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News About Your Credit   Lending Limbo: Can Any Borrowers Qualify In Today's Market? Despite legislative efforts to ease the home loan credit squeeze, mortgage professionals say the lending environment remains extremely tight--even for people with excellent credit scores--and shows no signs of relief. Particularly troublesome developments range from dried-up lending for second mortgages and home equity loans to higher down-payment requirements and condominium loan restrictions. While the self-employed and those with investment income are finding this lending marketplace especially hostile, even those who do provide documentation of income are being put under a microscope. Finally, mortgage insurers now have a greater say on down-payment requirements for some loans, even going so far as to reject certain loan packages put together and approved by lenders.  More Fair Isaac Insights: Are today’s market pressures reshaping credit risk?  A new study explores FICO® score trends in dynamic times — and how lenders can respond. What’s the impact of today’s economy on the credit risk patterns underlying FICO® scores? Fair Isaac conducted a performance analysis to understand and quantify potential changes in risk dynamics. Read the Fair Isaac Insights paper,  "Are today’s market pressures reshaping credit risk? " This paper: Highlights our most significant research findings, including industry-wide and segment-specific trends Takes a focused looked at the impact of mortgage risk across lending Provides guidance for best practices, given what we saw Congress preps for credit crackdown The Federal Reserve recently proposed tough new rules for the credit card industry. Now Congress wants its turn. Tess speaks with Congressman Barney Frank. Click here to listen to interview   Fair Isaac Insights: How Much Credit is Too Much? Read the Fair Isaac Insights paper, "In a credit-hungry economy, how much is too much?" As lenders grapple with these questions in a sour economy, Fair Isaac has researched the issue of predicting credit capacity. Our new Insights white paper will give you the gist of our research, and tell you how you can assess US consumers' credit capacity today. This paper explains: Why measuring capacity is different from standard risk measures How a new predictive analytic technology, future action impact modeling is used to determine the effects of a consumer taking on more credit How you could use the new Fair Isaac Credit Capacity Index™ with a FICO® score for more targeted lending decisions For more information, please contact MyFico at  cbhelpline@fairisaac.com or 1-800-777-2066, then press 1      Get ready to buy by learning how to build your credit. 1) Make a budget This is a first step in learning how to monitor your finances and avoid making costly mistakes, like bouncing a check or paying lots of interest on credit cards because you can't pay off your balance. List all your expenses, including tuition, books, school supplies, food, gas (if you have a car), your cell phone bill, entertainment, and miscellaneous costs. Then decide if you're going to get a job to help offset your costs. If you do decide you will work and take classes, move quickly - the best part-time jobs usually go fast. Aside from the money a part-time job pays, it also helps you avoid having too much unstructured free time - time which tends to go to waste. 2) Learn how credit works If you have ever watched a two-year-old child at play, you know that people are more vulnerable at some ages than they are at others. Just as two-year-olds are prone to touching hot stoves because they don't know the danger, so too are 18-24 year olds vulnerable to causing pain by using credit unwisely. Students, do yourself and those who care for you a favor and learn how credit works before you start using it. There's plenty of useful and free information available in the credit education section of myFICO.com. 3) Use credit with care Students are vulnerable to developing bad spending habits and abusing credit cards. If you're a parent or a student, you should know that credit card trouble is common among college kids these days. Don't let yourself fall into this trap. A Nellie Mae survey of college undergrads in 2000 revealed some disturbing numbers: Average credit card debt per student was $2,748 Thirteen percent had credit card debt between $3,000 and $7,000 Nine percent had more than $7,000 in credit card debt Credit cards are the most expensive way to buy on credit if you consistently carry balances from one month to the next. Use your new card sparingly and get a feel for how interest charges affect the balance from month to month. After a month or two it will become clear that if you can't pay off the balance in full, you should at least limit it to an amount you can pay down quickly so as to minimize interest charges. Once you understand this basic concept, your odds of getting into credit card trouble will be greatly reduced. If you find yourself running up balances on credit cards to pay for everyday expenses, you should probably consider getting a student loan (or some other form of longer-term loan) to pay these expenses instead. You'll still be living on borrowed money, but at least you'll be paying less to do so. Finally, when starting out, try to limit the number of credit card accounts you open. This will make it easier for you to manage your credit card use and cut down your odds of getting into trouble. By using credit cards responsibly, you'll minimize your borrowing costs, get a good start on building your credit history and be more financially secure when you graduate. 4) Check your FICO scores at least once a year Once you've built enough of a credit history, you will have FICO scores. Lenders will use your FICO scores to determine the interest rates you'll pay when you borrow. If you're college-bound or in college now, get used to checking your FICO scores and credit reports at least once a year. myFICO offers two products that give you instant online access to all three of your FICO scores and credit reports - FICO Deluxe and Suze Orman's FICO Kit Platinum. Either product will help make you a more savvy consumer and build awareness of how your money habits affect your FICO scores.  Reprinted with permission © 2005 Fair Isaac Corporation. 901 Marquette Avenue, Suite 3200. Minneapolis, MN 55402. (612) 758-5200. All rights reserved. Fair Isaac, FICO, and myFICO are trademarks or registered trademarks of Fair Isaac Corporation in the United States and/or in other countries. Other products and company names herein may be trademarks of their respective owners.    Know Your Credit Score Knowing your FICO score: one is good, three are best. Reprinted with permission from MyFico.com Do you know all three of your FICO® scores? You should. They’re the credit scoring numbers lenders use to decide which interest rate to offer you on mortgages, auto loans, charge cards and other credit. A FICO score is a three-digit number, ranging from 300 to as high as 850. Based on a current snapshot of your credit history, your FICO score is used by lenders to estimate whether you will repay a loan or other credit obligation as you agreed. In fact, most mortgage lenders look at all three scores when evaluating your credit application. Why you have three different FICO scores. There’s only one FICO score, the industry standard developed by Fair Isaac Corporation. But it is calculated separately by each of the three major credit bureaus—Equifax, Experian and TransUnion. Those bureaus receive information about your credit history from the various businesses they serve, such as credit unions, banks, retail stores, auto finance companies, cellular phone companies and other creditors. They may also gather public records about bankruptcy filings or liens, along with records from debt collection agencies. While some businesses provide information to all three credit bureaus, others may report to just one or two. Also, they may report information at different points in time—daily, weekly, monthly, quarterly, or whenever a reportable event occurs. Finally, as independent businesses that must comply with federal law protecting your privacy, the three credit bureaus don’t share your credit information with each other. Those are the main reasons why each bureau has its own version of your credit history on file—and why you have three FICO scores at any one moment. Raising your FICO scores overall, over time. What’s important is not that all of your FICO scores match. Rather, you should give yourself the opportunity to attain the highest FICO score that you can at each bureau. And the way to do that is by practicing good credit management and making sure that your credit histories at all three bureaus are up-to-date and error-free. Higher FICO scores can save you money. When you have higher FICO scores, lenders consider you a better credit risk and will offer more attractive interest rates. That’s why it’s so important for you to make sure that all three of your credit reports are accurate. Over time, maintaining clean credit reports can help you: Raise all three of your FICO scores Lower the interest rates you pay on mortgages, charge cards and other lines of credit Save money by spending less on interest payments Check your FICO scores and credit reports regularly. Once you’ve seen all three FICO scores and credit reports for the first time and eliminated any credit reporting errors, check your reports regularly to be sure they’re current—and still accurate. The only place you can get all three FICO scores with the corresponding credit reports is at MyFICO. Managing your credit wisely can help raise your FICO scores over time—saving you thousands of dollars in lower interest payments over the years.    top of page

Your Finance Center Apply for a Loan ~ No Obligation ~ Start Loan Application The QuickPricer is an easy way to get up to the minute, custom fit interest rates for a home loan. Click here to use the Quick Pricer® Rate Comparisons LoanWorks compares their  rates and fees with the  nation's top lenders. Click Here to Compare Rates Without Obligation Should You Refinance Use this free calculator to help determine whether you should refinance your current home loan.   Click here to use the Refinance Breakeven Worksheet How Much Home Can You Afford? Use this free calculator to quickly determine approximately how much you  can afford to pay for a home. Click here to use the home price calculator      Rent vs. Buy Should you rent or buy? Use this free calculator to help you  weed through the fees, taxes, and monthly payments so you can make a good financial decision.   Click here to use the Rent vs. Buy calculator To get the complete lowdown on your FICO score and how it works, read these booklets: Free Booklets  Bank Rate  Where to find the best interest rates for loans, credit cards, CDs, checking, IRAs, and more. Federal Reserve Beige Book  This report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. U.S. Census Monthly Economic Indicators   Other helpful links to increase your financial knowledge The Quicken Financial Network Insurance News Network California Credit Counseling  Keep Your Identity Safe Contributed by: Ms. Linda Jo Lawson Bruton Read this and make a copy for your files in case you need to refer to it someday. Maybe we should all take some of his advice! A corporate attorney sent the following out to the employees in his company. 1.  The next time you order checks have only your initials (instead of first name) and last name put on them. If someone takes your checkbook, they will not know if you sign your checks with just your initials or your first name, but your bank will know how you sign your checks. 2.  When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the "For" line. Instead, just put the last four numbers.   The credit card company knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won't have access to it. 3.  Put your work phone # on your checks instead of your home phone. If you have a PO Box use that instead of your home address. If you do not have a PO Box, use your work address. Never have your SS# printed on your checks. (DUH!) You can add it if it is necessary. But if you have it printed, anyone can get it. 4.  Place the contents of your wallet on a photocopy machine. Do both sides of each license, credit card, etc You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place. I also carry a photocopy of my passport when I travel either here or abroad. We've all heard horror stories about fraud that's committed on us in stealing a name, address, Social Security number, credit cards.  Unfortunately, I, an attorney, have firsthand knowledge because my wallet was stolen. Within a week, the thieve(s) ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record information online, and more. But here's some critical information to limit the damage in case this happens to you or someone you know: a. We have been told we should cancel our credit cards immediately. But the key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them. b. File a police report immediately in the jurisdiction where your credit cards, etc. were stolen. This proves to credit providers you were diligent, and this is a first step toward an investigation (if there ever is one). But here's what is perhaps most important of all : (I never even thought to do this.) c. Call the 3 national credit reporting organizations immediately to place a fraud alert on your name and Social Security number. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your information was stolen, and they have to contact you by phone to authorize new credit By the time I was advised to do this, almost two weeks after the theft, all the damage had been done. There are records of all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away.  It seems to have stopped them dead in their tracks. Important Phone Numbers  Following are phone numbers you will need to call if your wallet, etc is ever stolen:  Equifax: 800-525-6285  Experian formerly TRW 888-397-3742  Trans Union 800-680-7289  Social Security Administration fraud line 800-269-0271

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	Don't Be A Victim Of Loan Fraud   Protect Yourself from Predatory Lenders Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Don't let this happen to you! 11 Tips On Being A Smart Consumer  Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.  Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.  Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them.  Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.  Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.  Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.  Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.  Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.  Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.  Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime. What is Predatory Lending? In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:  + Sell properties for much more than they are worth using false appraisals.  + Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.  + Knowingly lend more money than a borrower can afford to repay.  + Charge high interest rates to borrowers based on their race or national origin and not on their credit history. + Charge fees for unnecessary or nonexistent products and services. + Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.  + Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems. + "Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower. + Use high pressure sales tactics to sell home improvements and then finance them at high interest rates. What Tactics Do Predators Use?   + A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.  + The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.  + You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.  + You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.  + The cost or loan terms at closing are not what you agreed to.  + You are told that refinancing can solve your credit or money problems. + You are told that you can only get a good deal on a home improvement if you finance it with a particular lender. Remember:  If a deal to buy, repair or refinance a house sounds too good to be true, it usually is! Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online. U.S. Department of Housing and Urban Development 451 7th Street, S.W., Washington, DC 20410 Telephone: (202) 708-1112
	~ Ask myFICO ~
	Q. Does the number of inquiries shown in my credit reports affect my FICO score? A. Each of your credit reports show all the times that businesses have asked to see your credit report. But the only ones considered by FICO scores are credit checks by lenders in response to your own credit requests, such as a mortgage application. Businesses also check your credit before sending you promotional offers and in the normal course of managing your account with them. Those types of inquiries, as well as your own credit report checks, are ignored by the FICO score. Q. How does the "middle score" idea work? A. Many lenders want to see your FICO score from all three national credit bureaus before approving your loan application. Since the credit bureaus don't share information, your credit report information can differ between the bureaus, causing your FICO scores also to differ. Some lenders may look only at the lowest FICO score, while others may look at the highest FICO score. Accepting the middle score is a compromise that many lenders choose to make. Q. Do credit repair companies really work? A. No one can "repair" your credit rating or your credit report. Services that claim they can fix bad credit or artificially raise your credit score are promising results they can't deliver. You can review your own credit reports, identify any incorrect information, and contact the credit bureaus directly to have your reports corrected or updated—without paying anyone. If you purchased a FICO Score Report and believe there is an error in your credit file, just login to the myFICO.com Member Center and open your report. At the bottom of any page of your report, you’ll find instructions to file your request for investigation with the credit bureau. The bureau must investigate and respond to you within 30 days.
	Don't Be A Victim Of Loan Fraud  -  Protect Yourself from Predatory Lenders Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Don't let this happen to you! 11 Tips On Being A Smart Consumer  Before you buy a home, attend a homeownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies. Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.  Get information about the prices of other homes in the neighborhood. Don't be fooled into paying too much.  Hire a properly qualified and licensed home inspector to carefully inspect the property before you are obligated to buy. Determine whether you or the seller is going to be responsible for paying for the repairs. If you have to pay for the repairs, determine whether or not you can afford to make them.  Shop for a lender and compare costs. Be suspicious if anyone tries to steer you to just one lender.  Do NOT let anyone persuade you to make a false statement on your loan application, such as overstating your income, the source of your downpayment, failing to disclose the nature and amount of your debts, or even how long you have been employed. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties.  Do NOT let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.  Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" (i.e., not applicable) or cross through any blanks.  Read everything carefully and ask questions. Do not sign anything that you don't understand. Before signing, have your contract and loan agreement reviewed by an attorney skilled in real estate law, consult with a trusted real estate professional or ask for help from a housing counselor with a HUD-approved agency. If you cannot afford an attorney, take your documents to the HUD-approved housing counseling agency near you to find out if they will review the documents or can refer you to an attorney who will help you for free or at low cost.  Be suspicious when the cost of a home improvement goes up if you don't accept the contractor's financing.  Be honest about your intention to occupy the house. Stating that you plan to live there when, in fact, you are not (because you intend to rent the house to someone else or fix it up and resell it) violates federal law and is a crime. What is Predatory Lending? In communities across America, people are losing their homes and their investments because of predatory lenders, appraisers, mortgage brokers and home improvement contractors who:  + Sell properties for much more than they are worth using false appraisals.  + Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan.  + Knowingly lend more money than a borrower can afford to repay.  + Charge high interest rates to borrowers based on their race or national origin and not on their credit history. + Charge fees for unnecessary or nonexistent products and services. + Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.  + Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems. + "Strip" homeowners' equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower. + Use high pressure sales tactics to sell home improvements and then finance them at high interest rates. What Tactics Do Predators Use?   + A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.  + The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.  + You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.  + You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.  + The cost or loan terms at closing are not what you agreed to.  + You are told that refinancing can solve your credit or money problems. + You are told that you can only get a good deal on a home improvement if you finance it with a particular lender. Remember:  If a deal to buy, repair or refinance a house sounds too good to be true, it usually is! Housing counselors working at HUD-approved agencies can help you be a smart consumer. To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online. U.S. Department of Housing and Urban Development 451 7th Street, S.W., Washington, DC 20410 Telephone: (202) 708-1112
	Let's talk . . .  Email Joanne,your San Francisco East Bay Real Estate Broker Joanne L. Gardiner, Broker, e-PRO Advantage Realty Advantage Mortgage Associates 3205 Whipple Road - Union City, California 94587 (510) 429-4800 San Francisco Bay Area Real Estate  San Francisco Real Estate on the East Bay Our primary services in the San Francisco Bay Area are: East bay real estate,  Hayward real estate, Castro Valley real estate,  Danville real estate,  Dublin real estate,  Fremont real estate,  Newark real estate, Niles real estate, Pleasanton real estate, San Leandro real estate, San Lorenzo real estate, San Ramon real estate, Sunol real estate and Union City real estate.  The types of real estate in which we specialize are:  houses, homes, condominiums, townhomes, garden homes, PUDs, single family homes, manufactured homes, mobile homes, modular homes, duets, residential income property, duplexes, tri-plexes, four-plexes, small apartment complexes and special use properties. Alameda County Homes, Homes in Alameda County, Contra Costa County Homes, Homes in Contra Costa County, Castro Valley Homes, Homes in Castro Valley, Danville Homes, Homes in Danville, Dublin Homes, Fremont Homes, Homes in Fremont, Homes in Dublin, Homes in Hayward, Hayward homes, Newark Homes, Homes in Newark, Oakland Homes, Homes in Oakland, Pleasanton Homes, Homes in Pleasanton, San Leandro Homes, Homes in San Leandro, San Lorenzo Homes, Homes in San Lorenzo, San Ramon Homes, Homes in San Ramon, Sunol Homes, Homes in Sunol, Union City Homes, Homes in Union City. San Francisco Realty, San Francisco Bay Realty, San Francisco Bay Area Realty, Realty in San Francisco Bay Area, East Bay Realty, Bay Area Realty, homes in San Francisco bay area, homes in San Francisco East Bay.

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