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Before a lender approves your mortgage application, he will check your credit. He will use this to evaluate your application. This will tell them how risky it is to lend you the amount you need. Since this is the case, it is crucial that you check your credit before you apply for a mortgage. By doing so, you will have time to improve it if it does not look good.

The first thing you need to check is your credit report. Errors can potentially lower you score. Here are some of the things you need to keep in mind:

1. Request for a copy of your credit report from the different credit bureaus. You are entitled to have a free copy once a year.

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Investors have dismissed worrying developments on global markets this week to propel Australian shares and the dollar higher.

The benchmark S&P/ASX200 index has risen as much as 51.9 points, or 1.13 per cent, to 4657.4, while Australian dollar lifted to 1.0781 US cents, remaining 1 US cent higher than where it was before yesterdays strong jobs data was released.

The markets strength comes despite a string of events that typically rattle equities traders nerves because of their potential to slow economic growth or generate fear for investments.

China surprised the market by lifting its interest rate yesterday and the European Central Bank raised interest rates although the debt-strapped nations of Greece, Spain and Portugal are struggling with weak growth.

Austock client adviser Michael Heffernan said the market was seeing only the positives.

The market has more or less factored in the events that have been happening like the ratings agency downgrading Portugal (this week), he said.

Earlier this week, Moodys downgraded Portugals credit rating, triggering harsh words from European finance leaders for US ratings agencies.

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Chilean state copper producer Codelco has resubmitted an environmental impact assessment (EIA) for an US$8mn project to reprocess fresh tailings at its Salvador division in northern region III, according to the environment ministry’s (MMA) regional evaluation office.

The original EIA was recently declared inadmissible by the evaluation office as it failed to comply with certain formal requirements due to inaccuracies between the electronic version and the paper document.

The project aims to reprocess fresh tailings generated at the division’s heap leaching facilities to recover most of the copper content and take full advantage of current prices, Codelco said in the EIA.

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WASHINGTON – More than 5 million Americans with traditional Medicare took advantage of one or more of the preventive benefits that are now available free thanks to the Affordable Care Act, according to a report released Monday by the Centers for Medicare and Medicaid Services (CMS).

The most common benefits accessed by seniors were mammograms, bone density screenings and screenings for prostate cancer. In 2011, Medicare also began covering an annual wellness visit at no cost to beneficiaries. Between January 1 and June 10 of this year, some 780,000 seniors received this benefit. 

CMS Administrator Donald Berwick, MD, said in a statement, “Even in your 70s, 80s, or beyond you can reduce your risk of disability and chronic illness if you take care of yourself. With

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Short term health insurance is a plan that provides health insurance for an individual with a short period of time. This can be for people to start the waiting period for health insurance, or if they work in the middle of jobs. Typically, these plans are not available for people to cover pre-existing medical conditions. This includes any condition that a person may, within three to five years had. Insurance in the short term can last for up to 12 months if necessary. If you need insurance for more than a year, then short-term health insurance can not be right for you. This plan is for individuals who can to diseases or accidents, the unexpected, while they want to protect from work. Read Full Post…

Moody’s cut Portugal’s credit standing to junk in the first such move by a ratings agency and warned of the country may well need a second round of rescue funds before it can return to capital markets.

Moody’s Investors Service slashed Portugal’s credit rating by four levels to Ba2, following Greece into junk territory below investment grade.

It cited heightened concerns that Portugal will not be able to fully achieve the deficit reduction and debt stabilization targets set out in its loan agreement with the European Union and International Monetary Fund.

There also is an increasing probability Portugal will not be able to borrow at sustainable rates in capital markets in the second half of 2013 and for some time thereafter, Moody’s said.

Portugal is receiving funds from a three-year, 78-billion-euro EU/IMF bailout programme and does not need to issue long-term debt in the market until 2013.

Portugal faces formidable challenges in reducing spending, increasing tax compliance, achieving economic growth and supporting the banking system, the agency said.

Out of the three major ratings agencies, Standard & Poor’s and Fitch Ratings both have Portugal at BBB-minus, the bottom of the investment grade range.

Portugal’s new centre-right government said in a statement Moody’s did not take into account strong political backing for austerity after a June 5 election, and an extraordinary tax announced last week.

Unlike the previous minority Socialist government, the new ruling coalition has a comfortable majority in parliament.

It did acknowledge though that the four-notch ratings cut “shows the vulnerability of the country’s economy amid a debt crisis.”

It also reaffirmed commitment to deepening and speeding up austerity measures that the country vowed to implement under its 78-billion-euro bailout programme, saying a strong macroeconomic adjustment was “the only way to reverse the course and restore confidence” in Portugal.

Robert Tipp, chief investment strategist at Prudential Fixed Income in New Jersey, said the downgrade showed the European debt crisis was unlikely to stop at Greece, which looks set to receive a second bailout.

“Once Greece gets wrapped up, you move on to the next country, and in all likelihood that will be the shape of things to come over the next year or two in the euro zone until the long-term financing trajectory for these countries gets stabilized,” he said.

Reuters

Debt Consolidation Pros And ConsDebt consolidation has become a popular way to reduce interest rates and monthly payments for people that owe money to several different creditors each month.  In spite of its popularity, debt consolidation is NOT the best solution for everyone.  Before you agree to a debt consolidation process, analyze the pros and cons of this tool.DEBT CONSOLIDATION PROS:Money or credit for debt consolidation is relatively easy to obtain.  Often, homeowners can use the equity built up in their house.  To do this, they borrow against the equity (basically, take out a second mortgage).    Another way to get money for debt consolidation is to obtain a debt consolidation loan.  Again, these loans usually backed by some type of collateral, act very much like 2nd mortgages.  Zero interest credit cards are another method for getting money to consolidate loans.  Consumers with relatively good credit can use this option with fewer risks.Lower interest rates – Most debt consolidation plans have lower interest rates than what is currently being paid and that makes them attractive.Lower monthly payments – Lower interest rates mean that the monthly payment amount is less.  For people that are struggling to make multiple monthly payments, this eases the stress.Simplicity – Debt consolidation allows consumers to make a single payment each month to cover ALL their credit accounts instead of making individual payments to each creditor.  Overall, it simplifies record keeping while it reduces the likelihood of “forgetting” a payment.Potential to pay debt off sooner rather than later – With lower overall interest rates, it is possible to pay less over time and erase the total debt sooner.DEBT CONSOLIDATION CONS:It puts assets at risk – Most of the time, debt consolidation involves converting unsecured debt into secured debt.  In order to do that, the debt consolidation lender requires some type of collateral.  Certainly, that raises the stakes of non-payment, even if the payment amount is lower.Debt consolidation candidates are more susceptible to predatory lending – Consumers that are struggling to make monthly payments are more likely to be desperate and willing to agree to whatever terms are available in order to get money for the short-term crisis.  Later, these consumers are stuck in agreements that take advantage of them.There is a potential to “max out” credit again – Debt consolidation does not do anything to eliminate the potential for going further into debt.  It just moves the debt to another place and creates a false sense of security for people that have not changed their behavior. Lower interest rates and payments can mean longer loans – One of the ways that debt consolidation lenders can provide lower rates is to spread payments out for a longer period of time.  If this is the case, consumers can end up paying MORE, over time than they would have it had paid the original creditors directly.