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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.
If you haven’t already heard, there is a new incentive for first-time home buyers to get moving on home purchases. For many buyers, it takes time and much personal sacrifice (as it should) to save that down payment for the first home. The problem is, many new buyers are wiped out after purchasing their home due to the fact that they used all of their savings for the down payment. It’s a Catch-22 for many, and Uncle Sam has stepped in to help solve the problem. 
The Congress has passed legislation to provide you as a first-time buyer up to a $8,000 tax credit. For almost all taxpayers, this amounts to $8,000 cash, as it is a refundable tax credit. This means that even if you have no tax liability at the end of the year, you’ll actually get a check for $8,000. The money is a gift, and does not ever have to be repaid.
You probably guessed restrictions were coming: The new tax credit offers a larger tax credit, but it also sports a laundry list of fine print-like restrictions, from the date of purchase to the buyer’s income.
Here are a few pointers:
- The $8,000 (for all homes over $80,000) tax credit is for first-time home buyers only.
- The tax credit does not have to be repaid. Great news!
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 – that’s where the $80,000 home number comes in.
- The credit is available purchases of homes on or after January 1, 2009 and before December 1, 2009.
- There are incomes levels attached. The limits are as follows:
- Single taxpayers with incomes up to $75,000 qualify for the full tax credit.
- Married couples with incomes up to $150,000 qualify for the full tax credit.
The spirit of the law is to aid first-time home buyers purchasing any kind of home—new or resale. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, and this is a biggie, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
Call with any questions, we’re more than glad to help
480-201-0461 Edwin
Posted 11 months, 3 weeks ago. Add a comment
Mortgage rates in AZ. You may ask does it make a difference if you’re in another state, and it does matter. For the most part rates whether in AZ or any other state are going to be very similar, they shouldn’t vary more than a half percent from one another. Rates are also not the exact same at every lender or bank. You will also see that a rate can vary sometimes up to a quarter percent from one lender to another. To take a deeper look into what comprises a rate you’ll realize that there is not a magical ’standard’ if you will that is set across the nation at every bank and lender. You’ll realize that so many variables weigh in that affect what sets your rate that it is no wonder that rates can have such big sways from one side to the other in a matter of days and sometimes hours! 
Rates can be affected dramatically in a day! In our years of experience we’ve seen rates sway up to a whole percent in one direction and by end of day end up one percent towards the opposite direction. It’s almost a guessing game. It should be an educated one, mind you. We are subscribed to an exclusive service that is a proven systematic outlook on what mortgage rates will do throughout the day, with emails or sometimes phone calls alerting dramatic change in the market. We will be open with you communicating with you the entire way and will leave it up to you when you’d like to lock your rate. 
When can you lock your mortgage rate? You can lock your mortgage rate once you have gone through our quick pre-approval process, have found a property and have an accepted contract on the property. If mortgage rates look like they will remain steady and you would like to wait and float your rate and hope for rates to lower you may do so acknowledging that rates could also rise so it’s a risk you take but one you may want to take if you are trying to get a lower rate.
What do points mean? You will always see ads whether on TV or radio with lenders promising low rates, but what they fail to sometimes do is include what they will be charging you to get that rate. For instance you can pay your rate down by paying what are called, points. Points in reality are a percent. So for example one point (or one percent) of $100,000 = $1,000. Any lender can do this it’s just a matter of how much you are paying upfront and if it really is a savvy decision financially for you which we can help you determine so that you make an educated decision.
For more information
Call Edwin Solis 480-201-0461
Jesus Perez 480-344-3678
Alquilar o comprar? Ventajas y consideraciones para alquilar y para comprar.
Tanto comprar casa como alquilar pueden tener sus ventajas. La mejor opción para usted depende de sus circunstancias actuales. Para ayudarle a tomar esta decisión, hágase algunas preguntas acerca de dónde se encuentra actualmente y dónde planifica estar en el futuro.
Cuales son sus finanzas hoy? 
Es importante saber dónde encaja ser dueño de casa en su plan financiero completo. Hágase esta pregunta: ¿necesitaría hacer cambios a mi presupuesto para comprar una casa? ¿Significaría que tengo que estirar mis límites económicos? ¿Comprar una casa me permitiría mantener mis otras metas de ahorros y estar preparado para emergencias?
Alquilar le puede dejar más dinero cada mes, si el alquiler es menor que el pago de una hipoteca (que es lo que sucede con frecuencia). Además, los inquilinos o arrendatarios llaman al arrendador cuando la llave gotea. Los dueños de casa llaman al plomero y pagan la cuenta.
Comprar una casa le ofrece ventajas con sus impuestos sobre ingresos. Y es posible que le ofrezca la posibilidad de acumular valor en su casa, debido a que tendría la oportunidad de reducir el saldo del préstamo con el paso del tiempo (y posiblemente pagarlo por completo), lo que podría aumentar el valor acumulado de la casa (la diferencia entre el valor de la casa y la cantidad que todavía se adeuda sobre la hipoteca).
Viendo hacia el futuro 
Comprar una casa es un compromiso económico que requiere que haga planes por adelantado, que reflejen hacia dónde se dirige su vida y qué es lo que desea lograr durante el camino. Hágase esta pregunta: ¿qué otras metas financieras me gustaría alcanzar después de comprar una casa? ¿Qué es más importante para mí: la oportunidad de acumular valor sobre la casa con el paso del tiempo, o quizás tener más dinero disponible ahora?
Alquilar por lo general hace que sea más fácil reubicarse (por ejemplo, para seguir una oportunidad de empleo). Y si el alquiler fuera menos que el pago de la hipoteca, alquilar le permitiría contribuir más hacia metas específicas de ahorro, como ahorros para la jubilación, gastos educativos, viajes en el futuro u otras inversiones.
Comprar una casa puede tener sentido si desea poner sus costos de vida mensuales en algo que eventualmente podría pagar por completo y del cual podría ser el dueño.
Solo usted puede decidir si comprar una casa se ajusta a su vida actualmente y si será adecuado para sus planes en el futuro. Si siente que está listo para dar un paso hacia adelante, puede investigar en más detalle acerca de comprar una casa con una simple llamada de telefono. Y si comprar una casa en AZ o en otro estado es el paso adecuado para usted en este momento asegurese que le ayudaremos hacer el paso que sea para mejor beneficio de usted.
Llame a Edwin Solis 480-201-0461 con sus preguntas
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
After years in the mortgage industry of trying to figure out the opprtune time to lock the best rate for our clients, what we really figured out is that rates are affected by so many different things from bonds to stocks to ADP reports etc that it takes a lot of time away from our day.
Fortunately, we finally found a way to keep in track with what the market is doing literally by the minute. We are subscribers of a very high tech system that closely monitors all of these different areas in the market that affect rates. We’ve let the experts predict and very accurately guide us with up to the minute updates, while we use our time to effectively serve our customers. If rates are about to go up we will get a phone call alerting us of market changes advising us to lock a rate before rates go up, to prevent any rate increase to you, the customer.
We go the extra mile to help us better serve our customers and having peace of mind is critical in your loan process. So rest assure that you will be in good hands when it comes to your mortgage needs.
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
EXPIRED-EXPIRED! Eight Thousand Dollars for New Buyers
