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A Primer on Credit Reporting Agencies
Courtesy of the Home Building Suite
What is a credit report?
Your credit history and other personal information are collected and filed with credit reporting agencies (CRA), such as TransUnion, Equifax and Experian. The CRA can legally sell this information to businesses that have the lawful right to obtain and use your private information when you apply for credit, insurance, or employment. If you have ever applied for a charge account, personal loan, insurance, or job, you have a credit record on file at a CRA. Your credit record contains information about your debts, credit history, employment, law suits, arrests, bankruptcies and other personal details.
Since over 2 billion credit reports are sold to businesses annually, most American consumers have their credit reports examined several times each year; and based on these reports, businesses are making Important decisions about our finances and employment. Considering this, it is surprising that only a small percentage of us ever bother to ask for and receive copies of our credit reports...
Construction Loan Terms and Conditions
By Mark A. Smith: Author, The Owner-Builder Book
Save More Than $100,000 in the Construction of Your Custom Home
When getting ready to visit a lender regarding your loan, consider the terms and conditions of the construction loans available before you choose. Lay out a spreadsheet of the loan differences discussed below and others you are concerned about. Before you see lenders, call and ask their policy on the key terms. After you present your case to a lender, talk through their terms using your checklist. If you are considered a good candidate, the lender will negotiate any or all of the terms...
Financing Considerations
Courtesy of Dream Home Source
Borrower's Checklist
Okay, so you've selected your community, your lot, and your architect. You've got a terrific set of plans, and you're ready to build. What about construction funds? Have you selected a lender and considered the documentation they will need to make a lending decision?
Take a moment now to look over the list. Obviously, the sooner you get the complete set of items the sooner you can start construction. Please note that though the second group of items your contractor will give you, you'll still need to collect these items and assemble them to complete your loan package.
* Plans and specifications for the proposed construction.
* Purchase Contract or Agreement for lot if lot.
* HUD-1 Closing Statement provided by the closing agent.
* Copy of Listing Agreement on current residence to be sold.
* Architect Agreement.
* Copies of any permits obtained (maybe obtained by Contractor).
* Copies of any approvals from city/county/homeowners' assoc...
Learn About Money and Economics - FREE CD
Young people's guide to money and how use it. Check out the lessons: there are three different levels, each packed with information. The games and quizzes are specially designed with learning in mind. If you're stumped, don't worry! The program will always provide help. Easy, medium and hard levels. Practical information kids need to know -- Currency and foreign exchange -- Shopping and budgeting -- Banking.
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Home Construction Mortgage Resources and Information
Make your mortgage shopping easy. Compare the rates and terms from multiple Home Construction Mortgage Lenders online.
Make your mortgage and Loan
shopping easy. Compare the rates and terms from multiple Mortgage and Loan Companies online.
