So, you’ve gone to AnnualCreditReport.com and printed out your credit report. You find an error or maybe more than one. What next? Again, thanks to Kellie Allen of Countrywide Home Loans for some excellent advice on disputing the errors.

1. Ask for a Credit Dispute form from your mortgage broker.

2. Complete one form for each erroneous piece of information on your credit report. Attach any documentation you might have to support your claim. Be sure to print your name, address, phone number and social security number on the form. Sign and date the form.

3. Mail the form to the reporting repository with a return receipt requested.

4. Per the Fair Credit Reporting Act, the repository has five days to notify the specific trade line of the dispute. Within 30 days, the trade line must complete its investigation of the item and report back to the repository with its findings and the need for modification or deletion, if applicable. If there is no response from the trade line, the repository must remove the item from your credit file. If a change is to be made to the consumer’s credit file, the repository must notify the consumer in writing within five days.

5. After notification by the repository of the correction or change, a new credit report may be run to get a new score for underwriting purposes.

Or if you need to get it resolved quickly, ask your mortgage broker about the rapid dispute resolution process.

As stated in the last blog entry, improving your credit score can save you thousands on your next home loan. According to Kellie Allen of Countrywide Home Loans in Eagle here are a few steps to take to start improving your credit profile. [Read more →]

With all of the talk about credit tightening, now is the right time to make sure that your credit is ship-shape and to correct any inaccuracies on your credit report. And who knows - it may save you thousands on your next home loan. So where do you start? [Read more →]

Home Buyers in Canyon County, take note! Idaho Housing and Finance Association is offering low interest home loans to home buyers in Canyon County. And, no, you don’t have to be a first time home buyer.

Idaho Housing and Finance Association (IHFA), known for its first time home buyer programs, is currently offering 5.91% [Read more →]

Head on over to Caldwell this week for the Canyon County Fair. The Fair will open July 26th and run through July 29th. Events for the whole family are planned including 4-H animal shows, carnival rides, concerts, [Read more →]

There it is again! “Ada home prices still climbing” reads the headline in the Business section of our local newspaper. Tell that to all the homeowners in Ada County that have had to reduce their asking prices to get their homes sold. [Read more →]

Head on over to Nampa to this year’s celebration of Snake River Dayz. Activities started Thursday, July 12th and will continue through Saturday, July 21. Several events are scheduled [Read more →]

Occasionally, I will publish an article that is timely, informative, or helpful but written by a real estate industry professional who I know and trust. The following was written by Kellie Allen, a mortgage consultant with Countrywide Home Loan in Eagle.

The Subprime Loan Hype

by Kellie Allen

The headlines are full of news on the mortgage and real estate front about the “subprime meltdown”. What exactly is going on and what impact if any does it have on you?

A “subprime” home loan is a loan where the client has some significant credit issues or was for some reason unable to qualify for standard financing. [Read more →]

Buying a home can be the single most important financial commitment made by an individual. So why purchase a home without knowing the “ins” and “outs” of the home? Potential home buyers should always insist on a thorough home inspection by a qualified home inspector. In fact, [Read more →]

With the recent run-up in home prices in the Boise area, some homeowners may qualify to remove the PMI premium from their monthly mortgage payment.

PMI - private mortgage insurance - is insurance that reimburses the lender if the borrower is unable to repay the loan and the lender isn’t able to recover all its costs after foreclosing the loan and selling the property. [Read more →]