Garden State residents with highest average mortgage down payments

Garden State residents with highest average mortgage down payments

February 03, 2012

A new survey has been released that details which states’ residents tend to pay the most for down payments on a home.According to LendingTree, New Jersey residents have the highest average down payments of all 50 states and Washington, D.C., spending an average of 13.76 percent of the value of their properties. The state with the lowest down payment average is North Dakota, where residents shell out an average of 11.37 percent.Regulators are considering passing a bill that would require homebuyers to put 20 percent down on a property in order to get the most favorable rates. But considering that the highest average homeowners put down is less than 14 percent, LendingTree’s CEO says that would be a mistake.

“If federal regulators were to adopt the proposed 20 percent down payment requirement, a majority of borrowers wouldn’t be able to meet the standard given the findings in this report,” said Doug Lebda. “The proposed rule is part of a larger set of requirements that would exempt qualified borrowers from risk retention requirements.”

A strong credit report is among many things lenders take into consideration when deciding whether or not to approve a loan request.

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Credit Repair Services Works Like This?

Credit Repair Services Works Like This?

Vitesse outshines the competition by having achieved great results while telling the truth.

 

Here’s how it works:

 

Several laws regulate those who report information about you to the credit bureaus. Our law firm then demands that the credit companies demonstrate their strict adherence to those applicable laws. If your creditors fail to do so, their credit reporting must be revised or removed. In that regard, information reported to the credit bureaus must not only be technically accurate but must be fair, relevant, and verifiable as well.

Bound by standards of ethical practice and attorney-client privilege, we respect and utilize applicable federal consumer laws to guide our actions and help protect our clients. As a result you can expect the credit repair services delivered with explicit integrity.

 

For more information on how you can help your credit score, call the professionals at Vitesse Financial for your free consultation today. Call toll free at 866.407.9110.

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Fix Your Credit after Identity Theft

Fix Your Credit after Identity Theft

For the most part, technology is a universally beneficial entity. Advances have changed the faces of communication, science, and information. On the opposite end of the spectrum, confidentiality has become more difficult to safeguard. In a world where information is a click away, identity theft has plagued the lives of thousands. If you are a victim, learning how to fix your credit is the first step in overcoming this trial. Follow the steps below to fight for your financial privacy.

  1. 1.    File a police report.
  2. Call your lenders.
  3. Dispute fraudulent accounts.
  4. Activate a fraud alert.
  5. Follow up.

Learning how to fix your credit is not an intuitive process, especially after identity theft. Minimize the damage by keeping detailed financial records and informing the necessary parties. While injustice may sometimes be unavoidable, don’t let this one consume your future.

For more information on how you can help your credit score, call the professionals at Vitesse Financial for your free consultation today. Call toll free at 866.407.9110.

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Credit Impact of Filing Bankruptcy–

Bankruptcy could keep you from getting new loans

Bankruptcy directly impacts your credit score, and your credit score impacts your ability to qualify for any loan, including a car loan. For example, the next time you plan to purchase a car, a lower credit score could cause you to either pay a much higher interest rate which can radically increase the overall cost of the purchase. Credit repair after bankruptcy may be one solution towards getting you back on track with your credit reports.

 

Your car insurance premiums can increase because of a bankruptcy

Insurance companies look at your credit history to determine what kind of a risk you present to them. Your premiums are based on that risk. Just as a series of car accidents makes you a risky person to insure, filing for bankruptcy makes you look riskier regarding whether or not you’ll actually pay your bills on time which can directly impact your rates.

 

For more helpful tips and tricks contact Vitesse Financial today. Vitesse has over 15 years of experience, and by calling today you qualify for a FREE financial consultation from a Vitesse Credit Professional. Call 866.407.9110 TODAY!

 

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Consumer hotline errors preventing some complaints from reaching banks

Credit Repair News

Consumer hotline errors preventing some complaints from reaching banks

September 21, 2011

Technical glitches in the Consumer Financial Protection Bureau’s new consumer hotline have led some credit card complaints to never reach banks, according to Bloomberg.The news source states the hotline, which has been in place since the end of July, was part of the Dodd-Frank Act, and aims to provide consumers with an outlet for complaining about credit issues. However, technical problems have prevented many consumers’ messages to their banks from going through.Richard Hunt, head of the Consumer Bankers Association, told the source some banks noticed there may have been an issue with the hotline when the volume of complaints dropped substantially in recent weeks. Many of these banks, Hunt stated, were concerned they may be blamed for unanswered questions and comments.”If you’re a bank, you don’t know there has been a complaint unless the CFPB tells you,” Hunt told Bloomberg.CFPB spokesperson Jen Howard stated the issue is being resolved and should be completely fixed within a matter of weeks.

Many consumers trying to get through to their banks may have queries about credit issues. Should these lending institutions be unable to provide answers to credit problems, cardholders may want to speak with a credit repair attorney.

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