More white couples seeking mortgages

By | Sep 2, 2012

More white couples seeking mortgages
News from The State:

After a mortgage meltdown that plunged the nation into the worst recession in a lifetime, new tracking measures are in place to help regulators spot trouble before it escalates.

New mortgage lending standards are offering for the first time a detailed snapshot of who is applying for mortgages in the state. The S.C. Department of Consumer Affairs released its first Mortgage Log Analysis report last week, based on data submitted by brokers and lenders for 31,000 application or credit reports pulled for home loans in 2011.

The typical borrower for home loans in South Carolina is a white couple seeking a conventional mortgage of around $ 201,000 to either buy or refinance a house, the data shows.

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“It is just a really interesting look into the mortgage industry in our state,” said Carri Grube Lybarker, administrator of the consumer affairs department.

The report will be issued each year, helping the department track lending in the state, she said. Ultimately, it could help them more easily identify discriminatory and predatory lending, she said.

Department officials can go deeper into the data and look for red flags from specific lenders, she said.

Mortgage lenders are required to submit the data annually to the…………… continues on The State

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How to Convince Lenders to Give You a Loan After Filing for Bankruptcy
News from Go Banking Rates:

Filing for bankruptcy is a difficult choice, but it can also be the best way to get a fresh financial start. The downside is that lenders may be less willing to consider you for unsecured personal loans or a line of credit with a bankruptcy on your credit history.

Someone with a good-to-average credit score can expect their score to drop by as much as 100 points following a bankruptcy.

If your credit score is already low due to multiple delinquencies, charge-offs or collection accounts, the damage caused by bankruptcy may be much worse. Bankruptcy can stay on your credit report for up to 10 years, depending on which type you file.

Before Taking on a Personal Loan

Before applying for unsecured personal loans, begin reestablishing your credit. Start small with a secured credit card, which is a great option to get a credit card with bad credit. With this type of card, you deposit a specific amount of cash with the card issuer, which then serves as your credit line.

As long as you’re paying all your bills on time, you should begin to see your credit score imp…………… continues on Go Banking Rates

… Read the full article


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