A Salute To Our Veterans!

Roger, copy, coming in!

The largest annual air show in The United States took place in San Diego over this last weekend, October 2nd-4th. Aircrafts were soaring high and low, audaciously performing for an estimated audience of 700,000 people!

A variety of different types aircrafts were exhibited as well as flown.

During the three-day event, the show’s daily performance agenda included military and civilian aircrafts, with the spotlight on the U.S. Navy Flight Demonstration Squadron, the Blue Angels, and a special Saturday night “Twilight” Show.

Since 1999, the Miramar Air Show has often featured a Navy Legacy Flight, where modern jets fly in formation with aircraft from previous eras in celebration of military veterans and naval aviation history.

That’s really what this whole event was about. Celebrating our veterans, the mean & women who sacrifice themselves for our Freedom.

Now that you’ve fought for our Freedom, we want to fight for yours. Your Financial Freedom.

At Global Equity Finance, we work with The U.S. Department of Veterans Affairs to ensure that when it comes to buying a home for our veterans and their family, they have the best possible option.

Our VA Loan Program has a multitude of never-ending benefits for our veterans. You can purchase a home with ZERO down payment, there’s NO monthly private mortgage insurance, you can take cash-out, and the list goes on and on.

These benefits are here to make purchasing a home easier and more accessible to those who have served our nation.

If you think you qualify for a VA Loan, you’re probably right.

Give Chris Logorz, one of our Veteran Senior Loan Consultants, a direct call (858)952-7795, to see what type of VA Loan we can get you started on.

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How to Improve Your Credit Score

how-to-improve-credit-scoreIt can only take a few missed payments, and the next thing you know your credit score plummets. Now not only do you have a low credit score, but it can take a year or more to rebuild it. For those interested in taking out loans for a new home or car, or looking to refinance an existing loan, having a low credit score can really limit opportunities.

Now the golden question becomes ‘what can I do to improve or repair my credit score?” And, ‘how can I expedite the process of rebuilding my credit?’ Below is a checklist of easy steps you can take to rebuild that score from red to green.

  1. Take a look at your credit card balance(s). This seems obvious, right? However, it’s crucial to improving your credit. In order to improve your credit score you need to have a low debt to credit ratio. Try and keep your balance(s) as low as possible (below 30% credit line usage is recommended). If you’re having trouble paying your bills, even the minimum payment, contact your bank. They’d rather hear from you that you’re making an effort to pay but having trouble. Because you’re taking a proactive approach, they’ll often work with you to lower your monthly payment and interest rate under certain circumstances.
  2. Set reminders. Better yet, set up auto-pay. As you get older, the bills continue to pile on. It can be hard to remember each and every due date and amount. Set reminders on your computer or phone or set up an auto-pay so that at least the minimum payment is paid each month on time.
  3. Eliminate unnecessary credit cards and their balances. Got a card to your favorite retail store with a balance of $100? Maybe you have a few of these. One thing that affects your score is how many cards you have open. By eliminating a few of these and paying those balances off will help your score.
  4. Check your credit report. You’re able to check your credit score for free at each of the three credit bureaus. Use that to your advantage and check it every few months to see where you stand.
  5. Don’t transfer your debts from one card to another. Pay off what you can, when you can on both cards. Also, if you have an unused card, don’t just close out the account for a quick fix. Part of your score is determined by how much line of credit you have available. At the same time, don’t just open a new card to have more credit available. Too many cards can hurt your score (See #3)
  6. Avoid maxing out your card(s) at all costs.

Making payments on time month after month is essential to rebuilding your credit. Consistency is key. Again, if you’re having trouble making even the minimum payments, pick up the phone and talk to someone. After all, we’re all human which means we’re not perfect. However, if you make an effort, people will work with you. Follow these steps, including monitoring your score and you should start to see it rise over time. Good luck!

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Been Turned Down for Refinancing?

If there’s one point we’ve been trying to hammer home these past few weeks in our blog entries, it’s that now is the time to refinance your home loan.  With mortgage rates on the decline, more and more people are looking to refinance now while they have the best chance at it.

But what about those who have already tried and been turned down for refinancing?  Here are some of the more common reasons consumers are turned down for refi options – and what they can do to overcome them.

You lack equity

Even if you’re not completely underwater financially, you could still be turned down for a refi if you don’t have enough positive equity among lenders.  Remember, just as you needed enough funds for a down payment, lenders also like seeing you have money of your own tied to the house before they’re willing to look at approving a refi.

So how can you overcome this?  Bring in some more money of your own to the table.  Say your home is worth something in the neighborhood of $200,000, and you owe $190,000 on the mortgage.  Your lender says he needs 10% equity for a refi, meaning if you can bring in an additional $10,000 you could reduce your loan amount to $180,000.  Of course, that leaves you with the problem of coming up with that kind of money, but we’ve got a few tips for that as well.

You can also try an FHA loan if you are barely treading water on your payments.  FHA loans only require a down payment of 3.5%, so there’s much less of a monetary pressure should you try that route.

You have bad credit

If you’re refi application was turned down on account of your bad credit, you’re only option is to work to improve it as quickly as you can.  Fortunately, this isn’t as daunting a task as it may seem – all it takes is time and patience.

Assuming you don’t have a major mark on your credit report like a lien or bankruptcy, most negative information on your report starts losing its grip after 2-3 years.  Use this time to focus on paying your bills on time –consider calling your credit card providers to find out when they report your information to the bureaus every month, and adjust your payments accordingly to speed the process up a little.

Got some refi tips of your own to share?  We wanna hear them!  Give us a shout out in the comments!

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How Negative Credit Can Impact Your Mortgage Loan Chances

Picture this, if you will: You’ve been on a house hunt for a while now and, after much trial and error and a pretty exhaustive search, have finally found your dream home.

Now normally, this is the part of the story where something goes wrong, and the carpet’s pulled out from under you before you can even pay for it. But that’s not gonna happen this time, cuz you came prepared!

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Your FICO score’s up there with the best of them, so you confidently fill out the long list of necessary paperwork to apply for a mortgage loan, and afterwards, stop by IKEA to start looking for new furniture.

A couple of days later, you finally receive a phone call to let you know that your mortgage application has been denied. Whoa, wait, what?

What happened?

You filled out your paperwork correctly, and your credit score is higher than most, so why was your mortgage application still rejected? Thanks to the current mortgage crisis, many consumers are finding that simply having a great credit score isn’t getting them as far as it once did. Banks are now much pickier about who they’re lending money to.

Unlike the lending days of yesteryear – where it seemed anyone with a source of income could apply for the best house on the block – banks and lenders are now going through each home loan applicants’ actual credit reports with a fine-tooth comb, looking for ANYTHING that might paint you as a financial risk in their eyes.

So if your high credit score alone is no longer good enough for lenders, what else are they looking for?

• Not enough income. You may have a great credit score, but your credit accounts and reported income gave away the fact that you won’t be able to cover your monthly mortgage payments. No money, no mortgage.

• Your credit accounts are too young. If the majority of accounts posted on your credit report haven’t been active for at least a year, it could seriously damage your chances of getting approved. Banks and lenders like to see that you have a history of positive credit under your belt – some preferring accounts as old as 2 years, and polished to perfection.

• You have outstanding judgments on your credit report. This is where credit repair comes in handy. Having just one of these can halt your chances of getting approved for a home loan before you’ve even started looking. Judgments can stay in your credit history for at least 7 years, and if a title search is done, can bring the process to an abrupt and rather unsatisfying conclusion.

Wanna make sure your credit and finances are up to par for a mortgage loan?  We’ve got a team of experts that can help you prepare! Contact us today.

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