How can tell if you are getting a good deal on your mortgage loan?

Dec 022011
 

My husband and I are scheduled to close on our first home on March 28th, so five days away. It is a 1,941 square foot home in Fort Worth, Texas. We were approved for a 15-year FHA loan at a 5.5% fixed interest rate. The builder had the house listed at $ 143,990 and said they were discounting it to $ 137,990 because they are trying to meet their quotas and their year end is March 31st. Our realtor and his wife are both in the real estate business. He is a realtor and she is a broker, so they are getting a big commission off this deal with the builder. The realtor is going to pay off apartment lease ($ 710 per month and we have 3 months left), and pay two mortgage payments for us at $ 1,511 and some change. We both have fairly low credit scores (mine 534 and my husbands 575), but we got 100% financing. They are rolling our closing costs, appraisal fees, etc. into the loan.

Does this sound like a good deal? Is there anything that sounds fishy?

What is considered a "recent" collection?

Apr 262010
 

I just always see people say that if a collection is not “recent” then it is prolly not worth risking to try and get it removed because it is not hurting the score that much. I just wanted to ask what the time table is when considering new vs. old?

 

These are my most recent collections from all 3 CB:

EQ- 07/2008 is medical

TU- 06/2008 From apartment lease

EX- 10/2008 is medical

Satisfaction of Judgement Help

Feb 262010
 

Hi Everybody,

 

Appreciate the help from the community.  

 

On my credit report I have a negative item (collection).  This stems from co-signing an apartment lease for my sister-in-law in California.  I live in NJ.  She broke the lease and did not pay any fees.  Subsequently they went to court, I didn’t receive any paperwork, and they filed a judgement against her and me.  My sister-in-law didn’t help with this which is a totally another issue.

 

Since then, the amount $4500 was given to IC Systems to collect.  They actually provided all the judgement information to me via fax.  

 

I got a lawyer in California which stated the case would cost considerable money to reopen and preferred contacting the management company.  He was able to negotiate a reduced satisfaction of judgement for me specifically.  

 

My question is that currently, my credit took a hit of 60pts with the negative item (collection).  I have seen in the forums that satisfaction of judgements will decrease your credit score also.

 

Should I pay the reduced amount, then send a GW to the court to attempt a removal of the judgement from my records.  Any help or advice is appreciated.Â