When you get a mortgage, you’re signing a million sheets of paper and agreeing to pay a lot of things that you may not understand at the time. Closing costs, down payments, inspections, real estate agent fees, home insurance, escrow, and so on and so forth. One of the numbers that may have gotten rolled into that list is mortgage insurance premiums.
If you got an FHA loan, you’re almost certainly paying FHA mortgage insurance premiums. Read on to learn more about what these are, how much you might be paying each month, and how you can get out from under them.
Collection accounts are unpaid debts that are typically sold from the original creditor to a 3rd party collection company at a fraction of the original debt. It is the collection company that then not only tries to collect on the debt but also reports the collection to your credit report.
Most collection companies report the debt every month to the credit bureaus. This process is called “re-aging” of the collection account. What this means to your credit score, is that it is impacted as if it were a new collection account every month. There are some cases where the collection company doesn’t re-age monthly and the collection account can become “dormant” not impacting your credit scores as much.
It is the dormant collections that can significantly lower your credit scores once paid. This is due to the fact that the collection company will update the account to the credit bureaus to…
Call 502 905 3708 or email us at kentuckyloan@gmail.com for your free Kentucky Mortgage Application and Credit Report
A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report.
Why Do Your Scores Matter?
Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.
Want to rent an apartment? Without good scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay…
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