January 2011

Found 3 blog entries for January 2011.

I meet with customers every day and consistently hear that they do not know what is on their credit report or what their credit score is. In my opinion it is very important to know where you stand prior to applying for credit ie. vehicle loan, mortgage loan, credit card etc.

U.S. Fair Credit Reporting Act (FCRA) entitles you to receive a free credit report once per year, with no strings attached. Here you can check Equifax, Transunion, and Experian safe and free. I recommend it and do it every year. Remember the credit report is free but you can buy your score for each bureau.

So if you are thinking of buying a home within the next 1-6 months go to the site below and check your credit report.

You can use this link www.AnnualCreditReport.com or

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Will you be buying a home in 2011? I think you should know that 'sooner than later' should be your resolution.

Below is an example of what happens when the interest rate increases. As you will see a 1% increase in rate reduces your loan amount by $28,000. So the choices would be an increase in monthly payment or decrease in loan amount. No matter what the price point this will carry true throughout...

Mortgage Calulator

Example One - Reduced Sale Price

Purchase Price Interest Rate Principal & Interest
$250,000 4% $1151.76
$235,500 4.5% $1151.48
$222,000 5% $1150.03

Note: Based on 30 year loan term, 3.5% down payment and includes Principal and Interest only. Does not include mortgage insurance, taxes,

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