Tip from the National Credit Care

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The Handshake is Dead

Do you remember hearing the stories of your grandfather going into the bark to receive a loan and after a firm man chat where the terms were agreed upon by a "stronger than oak" handshake? That's about as believable as unicorns these days. Let me tell you how far we have "evolved for better or worse since then, and this is not just a great demonstration because I work in the credit restoration universe, but it's certainly convenient. The latest victim to come under the scrutiny of the credit score may well be customer service industry. According to DSL Reports, Cable One fully admitted that they provide worse customer service to people with lower scores. CEO Thomas Might said at a recent P Morgan Global Technology conference that the cable company's support staff isn't going to spend 15 minutes setting up an iPhone app for a Customer who has a low FICO score.

Legal or not, like it or not, Cable One who services almost a million people, makes it known that a variety of companies are getting more skilled at using a range of data that is collected to identify credit-troubled customers in efforts to spend less time and resources aiding them, that is if they even accept them in the first place.

Talk about kicking you when you're down. Not only does one prevent themselves from attaining a house, car, job, credit card or many other things with struggling scores, or at the very least has to suffer through high enough interest rates to bankrupt Greece all over again; but now you get treated like the local leper when calling for some help because your cable went down during the 982nd season of The Bachelorette... when on earth is that show going to end... yes I can see it's the last rose tonight...I can count to ONE you know.

I tell you, complaining about it like I'm currently doing isn't going to her regardless of how good it feels. You must allow us to help so you don't end up on the wrong side of the battle. Please send those referrals on over by using your URL PORTAL

Devin Norcross

Regional Director and Manager National Credit Care 

Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

VA Home Loans – A Valuable Benefit

A VA home loan is a great benefit to military personnel during and after their service. PrimeLending understands the importance of a “home base” for military and their families and is proud to be able to help active and retired military use this product to meet their unique needs.

VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offers the following advantages:

• No down payment
• Higher loan value
• No private mortgage insurance
• Limit on closing costs
• Option for seller to pay closing costs
• No penalty fee for early payoffs
• Possible VA assistance if you have difficulty with payments

Once certified, an applicant can apply to use the guaranty on these financing and refinancing opportunities:

• Purchase or build a residence
• Purchase a condominium or duplex
• Purchase and imporve a residence
• Purchase a manufactured home/lot
• Refinance an existing home loan
• Install energy improvements

Qualified service members are those that have received a discharge other than dishonorable from an eligible branch of the service, including the U.S. Army, Navy, Air Force, Marines, Coast Guard, Nat. Guard and Reserve and US. Military academies. They also meet the service requirements charted below.

There is a VA Loan to Fit Your Needs

VA Fixed Rate Home Loans

A 30-year fixed rate option gives you a stable, predictable monthly payment. These loans are great for people settling down in one house over a long period of time. They give deployed soldiers a warm place to come home.

A 15-year fixed-rate option could help current service members who would like to build equity more quickly. You pay more monthly, but this pace builds more equity in your home.

VA Adjustable-Rate Mortgages

The flexibility of an adjustable rate mortgage can be appealing to current military service members expecting to move in the next few years. ARM homeowners pay a low introductory interest rate for the first few years, then move or refinance before it adjusts upward.

VA Jumbo Home Loan

The VA will guarantee a maximum of 25% on your home loan up to the conforming loan limit of $424,100. For a loan greater than that amount a VA Jumbo Loan is needed. With a VA Jumbo Loan you can apply for a home up to $1,000,000 and will only need a down payment of 25% on the difference between $424,100 and the asking price of the home.

For example, you want to purchase a home that costs $500,000. You would be required to pay 25% down on the amount over $424,100.

$500,000 - $424,100 = $75,900. Then $75,900 x 25% = $18,975. This would be your down payment. This payment is still considerably lower than the 10% traditionally required for jumbo loans.

Cash-Out Refinance Loans

A cash-out refinance helps you handle big-ticket items – college, health expenses or debt, for example. Effectively, you pay off the remaining balance and take out a new loan for the appraised value of the house. Much of the difference goes into your pocket as cash.

Interest Rate Reduction Refinance Loan (IRRRL)

An Interest Rate Reduction Refinance Loan (IRRRL) helps service members refinance at a lower interest rate. Refinancing can help lower your monthly payment, change your term or turn an ARM into a fixed rate. Other advantages include:

• No appraisal or credit underwriting
• No Income and/or asset verification
• No out-of-pocket expenses
• Rolling all costs into the new loan
• No new COE - just validation of loan