Credit Scores – Don’t Sweat the Small Dips

Credit Scores – Don’t Sweat the Small Dips

We assist people with understanding and improving their credit scores with great regularity. One of the questions that comes up frequently is why credit scores go up and down so frequently? Credit Scores are made up of five main components.

The first is making your payments on time (35% of your score). If you make, even one late payment in the very recent past, your score will drop dramatically. The second component is called your utilization ratio (30% ...

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Another New Year…

Another New Year…

And you know what that means: It’s time for my annual Real Estate & Mortgage Predictions! After researching my mortgage knowledge base for 2019, the following is my take:

Interest Rates are not moving a whole lot – Between the trade wards, fears of an impending recession, and continued low inflation, we have a formula for rates staying steady.

-ARM’s will garner more market share – With fixed rates up around a percentage point higher, home ...

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Looking to Renovate?

Looking to Renovate?

Explore These Options to Finance.

Whether you are looking to freshen up or expand your existing home or a new home you are considering purchasing, the question always comes up about how to pay for this. The answer to this question depends somewhat on how much you are talking about financing and how long you believe it will take you to repay. Let’s take them one at a time. If you are trying to renovate the home you ...

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Refinance Debt Consolidation Example

In this second video entry, Scott discusses the advantages of consolidating your debt when you refinance your home.

Until Next Time!

The FMT

1.15.2019

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Interest Rate Update

Interest Rate Update

Oddly enough, long-term interest rates started the year just slightly higher than they were one year ago. We had a few periods during the course of last year where rates were slightly above 5% for a 30 year fixed. With the recent volatility in the stock market and analysts starting to predict a recession in the next couple of years, interest rates have come down significantly since October, when they last peaked.
We now stand in the mid ...

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7 Strategic Moves as You Prepare to Apply for a Mortgage

7 Strategic Moves as You Prepare to Apply for a Mortgage
  1. Rent Before You Buy – It is always a good idea to get a year or so under your belt as a tenant so you can understand some of the challenges that come with homeownership. Put yourself in the shoes of your landlord. Lenders like to see a track record of making housing payments prior to application and to get you used to making a house payment prior to owning.

  2. Check Your Credit Report & Scores – ...

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Four Reasons to Consider Selling This Winter

Four Reasons to Consider Selling This Winter
  1. Buyers are Still out in Force – There is still very strong demand for housing, which means that you do not have to wait for the spring buying season to get ample interest. We are still seeing multiple offers frequently.

  2. Less Sellers – Since most people believe they should wait and told spring to sell, there is less competition.

  3. It is Still a Perfect Time to Move-Up – With rates moving down slightly over the last ...

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Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

• Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

• Through an educational process, we can assist with ...

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11 Ways to Supercharge Your Database

11 Ways to Supercharge Your Database

You have a database that you use but deep down you know that it could be utilized to provide you with more referrals and long-term relationships. Use these tips to jump start your efforts.

Database Tips:

1) Make a commitment to call between two and five past clients / prospects per day to reconnect on a personal level and update their contact information. If you don’t already have it, get the day / ...

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Qualifying for a Mortgage on a Condo

Qualifying for a Mortgage on a Condo

When you apply for a mortgage on a condominium there are a whole host of additional considerations the lender must analyze. I like to think of it as two separate approval processes, the approval of your own personal loan and a secondary approval for the condominium complex itself. They take place at the exact same time but go down to separate paths. Since the approval process for the loan itself is no different than that of ...

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