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Associated Press
a day ago
- Business
- Associated Press
Local Experts Share Top 5 Tips to Navigate the Mortgage Process for First-Time Homebuyers
'Just remember, a week before the close of escrow, don't buy a boat that has a $30,000 loan on it.'— Paul Scheper ORANGE COUNTY, CA, UNITED STATES, June 1, 2025 / / -- Buying a first home marks a significant life milestone, but the mortgage process can often feel overwhelming—particularly for those new to the real estate market. To provide clarity and boost the likelihood of loan approval, local mortgage and real estate experts have outlined five essential tips for prospective homebuyers preparing to apply for a mortgage. These recommendations are designed to help buyers enter today's competitive housing landscape with confidence and financial preparedness. 1. Strengthen Credit Scores Prior to Application Credit scores play a pivotal role in determining mortgage interest rates and loan terms. Even minor improvements can lead to substantial savings over time. 'An improved credit score of only 20 points can go a long way and save homeowners thousands of dollars over a 5-year period,' said Paul Scheper, President of Loangevity Mortgage in Orange County, CA. Recommended actions include reviewing credit reports, paying off existing debts, and avoiding new credit inquiries in the months before applying. 2. Build a Robust Down Payment and Account for Closing Costs While certain loan programs allow for down payments as low as 3%, a larger upfront payment can reduce monthly costs and eliminate the need for private mortgage insurance (PMI). Closing costs—typically 1–2% of the purchase price—should also be factored into financial planning. 3. Obtain Pre-Approval Before Beginning the Home Search Securing a mortgage pre-approval demonstrates financial readiness to sellers and strengthens a buyer's position in competitive situations. 'Sellers don't want to tie up a property for tire-kickers. A pre-approval letter and proof of funds show the seller that the buyer means business,' said Sarah Scheper, a leading Orange County real estate agent. The pre-approval process involves a comprehensive review of income, credit history, and financial documentation. 4. Evaluate All Loan Program Options First-time buyers are encouraged to explore a range of loan programs—including FHA, VA, and USDA options—to identify the most favorable terms. 'The key is to match the right buyer with the right loan, with the right payment, and the right down payment—it has to mesh perfectly,' explained Paul Scheper. Working with a mortgage advisor can help ensure the selection of a product aligned with long-term financial goals. 5. Maintain Financial Stability During the Application Process Major financial changes during the loan process can negatively impact approval chances. 'Buyers should avoid making large purchases, opening new credit lines, or changing jobs. These actions could impact debt-to-income ratios, credit scores, and, ultimately, loan eligibility,' advised veteran loan processor and underwriter Alyson McCreery. Paul Scheper added, 'Just remember, a week before the close of escrow, don't buy a boat that has a $30,000 loan on it.' The Importance of a Real Estate 'Dream Team' Assembling a team of experienced professionals—including real estate agents, lenders, processors, and title experts—can significantly improve the homebuying experience. 'Buyers need to be part of a dream team comprised of a great realtor, lender, processor, investor, and title and escrow company. T.E.A.M. stands for Together Everybody Achieves More,' said Sarah Scheper. About Paul Scheper Paul Scheper is a licensed mortgage broker with decades of experience in real estate finance. A graduate of Harvard University and the University of Southern California, Scheper has specialized in market analysis and financial planning since 1984. About Loangevity Mortgage Loangevity Mortgage, led by Paul Scheper, offers personalized mortgage solutions focused on client education and financial transparency. With over 41 years of industry experience, the firm helps clients make informed decisions throughout the homebuying process. For more information, contact 800-662-6784. Paul E. Scheper, President Loangevity Mortgage +1 800-662-6784 email us here Visit us on social media: LinkedIn Instagram Facebook YouTube Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
a day ago
- Business
- Yahoo
Upstart Showcases AI Breakthroughs and Business Momentum at Inaugural 'AI Day'
NEW YORK, May 14, 2025--(BUSINESS WIRE)--Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today hosted its first-ever AI Day investor event in New York City, where executives highlighted the company's proprietary AI, differentiated business model, and unique financial profile. "Upstart is building the foundation model for credit, and no one else is even trying," said Co-founder and CEO Dave Girouard. "From the scale of our AI infrastructure to our winning business model, we're on track to become the 'everything store for credit' in the 21st century." At the event, Girouard outlined the $1 trillion opportunity in credit and Upstart's leading role in delivering the AI that is changing how loans are underwritten, automated, and serviced. He also reiterated his four goals for 2025: 10X Upstart's advantage in AI; prepare Upstart's funding supply for rapid growth; return to GAAP profitability in the second half of the year; and giant leaps toward best rates and best process for all. Co-founder and Chief Technology Officer Paul Gu walked investors through the company's journey in developing a vertically integrated AI model trained on over 90 million datapoints. Gu emphasized how Upstart's use of advanced techniques—such as proprietary loss functions, embeddings, and dynamic macro modeling—delivers more accurate underwriting and faster approvals than traditional lenders. Chief Marketing Officer and Senior Vice President of Growth Chantal Rapport detailed how Upstart's winning business model—driven by industry-leading AI, marketplace capital, and brand advantage—is driving growth across the full credit spectrum. She positioned Upstart as a "category of one" business that is reshaping borrower expectations with speed and ease. Chief Financial Officer Sanjay Datta showed how Upstart's growth trajectory, pricing power, margins, operating leverage, and profits have created a unique financial profile that results in business model resilience. He also pointed to potential future revenue streams for Upstart, including ratable fee revenue, subscriptions, revolving credit, and servicing for all. The presentations, as well as a video replay of the event, are available on Upstart's Investor Relations website. About Upstart Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart's AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart's platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar "relief" loans. Upstart is based in San Mateo, California. This press release and the AI Day webcast contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our outlook for the second quarter of 2025 and the full-year of 2025. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities; assumptions; risks; future performance; business; investments; and results of operations, including revenue (including revenue from fees and net interest income (loss)), contribution margin, net income (loss), non-GAAP adjusted net income (loss), Adjusted EBITDA, basic weighted-average share count and diluted weighted-average share count. Forward-looking statements are based on information available at the time those statements are made or management's good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected and should not be read as a guarantee of future performance or results. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission (the "SEC"), including "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting our investor relations website at or the SEC's website at Moreover, we operate in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Additional information will be available in other future reports that we file with the SEC from time to time, which could cause actual results to vary from expectations. View source version on Contacts Investors Sonya Banerjeeir@ Press Tom Brennanpress@
Yahoo
a day ago
- Business
- Yahoo
How to pay off a debt in collections
Before paying a debt in collections, verify it's legitimate and collectible to avoid scams or zombie debt. You have rights under the Fair Debt Collection Practices Act (FDCPA) that protect you from harassment and abuse. Negotiating a payment or settlement plan, especially in writing, can help you resolve debt while minimizing credit damage. Always document all communication and payments to avoid future disputes. No one wants to receive a call from a debt collector. But if you've fallen behind on paying your credit cards, loans or bills, your account may be sent to collections. Dealing with these debt collection companies can be stressful and embarrassing, but it's more common than you think. In the first quarter of 2025, the U.S. hit $18.20 trillion in household debt, and the average delinquency rate went up 0.7 percentage point from the previous quarter to 4.3 percent. Paying off your outstanding debts is important, but you want to do it the right way. A misstep here and there can result in you paying more debt than you owe, reopening zombie debt or exposing yourself to a scam. Bankrate insight As you move through this process, document everything. Keep copies of letters, emails, payment receipts and any agreements you make with the collector. Also note the dates of phone calls and what was said in the call. If you live in a one-party state, you could consider recording your phone conversations. Before taking any action to pay off a debt in collections, verify the debt belongs to you. Gather all relevant information about the debt, including the amount owed, the original creditor and any other account facts. If, after reviewing this information, you find that the debt is not yours, take steps to protect your credit and finances in case your identity has been stolen. You can dispute errors directly with the credit bureaus. If the debt doesn't appear on your credit reports, you might have been targeted by a debt collection scam. Under the Fair Debt Collection Practices Act (FDCPA), collectors must follow strict rules: No calls between 9 p.m. and 8 a.m. No calls at work if you've requested they stop No excessive calls — no more than seven in a week or within seven days of last speaking to you about the debt No contacting you via email, text or social media if you've opted out No disclosure of your debt to others Debt collectors are also strictly prohibited from harassing, threatening or verbally abusing you. If a debt collector breaches these regulations, you can contact your state's attorney general's office to find out your rights under state law. They can help you identify if you are protected under state-level collection regulations and laws like the California Consumer Financial Protection Law (CCFPL) and the Debt Collection Licensing Act (DCLA). Each state has a statute of limitations determining the legal time limit within which creditors or debt collectors can sue you for an unpaid debt. Statutes for different types of debt range from as little as two years up to 10 years or more. Once the statute is up, you can't be sued for the unpaid debt. However, it's important to know that you can reset the statute clock on old debt if you: Agree to pay Get a bankruptcy discharge revoked Make a new charge on the account Make a payment Understanding how these statutes work is essential as it impacts your legal obligations and rights regarding the debt. Research the statute of limitations in your state to know your rights. Not all debts are collectible. For instance: Medical debt under $500 or less than a year old can't appear on credit reports. Soon, medical debt will be completely barred from appearing on credit reports. Zombie debt — or very old debt — may no longer be legally enforceable. This debt is often past the statutes of limitations and may be too old to legally appear on your credit reports. You need to be especially careful to avoid resetting the clock on zombie debts. In addition to verifying the debt is collectible, you should contact the collection company and request a debt validation letter to ensure it has a legal right to collect on your debt. You may have more debt than you can pay off in a reasonable timeframe. In that case, you may be able to negotiate with your creditors about how much and when you pay. But first, you have to calculate how much money you can afford to commit to paying down your debts. Start by reviewing your budget and seeing how much cash you can free up. Determine how much money you could contribute to a lump sum payment or monthly installment. Be realistic and don't put yourself in a position where you need to take on more debt to pay off your existing debt. Once you're informed and have an idea of how much you can realistically pay, it's time to contact the collector. Be prepared to discuss your financial situation honestly and weigh different repayment plans. Effective negotiation can often lead to a reduced amount or favorable payment terms, especially if you pay a lump sum up front. Bankrate tip: For medical debt, contact the provider's billing office directly. They may offer hardship assistance or flexible plans. As a part of negotiating a payment plan, during your repayment period or after the collection has been settled, you may be able to request pay-for-delete agreement. This means the collection agency will remove the collection account from your credit report once repayment is complete. Get any pay-for-delete agreements in writing, and follow up with the creditor or collector to ensure the deletion request is processed. Be aware that changes to your credit reports can take 30 days or more to appear. Very few creditors will not offer a pay-for-delete agreement, but you can still ask. Once you've agreed on repayment terms, formalize the agreement in writing. Include: Payment amount Payment schedule Any additional terms or conditions. A clear plan reduces misunderstandings and ensures both parties follow the agreement accurately. Stick to the schedule and send payments promptly. This demonstrates good faith and prevents further collection efforts. For added security, consider: Mailing a check via USPS with a return receipt ($4.10) or using email confirmation ($2.62) Requesting a 'Certificate of Mailing' for proof of payment date To pay online, first confirm the debt and request instructions from the collection agency. Most have secure portals where you can log in to make payments. Always: Verify the site's legitimacy before entering payment info Save digital receipts and confirmation numbers Monitor your credit to ensure updates are reflected Debt in collections can take a toll on your finances and peace of mind — but you're not powerless. By verifying the debt, knowing your rights and negotiating smartly, you can pay off collections while protecting your credit and avoiding scams. How does debt in collections affect your credit score? Debt in collections has a huge impact on your credit score, especially if the debt also had late payments or a charge-off associated with it. It can take up to seven years for your credit to fully recover from one collection account. As time goes on, however, if you use good credit-building habits, negative marks will have less impact over time as newer things on your credit score have the most influence. If you need help fighting a collection account error or fraud, you can contact a reputable credit repair company. What's the safest way to pay a debt collector? Use payment methods that offer proof of payment — such as mailing a check with return receipt or using a secure online portal provided by the agency. Do collections go away once paid? No. Typically, paid collections will remain on your credit reports for up to seven years from the date of the original delinquency. However, lenders view paid collections more favorably than unpaid ones. What happens if you never pay collections? If you ignore or refuse to pay collections, the debt collector may escalate efforts to recover the debt. These could include: Take legal action Garnish wages (portion of paycheck withheld to pay off debt) Continue reporting the debt Unpaid collections that pass the statute of limitations can still severely impact your credit score and make it harder to secure loans or credit in the future. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
2 days ago
- Automotive
- Daily Mail
Car salesman reveals how to buy an automobile if you have ZERO credit score
A car salesman has revealed how you can buy a car even if you don't have a credit score. Russell Richardson, known as RussFlipsWhips on social media, is a salesman at Biondi Motor Company Inc. - a Lincoln dealer in Monroeville, Pennsylvania. He often posts advice for people looking to purchase new vehicles on his TikTok account, which has over 773,400 followers. In his latest viral video, the expert shared tips for customers to get approved for a automobile at a dealership even if they don't have good credit. 'First things first, if you have enough time, get a prepaid credit card,' he suggested in his video. 'This is the type of credit card where you can pre-load money onto it. You're going to use that every month for gas and groceries, and you're going to pay it off every month. 'In just six months, you will have credit built up.' For those who need to buy a car 'right now' and don't have six months to build up their credit, he said you can get approved by offering a huge down payment. 'First things first, you need to have money down. You've got to put skin in the game, or nobody's approve you with zero credit, because you have zero history of ever paying anybody back, so you need to bring some cash to the table,' he continued. He said that '20 percent down' is the ideal number. 'If you can't get that number, it's going to be a little bit tougher to get approved, it's not impossible, but the more you put down, the more likely you are to get approved,' Russell explained. According to the car salesman, being approved without credit has a lot to do with your job. 'You need to make sure you've been working at the same job for at least six months, ideally a year,' he detailed. 'If you've been working at your job for one month and you have no money down, you are not going to get approved. 'It's very unlikely. I'm not saying these things are impossible, but it's very tough to have that happen. Russell's last tip was about the type of car to search for. 'You're going to want to look at something that is well within your means,' he told viewers. 'Don't try to stretch out the biggest car payment you can get, try to get the smallest car payment you can get. 'You want to look at a car that is newer. It's 2025 right now, if you can afford a brand new Toyota Camry or Honda Civic, go buy something like that that is well within your means. 'If it's not [within your means], look at something that's four years [old] or newer - so 2021 or newer - with relatively low mileage and you'll have a really good chance at getting approved.' Many users rushed to the comment section to thank Russell for his advice. 'Solid advice,' one user wrote.
Yahoo
2 days ago
- Business
- Yahoo
Millennium has hired two heavy-hitter PMs for its credit-trading business
Millennium has hired two marquee credit portfolio managers. It has hired Laurion partner Jonathan Grau and Brevan Howard PM Christopher Reich, sources said. Credit strategies have been highly sought after in recent years, despite a dip in demand for 2025. Wall Street's largest hedge fund just got a bit larger, adding two more marquee traders to its credit business. Millennium, which manages $73 billion in assets and has more than 330 investment teams around the world, has hired Jonathan Grau, a partner at Laurion Capital, according to people familiar with the matter. Grau joined Laurion in 2016 and focused on corporate credit strategies, according to a company bio recently scrubbed from the firm's website. Millennium has also hired Christopher Reich, a rising star credit index trader from Brevan Howard, the people said. Reich trades indices linked to credit-default swaps and commercial mortgage-backed securities, according to his LinkedIn profile, and worked at One William Street Capital and JPMorgan before joining Brevan. Representatives for Millennium and Brevan declined to comment, and Laurion did not respond to requests for comment. Credit has been the most in-demand strategy among hedge-fund allocators in recent years, though appetite dampened heading into 2025, according to a Goldman Sachs survey. The hires of Grau and Reich come on the heels of another major credit hire. Bloomberg reported in March that Millennium poached LMR Partners' US head of credit, Thomas Malafronte. Malafronte is a former Goldman Sachs partner who burnished his reputation in the mid-2010s trading junk bonds. Millennium, run by billionaire Izzy Englander, was down 1.4% through April after an unusually rocky start to the year that saw the firm lose money in back-to-back months in February and March. It gained 15% in 2024. Read the original article on Business Insider Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
