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Tip of the Day Consider Community College or Online College For Your First Year or Two

Consider Community College or Online College For Your First Year or Two - If you are finding you need the education but don't have the funds, or want to take...

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Mortgage Loan Credit Score

Getting a mortgage in today’s economic climate is nearly an impossible task without a good credit score. After more than a decade where getting loan with an average mortgage loan credit score was very easy, the collapse of the economic and housing markets in 2008 has changed everything. Now, banks, finance companies and other lenders are extremely wary of extending a mortgage to someone with a less than stellar mortgage loan credit score.

In the early part of the 2000s, lenders were happy to make sure a customer got a mortgage loan no matter their mortgage loan credit score. Mortgages for those with a poor mortgage loan credit score, known as subprime mortgages, were offered to those customers with negative credit ratings and lenders with better credit scores but little in the form of down payments. Excited consumers interested in getting a house of their own rushed to get a poor credit rating mortgage, obtained funding—and promptly defaulted on their mortgages.

Millions of subprime mortgages were defaulted on, a trend that continues today. The bust of mortgages of people with a bad credit history began to be noticed in 2006 and had become a wave by 2008. Banks and other lending institutions that had invested billions of dollars in subprime mortgage began to see their investments go up in smoke, leaving them in severe financial distress.

As a result of the subprime mortgage crisis, customers interested in getting buying a house need a strong mortgage loan credit score; if they don’t their requests are looked upon with scorn by many lenders today. They are not willing to take a risk similar to that of the past several years, especially as those loans continue to default and foreclosures continue at a rapid rate.

If a customer is to get mortgage with a subpar mortgage loan credit score, they are going to pay heavily for the opportunity. It is likely the interest rate on the mortgage will be much higher than on standard mortgages, and the consumer will be expected to make a substantial down payment and bring a great deal of collateral to the table. If a customer cannot meet and exceed a lender’s requirements for getting such a mortgage, there is virtually no way they’ll get the money they’re looking for.

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Residual Security - Residual Security is both an interesting and, very effective tool used by many investors and, businessmen in the business industry for diluting the earnings per share on initial stock issued. This is a common practice within the business community in order to increase the number of shares...

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