This information is helpful for anyone wanting or purchasing a home.
The Ten Commandments of Buying a Home
I. Thou shalt not change jobs, become self-employed or quit your job.
II. Thou shalt not buy a car, truck or van (or you may be living in it!).
III. Thou shalt not use credit cards excessively or let current accounts fall behind....
IV. Thou shalt not spend money you have set aside for closing.
V. Thou shalt not omit debts or liabilities from your loan application.
VI. Thou shalt not buy furniture on credit.
VII. Thou shalt not originate any inquiries into your credit.
VIII. Thou shalt not make large deposits without checking with your loan officer.
IX. Thou shalt not change bank accounts.
X. Thou shalt not co-sign a loan for anyone.
Credit or No Credit.....They can help
How much does your credit score really cost you?
Rates fluctuate. Below you will find example rates pulled off the MYFICO website. Regardless of what rates are, these general rules typically apply. For the most part, when youíre in the low 600 credit score range, you lower your interest rate by a half point for every 20 point increase to your credit score ($75 a month or $27,000 over the life of your loan (for a 250k loan)). Once youíre above a 660, itís about a quarter point... per 20 score points ($37 a month) up to a 700.
$250,000 mortgage loan on a 30 year fixed loan
Check this fun math out, the difference between a 639 and a 700 (which really isnít much) over the life of this loan is about $78,000 in interest. Then, add in all your auto loans, credit cards and bank loans, who really blast you with higher interest rates over that same 30 years, and this could easily equate to $100,000 or more. Now you are looking at an additional 178K in interest over 30 years. Now look at this gem, you have a staggering $178,000 less to invest over 30 years...a massive opportunity lost (something nightmares are made of). Conservatively, you could earn $325,000 with that money over that time frame. Add that to the amount you paid in additional interest in the first place and slightly lower credit scores over just 30 years could cost you HALF OF A MILLION DOLLARS or even MORE. If you earn more than the average wage of 60K a year, after tax, it would take you 10 years of work to make up the difference... Isnít it worth getting your credit scores up??
Absolutely is the answer to that question, so send over your mother your brother and anybody else you can get your hands on and allow us to do our magic. Please use your URL PORTAL that we created for you or just send an email the traditional way with basic information and a credit report if possible firstname.lastname@example.org
Regional Account Manager