Adding your children on as “authorized users” of your credit cards can help them establish credit history and will serve them well.
But be aware that this is not always the best option and certainly not intended to be long term.
Click here to read a fine article on this topic, created by Advantage Credit of Colorado.
Call Todd Abelson at (520) 331-LEND (5363) for all your mortgage needs!
The following bears repeating so you’re not caught off guard – changes to all Government Insured loan programs take effect October 1, 2011:
VA LOANS – Up Front VA Funding Fee is reduced on PURCHASE transactions. Click here to see complete chart for details
FHA LOANS – Temporary increased loan limits are eliminated; Pima County is back down to $271,050
USDA LOANS – Up Front Loan Guarantee Fee is being reduced from 3.5% to 2.0% BUT they are adding monthly mortgage insurance of 0.30% annually.
Be aware and don’t get “caught short”.
Call Todd Abelson, Licensed Mortgage Professional, at (520) 331-LEND (5363) for all your mortgage needs!
Effective October 1, 2011 USDA is making two changes to their Loan Guarantee costs.
First the good – the Up-Front Loan Guarantee fee is being reduced from 3.5% to 2.0%
Now the bad – like FHA, they will start charging monthly mortgage insurance at an annual rate of 0.30% (FHA currently charges 1.15%)
Loans that do not have a ”Conditional Commitment” by Sept. 30, 2011 will fall under the new fee guidelines – NO EXCEPTIONS!
INFORM YOUR CLIENTS ! If they are buying a newly built home, make sure they request their Lender to have their Guarantee Fees locked in.
Any questions? As always, I’m here to help!
Call Todd Abelson for all your Mortgage needs! (520) 331-LEND (5363)
There’s many BLOGS in existance today, each purporting to be “the best”. Truth be told, some are better than others. My goal is to make mine one that people read and reference often.
This morning I received a courtesy email to share a link with another Real Estate & Mortgage Blogger; their article is short, sweet and to the point. Check it out by clicking HERE - 10 reasons why some people can’t get a mortgage.
Call Todd Abelson at Sunstreet Mortgage in Tucson, Arizona for all your mortgage needs at (520) 331-LEND.
This week marks the start of the Refi Boom’s 7th month; rates have been falling since early-April 2010. Whether you’re looking to refinance or buy a home, however, know that not everyone will qualify for today’s low rates.
Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Now, you can’t always ask for a raise and equity is a function of the housing market, but you can do something about your credit score.
In this 4-minute segment from NBC’s The Today Show, you learn some credit basics to help propel your score higher:
Also among the segment’s advice is to stop worrying about whether rates have bottomed. Refinance today if it makes financial sense. Then, if, by chance, rates fall in the future, just refinance again. Don’t be greedy, we’re told.
