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One misconception most people believe is that if you have a credit line, the best thing to do is to pay it off and close the account. That couldn’t be farther from the truth. The fact is, that that exact misconception keeps a credit score down and prevents you from obtaining new credit rather than affect your score positively.
The way bureaus grade you, or the way your score is compiled is by your ability to make payments on a monthly basis. So if you pay off a credit card(s) and close the account, the bureaus will look at your account as a person that may be having problems maintaining current balances. If someone shows a lack of ability to pay it is usually due to loss of employment or something along those lines. So what happens is the score will decrease as months go by that you don’t have any activity or a significant decrease in activity.
Your most advantageous move would be to maintain low balances if possible below $50 balance. If maintaining account balances that low is impossible at the time the next best thing is keeping your balance below half or your limit. If balances are kept up near the limit for multiple months the credit score will begin to decrease since to the credit bureaus this will appear as a desperation to keep afloat and living off of credit to survive. Again, loss of employment is a common cause someone would use credit for everyday expenses and not pay it off at the end of the month. So in order to show lenders this person is a high risk the score will come down.
For more information regarding credit call or email at 480.344.3678 or email jesus.perez@academy.cc
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If you’ve been listening to the housing news, you’ve probably heard about some lending changes that were announced by the Federal Housing Administration (FHA). While many of the news reports were confusing, the truth is pretty clear…and isn’t as bad as some people may have heard.
Overall the measures announced by the FHA are intended to help the organization better manage its risks and strengthen its capital reserves, while still providing home loans to the nation.
The good news, as FHA Commissioner David Stevens stated recently, is that “by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery” and “remain the largest source of home purchase financing for underserved communities.”
What’s Changing?
If you or someone you know is considering an FHA loan, some of these changes may affect you. Here’s a clear, concise rundown of the major changes and what they mean:
1. Increased mortgage insurance. The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing. This change will become effective on April 5, 2010.
2. New down payment and credit score requirements. According to the new policy, homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%. This change is designed to help the FHA balance its risk, while still providing affordable down payments for consumers with a history of good credit and responsibility.
3. Reduced seller concession. Basically, this change means that the person selling the home will now only be able to offer the homebuyer 3% to help defray closing costs, as opposed to 6% under the previous policy.
In addition to these changes, the new policies contain a series of new measures aimed at increasing lender enforcement.
The bottom line is that the changes will impact some homebuyers more than others. But in the end, the FHA is still committed to providing affordable home loans.
If you’re concerned about your credit score or are worried about what these changes may mean to your specific situation, please call or email to schedule an appointment. There are many different programs available for homebuyers, so finding the right plan for you just requires a short discussion about your goals and financial picture. |
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Posted 3 months, 3 weeks ago. Add a comment
If you were eligible for the tax incentive of up to $8,000 for purchasing a home under President Obama’s plan and did not get an accepted offer from a seller by April 30, 2010 then you have missed the incentive but you are not alone. Many people speculate that there might be another type of plan in the future. But for now all it is is just that; pure speculation.
So you missed the tax incentive, things could be a lot worse. The price of homes could be that of what they were in 2005. What I’m saying is that although there is not a tax incentive at this time it is still a GREAT time to buy. We are closing loans for our borrowers for homes recently puchased for as low as $45,000 or great deals of homes in the $300,000 plus range. So whatever your budget there has not been a better time to buy than now. Down payment for FHA loans are still only 3.5%. There is talk that FHA may raise that to 5% but for now it is still only 3.5%. Rates are remaining low and recently the Feds decided to keep them as they are.
We are seeing some competition out there from the contracts we’ve received from our borrowers. One way we can monitor that is we are having appraisals come in significantly below contract price in some cases and have even had buyers pay over appraised value. That also tells us that there are still great values out there to be had. If a buyer believes he/she has such a great deal that they are willing to pay over the appraised value, well that tells us it was too good of a deal to pass up. So although the President’s incentive is gone, there is still an incentive to buy now! That incentive is getting a great deal and a low fixed rate and it lies before you if you are looking to take that step.
Feel free to fill out our online application at www.academy.cc/jesusperez or www.academy.cc/edwinsolis We will contact you shortly therafter to discuss your options.
The fact that our physical office is in Arizona does not limit us with doing business with you. Most of our mortgage business is in Mesa, Phoenix & Scottsdale, AZ.
Below you’ll find a map where we can do business. Our online process makes it very simple for you to obtain a loan in a very streamlined, worry-free process. And if obtaining a loan promptly is your concern then feel free to ask us about our 7-10 day loan closing process.
You can reach us at 480-344-3678 or jesus.perez@academy.cc or edwin.solis@academy.cc
With identity theft at an all time high, you can not risk not knowing if someone is running off with your identity only to leave you in a tragic mess.
We believe in superior customer service not only helping you with your mortgage needs. We can provide a free service monitoring. With this free service we will pull your credit from one bureau every 4 months. We will call you to discuss any changes and send you a copy of your report.
In years of providing service to people with mortgage needs we’ve come across customers with damaged credit due to identity theft, that if caught early it could have made a world of difference for our prospective customer. We’d like to help prevent this from happening to you.
Call us to see how we can help you keep a close eye on the activity happening on your credit report.
Edwin Solis 480-201-0461 NMLS# 242330
Jesus Perez 480-344-3678 NMLS# 249677
Academy Mortgage BR BK #0115484
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5304 E. Southern #101 Mesa, AZ 85206 
Posted 1 year, 1 month ago. Add a comment
Ask us how to buy a home from start to finish in only 2 weeks.
Unheard of? Maybe, at MOST other places. At Academy Mortgage we strive to be the best. We challenge you to find a lender that works harder to make your purchase as smooth as possible.
Contact us today and find out how!
Edwin Solis 480-201-0461
Jesus Perez 480-203-7171
Posted 1 year, 1 month ago. Add a comment
Save time, avoid traffic, start your process from the comfort of your home or office. Our online process is very quick and gets you qualified and shopping for a house in little time!
Posted 1 year, 1 month ago. Add a comment
We offer two options for your convenience.
Quick Application
Just complete a few fields to begin the process. Once you have completed the Quick “Pre-Qualification” Application, Edwin Solis will contact you to complete the process.
Full Application
Fill out this application to get a head start on the loan process. It will step you through the loan application and speed up the approval process. You can also save the application and return to it later.
E-sign makes it easy and convenient for you to apply and electronically sign for a fast, streamlined process.
Posted 1 year, 1 month ago. Add a comment