February 15, 2000

Welcome to 0nly4Homebuyers Issue XVII
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off that high credit card debt! Creative Mortgage Company offers home
loans for new purchase, refinance, equity, home improvement or debt
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In this Issue:
Less than Perfect Credit
Equity Loans
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Less than Perfect Credit

When you go to get a mortgage loan, your past credit history is what
determines how good an interest rate you get and how much you will need
to put down in order to get the loan. The lower your credit risk, the
lower your rate and the down payment needed. Below are three items that
all lenders look for when determining how “creditworthy” you are.

1. Revolving Credit (ie..credit cards) You can not have any 60 day late
payments and no more than two 30 day late payments on your report in
order to be considered “A” credit.
2. Installment Loans (ie..car payments, personal loans) You can not
have any 60 day lates and no more than one 30 day late payments in order
to be considered “A” credit.
3. Housing Loans You can not have any lates if you are to be considered
“A” credit.

But, many people are in a situation quite different from the above
criteria. Take heart. There may be a loan out there for you too.
However, you should expect to pay more for your down payment and expect
to pay a higher interest rate. If you have any 60 or 90 day lates on
your credit record, you should consider a sub-prime lender. Sub-prime
simply means that they work with people with “less than perfect” credit.

All lenders judge you based on your character (willingness to pay,
capacity (ability to pay) and collateral (value of the property). But,
different lenders have different criteria that they look for. One
lender may require a credit score of 680 to even talk to you, whereas
another will work with someone who has a 580.

Remember, the lower your credit score, the worse you will be considered
as a credit risk. These days, everyone is pulling a credit report. I
recently decided to shop around for auto insurance and found out that I
couldn’t get a quote unless they pulled my credit! Imagine if I had
gotten a quote from five or six different companies. Each one would
have pulled my credit file!! Guard your social security number and your
credit. Do not let anyone pull your credit unless it is absolutely
necessary. Every time your report is pulled, an inquiry is put on your
record and your score goes down.

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Equity Loans
The majority of people getting Home Equity loans get them for the
purposes of Debt Consolidation. Other purposes include Home
Improvement, Medical Expenses and College Education, as well as, Big
Ticket items like cars and boats.

A word of caution about consolidating debt with a Home Equity loan. If
you have racked up your credit cards, take action to insure that you
don’t do it all over again. Burn those cards! Cut them up! Keep just
one and don’t carry it with you, so you won’t be tempted to spend money
you don’t have. Someone I know suggested putting it in a big plastic
bowl of water and freezing it. Whatever you do, if you aren’t careful,
you can easily be back in the same situation as before. Only now you
are paying for the Equity loan too.

An Equity Loan for Home Improvements can be a great idea. Consider
this. You can make your home more comfortable and possibly increase the
market value too. This makes a equity loan for home improvements a good
deal. A word of caution here though. Updating kitchens and baths will
raise the value more than any other type of improvements. I know you
really want that inground swimming pool, but don’t expect the value of
your home to go up accordingly with what you spent on the pool. It can
even be a deterrent to selling the house in future. Not everyone wants
a pool.

College educations are very expensive these days and many people will
take out an equity loan to finance their child’s higher education.
Before you do this, try for scholarships or government backed student
loans first. Many times the government backed loans carry a low
interest rate. Lower than you can get on an equity loan.

Big Ticket items like cars and boats are other uses for your homes
equity. If you figure that you will probably get a lower rate on an
equity loan plus you can deduct the interest from your taxes……it can be
a good deal.

Whatever you decide to use your equity for, use caution. Remember that
you are putting your home up as collateral. A job loss or extended
illness could cause you to lose your home!

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Please feel free to share this newsletter with your friends. See you
next month. Wishing you a Wonderful New Year!

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