When is my mortgage payment due?

When is my mortgage payment due? Your mortgage payment most likely due on the 1st of each month. Most lenders do their accounting with mortgage payments being due on the first. There are a few lenders like World Savings can have their due date on a different day of the month. My old World Savings loan was due on the 15th of the month. Like I said earlier, your payment will most likely be due on the first of the month. It will be late after the 15th of the month and will show up as late on your credit report once you go over 30 days. So the late that is going to be bad for your credit report will show up after 30 days from the due date have passed.

To be on the safe side, just get your payment in on the 1st of each month.

When is my mortgage payment due?

What is Debt Negotiation?

What is debt negotiation? Debt negotiation is an alternative to bankruptcy. If you are behind on your credit cards and unsecured debt, you do have options. Often times you can settle your debt for pennies on the dollar. The average debt negotiation settlement will range anywhere from 40-60 cents on the dollar. Once the debts are settled with you creditor, your credit score will go up. You will no longer have negative trade lines reporting on your credit report. If you are having financial trouble, debt settlement is a great option but it still may not be appropriate for you. You still may want to speak with an attorney just to see what the ramifications are of your financial condition. Do your homework before making your decision. Getting out of debt is one step at a time.

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Does pulling your credit report hurt your credit score?

I have been in the mortgage business for nearly 7 years. One of the biggest misconceptions that I run into is that pulling your credit report numerous times will hurt a credit score. I find that sometimes new borrowers are reluctant to have their scores pulled because of this belief. They believe that their scores will drop considerably if everyone is pulling it. The reality is that you can pull your mortgage credit report unlimited times in a 14 day period from the first pull and it will count as one pull.

It is a known fact that borrowers will talk to a couple of different lenders prior to selecting a company to go with. It is just part of the research and fact finding process. It is a ploy by some lenders to tell their clients not to have other brokers pull their report. To a broker that has already pulled credit, this improves their chance of securing the loan instead of another broker. They scare the potential borrower into believing that their credit will be ruined if they have other people obtain reports, thus potentially risking the homebuyer’s ability to obtain a loan that serves the consumer versus one that serves the mortgage originator.

The problem with this is that a borrower may miss out on better loan terms and lower closing costs. If a lender tells you not to have anyone else pull your credit for these reasons, you may want to talk to someone else. They are not being honest with you. The end result is that it could cost you thousands of dollars over the term of your loan. An honest lender will give you this information. They are confident in their services and don’t have to rely of sleezy scare tactics to earn your business.

If you want to know what your score is, you can pull it yourself. If you pull it on your own it does not count as a pull. Be sure that you pull a mortgage credit report. This will be more accurate for assessing your ability to get a loan and the types of rates that you will be able to get. Most of the free credit reports online are consumer credit reports. They are similar but are not accepted as a valid report in the mortgage industry. You can go to Getprequalified.com to order a free credit report. You will also find other useful services to get started on the home buying process.

Dave Mason
Mortgage Broker

Hey don't pull my credit

I have been in the mortgage business for nearly 7 years. One of the biggest misconceptions that I run into is that pulling your credit report numerous times will hurt a credit score. I find that sometimes new borrowers are reluctant to have their scores pulled because of this belief. They believe that their scores will drop considerably if everyone is pulling it. The reality is that you can pull your mortgage credit report unlimited times in a 14 day period from the first pull and it will count as one pull.

It is a known fact that borrowers will talk to a couple of different lenders prior to selecting a company to go with. It is just part of the research and fact finding process. It is a ploy by some lenders to tell their clients not to have other brokers pull their report. To a broker that has already pulled credit, this improves their chance of securing the loan instead of another broker. They scare the potential borrower into believing that their credit will be ruined if they have other people obtain reports, thus potentially risking the homebuyer’s ability to obtain a loan that serves the consumer versus one that serves the mortgage originator.

The problem with this is that a borrower may miss out on better loan terms and lower closing costs. If a lender tells you not to have anyone else pull your credit for these reasons, you may want to talk to someone else. They are not being honest with you. The end result is that it could cost you thousands of dollars over the term of your loan. An honest lender will give you this information. They are confident in their services and don’t have to rely of sleezy scare tactics to earn your business.

If you want to know what your score is, you can pull it yourself. If you pull it on your own it does not count as a pull. Be sure that you pull a mortgage credit report. This will be more accurate for assessing your ability to get a loan and the types of rates that you will be able to get. Most of the free credit reports online are consumer credit reports. They are similar but are not accepted as a valid report in the mortgage industry. You can go to GetPrequalified.com to order a free credit report. You will also find other useful services to get started on the home buying process.

Dave Mason
Mortgage Broker

Universal Default Rate on Credit Cards, Suze Orman

I got a good tip from watching Suze Orman the other night. Consumers don’t realize that when you default on one debt it can affect other credit use. There are a lot of people that are losing their homes due to foreclosure. They feel that the mortgage is hopeless yet they want to keep their credit cards for emergency use. While this is understandable, consumers fail to realize what the impact to their credit is across the board. Your creditors are checking your credit all the time. If they see that you are having trouble on one of your credit accounts, they have the right to raise your credit card interest rate to the universal default rate. It is in your contract. If you don’t believe me, then believe Suze Orman. I’ve seen her tout this fact a few times on her show. Your rates can go as high as 29% just because you are late on your mortgage. The reality is that you need to keep up on everything. If you are having financial difficulty you need to be aware that your credit cards may not be your safety net.

For additional credit articles go to GetPrequalified.com