Dec

3

How To Improve Your Credit Score… Credit Tip of The Week!

Written by: barb and filed Under Blog, Buyers, Lending, Mortgage Update, Real Estate |  

Do you have little or no credit lines or limited credit period? If you have a friend or a relative with great credit, become an authorized user on their revolving credit cards. Become an authorized user on a spouse or parents account. The line will show the history of that account on your credit report.

How should you select which card will improve your FICO score the most? Here are the most important criteria:

  • Revolving account
  • At least 5 years old (the older, the better)
  • High or significantly large available credit
  • Low balance carried (preferably paid down to $0 every month)
  • Perfect payment history.

Current Rates

30 Year Fixed: 5.625% (APR 5.752%) - Lower

30 Year Fixed with 10 Year Interest Only: 6.25% (APR 6.363%) - Unchanged

40 Year Fixed: 6.50% (APR 6.615%) - Higher

5/1 ARM (2/2/6 caps): 5.50% (APR 6.530%) - Lower

5/1 ARM 10 Year Interest Only Payments: 5.625% (APR 6.834%) - Unchanged

FHA/VA 30 Year Fixed: 6.00% (APR 6.467) - Lower

JUMBO (Non-Conforming) Rates

30 Year Fixed: 6.625% (APR 6.752%) - Lower

30 Year Fixed with 10 Year Interest Only Payment: 6.75% (APR 6.867%) - Lower

5/1 ARM: 6.750% (APR 6.878%) - Higher

5/1 ARM Interest Only: 6.875% (APR 6.915) - Higher

Conforming loan limits are currently up to $417,000 and Jumbo loan limits are $417,001-$650,000. Quotes above are based on 30 day pricing with a 1% loan fee and a credit score of 680 or better. Quotes are also based on full loan documentation files and a minimum of 5% down. If you are planning on putting less than 20% down you will need Private Mortgage Insurance or a second mortgage to cover the difference.

The programs above are only a sample of what is available. Rates were published Monday, December 3, 2007 @ 10am and are subject to change.

For further information on any of these programs or additional programs or questions about improving your credit score, please feel free to email me or give me a call on my direct line (425) 820-0601 or my mobile.

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Rebecca Kuno
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