Welcome to Home Mortgages
Home Loan Mortgage Rates Article
This is a selection made from among articles on Home Loan Mortgage Rates. For a permanent link to this article, or to bookmark it for future reading, click here.
Credit Help For Renters And Others Has Arrived
from: James H. Dimmitt
Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue’s on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union.
Joe on the other hand is a renter, who wants to buy his first home in the near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Because the major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joe’s credit score. Chances are good that Joe’s credit score will be lower than Sue’s because his on-time rent payments go untracked by the credit bureaus.
As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesn’t it? The good news for Joe and other renters like him is that the credit reporting system is about to change.
In a recent Chicago Tribune article, reporter Kenneth R. Harney points to the creation of a new national credit bureau whose “sole mission is to track the payments that nobody else tracks.” The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide over the next 5 years.
According to PRBC’s founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nation’s major home lenders, is already a subscriber of the new service.
Some other highlights of PRBC’s service include:
- 24/7 access to online files by consumers, free of charge.
- Consumers must give permission to have their files accessed by lenders.
- Consumers can input up to 36 months of documented on-time payments.
- They accept payment histories from phone, credit and debit cards so long as the source (merchant) can send a date-stamped electronic receipt of payment.
- Many consumers who bank online can have their payment information recorded by PRBC once the bureau becomes fully functional
PRBC can benefit not only renters but also young and minority borrowers who have little or no credit history with the traditional bureaus. “We think we can help create equal credit opportunities for everybody who deserves a a prime rate loan, “ Nathans said.
Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com
About the author:
© 2004, www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
Home Loan Mortgage Rates Specific links
Home Loan Mortgage Rates News
Financial industry pushes for lower mortgage rates - The Associated Press
 CNBC | Financial industry pushes for lower mortgage rates The Associated Press - Additional purchases could drive mortgage rates down further, and enable Fannie and Freddie to purchase or back more home loans. ... Treasury Considers Plan to Stem Home-Prices Decline Paulson considers plan to lower mortgage rates UPDATE 1-US Treasury may use Fannie, Freddie to help home prices |
Mortgage applications up 112.1% last week, due to drop in rates: MBA - MarketWatch
Mortgage applications up 112.1% last week, due to drop in rates: MBA MarketWatch - Applications to refinance an existing loan rose 203.3% last week, compared with the week before. Mortgage applications to purchase a home rose a seasonally ... UPDATE: Builders Soar On Lower Rates, But Pain Persists 30-Year Rates At Lowest Since ‘03 |
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
 RTT News | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The plan sent mortgage rates tumbling. The average rate on a 30-year fixed-rate loan dropped to 5.47 percent last week, the lowest level since June 2005, ... UPDATE 1-US mortgage applications post largest gain ever Home Loan Applications Surge On Low Rates Ben Bernanke’s Christmas Gift: Mortgage Refis |
Australia Stocks, Japan Futures Rise on Home Loans, Rate Cut - Bloomberg
Australia Stocks, Japan Futures Rise on Home Loans, Rate Cut Bloomberg - 4 (Bloomberg) -- Australia shares and Japan futures rose after US mortgage applications increased by a record and New Zealand’s central bank cut interest ... |
Lower mortgage rates help but jobs, prices key - Reuters
Lower mortgage rates help but jobs, prices key Reuters - A government plan to sop up hundreds of billions of mortgage securities spurred a bond rally that yanked 30-year home loan rates down half a percentage ... |
New Treasury Plan May Lower Mortgage Rates - Washington Post
New Treasury Plan May Lower Mortgage Rates Washington Post, United States - One proposal calls for Treasury to buy the securities that finance home loans from Fannie Mae and Freddie Mac, the financing giants that back most mortgages ... |
How and why mortgage fraud is growing - Philadelphia Inquirer
How and why mortgage fraud is growing Philadelphia Inquirer, PA - By Alan J. Heavens With the number of home loans shrinking because of the subprime meltdown and resulting tight credit, logic says mortgage fraud would be ... |
HSBC, Bank of China Lift HK Mortgage Rates as Economy Worsens - Bloomberg
 Property Wire | HSBC, Bank of China Lift HK Mortgage Rates as Economy Worsens Bloomberg - Standard Chartered Plc, which is Hong Kong's third-biggest mortgage lender with an 8.5 percent share, is leaving its home loan rates unchanged, ... HSBC and Bank of China: Economy and Mortgage Rates HSBC drives up cost of getting mortgage Hong Kong Residential Sales Plunge 79%, Biggest Drop Since 1996 |
Home shoppers rush in as mortgage rates fall - USA Today
 Washington Post | Home shoppers rush in as mortgage rates fall USA Today - Some brokers report rates as low as 5.25%. Borrowers with a $200000 loan, for example, would save about $63 a month if their interest rate dropped to 5.5% ... CORRECTED (OFFICIAL): Fed engineers US mortgage rate cut Freddie Mac shows weekly decline, Fed actions spur even lower rates Mortgage rates fall, but many borrowers will have trouble qualifying |
Fixed-rate trap snares 43000 home owners - Sydney Morning Herald
 Sydney Morning Herald | Fixed-rate trap snares 43000 home owners Sydney Morning Herald, Australia - MORE than 40000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a ... |