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Welcome to 0nly4Homebuyers Issue 42.
Ok, I must be getting old!! The 15th passed me
By and I forgot all about the newsletter!! It
Must have been the IRS deadline on my mind.
Sorry folks, I will make this a short one. Stay
Tuned for the May 15th edition. I promise to do
Better.
Please share this newsletter with your friends.
If you have a suggestion for an article,
please email me directly and tell me what you would
like to see! mailto:cmc@...
If you would like to read more articles about
buying or selling a home or if you need a mortgage
loan, please visit our website
http://www.creativemortgageco.com/
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In this Issue:
Credit reports, where do I get one?
Why Refinance?
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Credit reports, where do I get one?
It is very important for you to know exactly what is on
your credit report. Don’t go applying for a mortgage loan
until you know what the lender will find. You can write or
call the credit bureaus directly with the information below
or just click on the link to get a free report.
Go over it line by line. If you have open credit accounts
That you are no longer using, write and close them, send
Copies of the letters to the credit bureaus asking them to
Update your files. This is important.
Any derogatory credit needs to be fixed if possible. If you
Owe a company money and it has been a long time, say 4 or 5 years
You may be able to pay a portion of the money owed and they will
Mark it paid, but it isn’t going to happen unless YOU contact them
And ask. Once done, make sure the credit bureaus are notified. Send
Them copies of your correspondence and receipts.
Having too much credit can be a bad thing as well. The more credit
You have available the more trouble you can get into…at least that
Is the way lenders look at it. So don’t apply for or keep ten
Different credit cards. You are best off with maybe three, four max.
Did you know that the electric and phone companies are considered
Creditors? You want to make sure to pay these bills on time as well.
Experian (TRW)
800-682-7654
Equifax
800-685-1111
TransUnion
800-916-8800
Get your FREE credit report with your FREE trial of the
CreditCheck Monitoring Service! There's no risk and no obligation.
You can even check your credit scores!!
Click here or copy the whole thing and paste into your browser
http://qspace.iplace.com/cobrands/15/product3.asp?sourceid=00330369275382352442
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Why Refinance?
Lower Interest Rates
One of the main reasons homeowners refinance is to take advantage of lower
interest rates. For example, if you have a fixed rate mortgage and the interest
rates have declined since you obtained the loan, you may want to consider
refinancing for a lower rate. Generally, you will want to wait until you can
lower the rate at least 1 1/2 to 2 percent. For example, let’s say you purchased
your home with a 9% rate 2 or 3 years ago. At today’s rate of 6.75%, you would
save a significant amount of money off your monthly payment each month. On a loan
of $100,000 you would save $156.03 per month!! Could you use that extra money?
Of course, there are other factors to consider. If you are planning on moving within the
next year or two, it may not be worth the costs involved. You would need to see how
much the cost would be and make your decision based on how long you plan to stay in
the house and how long it would be before you broke even. Let’s say your cost of the
refinance was $3000.00. Divide that by your savings of $156.03. It would take you
a little over 19 months to break even on the loan. Of course, you would also want to
consider that most of the costs involved can be rolled back into the loan itself, so you
would have very little out of pocket expense.
Build Equity Faster
Another reason to refinance is to build your equity faster. Many homeowners want to
build equity in their homes faster and choose to refinance in order to shorten the term
of their loan. For example, from a 30 year loan down to a 15 year loan. Let’s take
same $100,000 loan at 9%. The principal and interest payment would be $804.62
for 30 years, but on a refinance for 15 years at 6.75%, the payment would only be
$884.90. A difference of only $80.28 per month and you can pay off your loan in
half the time.
Switch from an Adjustable Rate to a Fixed Rate
During the times when interest rates were higher homeowners sometimes chose an
adjustable rate over the fixed rate because adjustable rates can be so much lower.
Also an adjustable rate can get you into a larger home right away, sometimes
homeowners will choose the ARM because they know that their income will be
increasing significantly over time. Many people will want to refinance when they
see the rates start going up! Personally, I prefer a fixed rate so I know it can’t go up.
Draw on Equity Already Built Up
A homeowner may want to refinance and get cash out with a refinance. In this way,
you can tap into the equity already built up in your home. This is especially nice if you
are refinancing for a lower rate to boot! You can use this money for college, home
improvement or debt consolidation. For that matter, you could take a trip to
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* CREDIT SECRETS 2001
If you have ever had credit problems in the past
This new e-book is for you. Credit Secrets 2001
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Please feel free to share this newsletter with your
friends. If you have a suggestion for an article,
please email me directly and tell me what you would
like to see! mailto:cmc@...
If you would like to read more articles about
buying or selling a home, please visit our website
http://www.creativemortgageco.com/
Til next time. Have a great month.
Cindy
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