If you are a first-time home buyer (someone who hasn’t owned a home in the past three years), now is the time for you to buy! The IRS is extending a tax credit of $7,500 for first-time home buyers within certain income limits: less than $75,000 income for […]
In case you haven’t heard, the federal government has changed the conforming loan limits as part of President Bush’s economic stimulus plan. This affects which mortgage loans are considered “conforming loans” and which are considered “jumbo loans”. Jumbo loans carry a higher interest rate than conforming loans. […]
If you are in a mortgage with a higher interest rate, now is the time to refinance! The average interest rate nationally on mortgages is now 5.69%. While there are many factors involved that figure into the interest rate for which you qualify (credit score, size of mortgage, […]
This week, President Bush reached an agreement with the mortgage industry to freeze rates for up to five years for qualifying people who bought houses in the last few years with subprime loans. The plan would allow distressed borrowers who are current on their payments to keep their low introductory […]
So how can you improve your credit score? Here are some things you can do to get that FICO score to creep back up to a good score:
1. Order a copy of your credit report. […]
It’s good to understand what factors affect your credit (FICO) score. The better you control these factors, the higher your score will be. Your FICO score is based on the following information:
• Payment History – Your payment history determines approximately 35% of your total credit score. This […]
Many of you are probably aware that there have been BIG changes in the mortgage industry in the past few months. There has been a lot of talk about the sub-prime mortgage market going belly-up. This is referring to mortgages that were given to people who were a higher […]
