If you have good credit by all means keep up the good work. If you have some credit challenges start working today to better your scores. Don’t let the four-letter word FICO be your downfall, because you will feel like your financial life is under terrorist attack!

Was the Mortgage a Mistake?

2007-08-23T15:09:00.000-04:00

This is the actually the headline from an article on the front page of the Business section in this past Sunday’s Washington Post. In the wake of the “Credit Crisis”, a couple was discussing their regrets and fears about their adjustable rate mortgage. Their chief concern is will they be able to afford their home once their rate adjusts or will there be loans and programs available to refinance when the time comes. Honestly they share the same fears and worries of many borrowers who purchased homes in the last couple of years with adjustable rate mortgages. Are you starting to worry as well? If not maybe should.

First let’s examine the problem. According to the media, all the issues of the “imploding mortgage market” were caused by mortgage lenders and bankers such as me. Quite frankly we all played apart in this disastrous market; lenders, realtors, and borrowers alike. Realtors listed properties at astronomically high prices causing bidding wars for hot properties. In some cases, sellers had not owned the property even a year and were able to buy and then sell for high dollar profits. They were happy and Realtors too as they skipped to the bank with “fat” commission checks from the higher than “listed” sales prices. As mortgage lenders, we placed a great deal of our clients in Adjustable Rate Mortgages without any regard for the future market. Just as the Realtors many mortgage lenders and brokers benefited handsomely from these shorter period loans with no regard for the clients financial future. I believe myself to be one of the responsible lenders not out to overcharge clients with excessive points and fees but I too am guilty of placing at the least three out every five clients in an ARM. Let’s not forget the buyers who’s only question was,” What is the lowest payment I can get?” so I can afford this overpriced home. So even when trying to be a trusted advisor and present more than one option for mortgage financing inevitably most chose the lower payment adjustable rate programs versus the more stable, higher payment fixed rate options they were given.

Well none of us can cry over spilled milk. So instead of asking, “Was the Mortgage a Mistake?” it is time to review your current situation and figure out where we go from here. Which the couple mentioned in the Washington Post attempted to do by calling there financial planner. Noticed I mentioned attempted because the correct thing to do now is to call your local and accountable Mortgage Lender to schedule a review of your current financing situation. And maybe consider that fixed rate loan before it is too late. The initial discomfort of the possible payment increase will be much less painful than the discomfort of losing your home to foreclosure or premature sale because you cannot afford the new payment when your rate has adjusted too high, credit scores have dropped, or the homes value has significantly decreased. Don’t leave your family’s future to chance with some unscrupulous mortgage lender.

And buyers as well don’t get caught in the future asking “Was the Mortgage a Mistake?” If cost per month is the determining factor, which it typically is for 99% of home purchasers, make sure you are pre-approved before buying and don’t review properties outside of your price range which can lead to that question, “How can I get the lowest payment for this house?” Basically it will be like starting our cycle of creative financing i.e. interest-only adjustable rate mortgages all over again. Or maybe not(which I will discuss why at a later date) as the credit crisis continues and people are left asking “Was the Mortgage a Mistake” and the answer is probably yes but it doesn’t have to be…..

Contact, Markita Aldridge-Woods, local and accountable Woodbridge, Virginia area lender at (703) 497-3936, email at markita@weststarmortgage.com or visit her site at www.TheLendingAdvisors.com so you don’t have to ask the question "Was the Mortgage A Mistake!"

The Credit Crisis....What Does It Mean To YOU

2007-08-16T16:44:00.000-04:00

It means plain and simple, if you are going to be in the market for financing in the next 18 months you need to consider this. As huge companies close their doors so goes the creative mortgage financing. If you are a potential buyer you can no longer afford to sit on the fence. Beware that the volatile credit market can change overnight which will leave fewer options for financing. This is even more true for those looking to refinance.

Sellers need to be more flexible and willing to accept reduced prices. As the mortgage products diminish, the pool of qualified buyers will decrease as well. It is no time to "holdout" for the best price possible.

As an educated mortgage professional, I will utilize experience and resources to help you or your loved ones to navigate through these turbelent times. Don't leave your future in the hands of some random mortgage provider. I'm local, accountable, and you can trust I will do the best thing for you....