Monthly Credit Tip
February 7, 2011
We are frequently asked how to take full advantage of using a credit card. How much do I charge? Do I need to carry a balance? When does my credit balance report? Are just a few examples.
When it comes to credit cards and how to use them there are a few rules of thumb.
– Charge less than 30% of the limit
– Credit cards only report once a month and will report depending on when a billing cycle ends
– Carrying a balance and paying interest will not help increase a score
– You only need to charge 1$ per month to generate credit reporting activity
The biggest advice we can offer when you have a question is to call us. Mike Morgan, Peoples Mortgage 520.954.7686.
Short Sale Facts as They Pertain to Mortgages
September 16, 2010
You’ve probably heard a lot about short sales lately but we wanted to share some interesting facts with you about qualifying for a new mortgage if you have done a short sale.
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. The Bank has to agree to settle for less than the amount owed but this option allows a seller to avoid foreclosure.
What many people may not know is that it is possible to buy another home once you have done a short sale. If your short sale is due to relocating perhaps in the event of a job change there is no waiting period to qualify for a new FHA loan. If you intend to stay in the same area you can qualify for a new FHA loan 12 months after your short sale. This is providing that you did not have an FHA or VA loan on the property that you sold through short sale.
There are other options too with VA and conventional loans. Each situation is somewhat unique so we would be happy to discuss your individual situation with you if you have questions. Call Mike today at 520.954.7686.
Refinance Applications Increase Nationwide
August 19, 2010
The Mortgage Bankers Association confirms that refinance applications rose 17 percent from a week ago, lifting the percentage of refis as part of the total mortgage market to its highest level since January 2009.
Don’t miss out on the opportunity to take advantage of all time low mortgage rates. Call Mike Morgan at Peoples Mortgage today at 954-7686.
Disputing an Error on your CREDIT REPORT…
August 5, 2010
1. Source the error and contact the lending company directly that is misreporting to the credit agencies.
2. Ask the lending company for documentation in writing that confirms that the error was a mistake on their part and verifies that your account is in good standing.
3. Send this documentation, along with a detailed explanation of the mistake to each of the bureaus reporting the error.
Equifax Experian TransUnion
P.O. Box 740256 P.O. Box 9554 P.O. Box 6790
Atlanta, GA 30374 Allen, TX 75013 Fullerton, CA 92834
4. Include a request for them to notify you once the discrepancy has been resolved.
Generally, a correction takes 30-45 days. The bureau will likely contact the lending company directly to confirm the information you provided, and then make the appropriate changes to your credit report.
If you have any questions we will be happy to answer them. Please call Mike Morgan at Peoples Mortgage 520.954.7686.
Information from the HUD July Update
July 21, 2010
The most recent release from the HUD Commissioner outlines the Office of Housing’s latest efforts to strengthen protection for consumers in the buying process. They are working to make the housing market stronger, sustainable and safer by implementing regulations to make mortgages more transparent and understandable which better protect consumers. Fair dealings require open, clear information. The SAFE Act In combination with RESPA reform, help increase the integrity of the mortgage process and prevent fraud so consumers have greater protection in the marketplace. The office of Housing and Urban Development is committed to regulatory reform and consumer protection. One of the things HUD has done to achieve this is the implementation of a standardized Good Faith Estimate (GFE) and a revised and expanded settlement statement (HUD-1).
The Morgan team is also committed to fair and honest service. If you have any questions regarding this information or specific information for your mortgage needs please contact Mike Morgan at 520.954.7686. We look forward to earning your business.
Mortgage Update
July 9, 2010
Mortgage interest rates continue to stay low so it is a great time to either buy or refinance. Call us today for a free, no obligation, quick & easy preqaulification. This is a very important step when preparing to buy a home. In most cases we can get you prequalified in about a half an hour over the phone. Don’t put it off, call Mike today. 520.954.7686. We look forward to working with you.
