Get Into The NO-FEE Zone - Your 717 Credit Score Is Simply NOT Good Enough Anymore!

By
Mortgage and Lending with AMEC American Mortgage & Equity Consultants, Inc. NMLS# 150953 NMLS 274839

Back in 2003 you saved tons of money when you refinanced your mortgage at 5.5%. Your current balance is $159,000 and you are geared up to take advantage of the historically low interest rates by refinancing again - You know you are set because you have good credit and 22% equity in your home; Right?

Please keep in mind that this also applies toward people who are looking to purchase a home and  applies to Conventional Conforming home lending.

A call to your Bank and Local Mortgage Broker reveals a truth never mentioned in the media and throws you into shock when you learn that even with your good credit score and equity position, you will have to pay an EXTRA $1,193 in fees to get the best interest rate; The rate you have been sitting on the fence waiting for! Consider yourself lucky, as if your score (while still above average) were 699, the cost would DOUBLE to $2,386 . . . Not to add insult to injury, but the additional fee is over and above closing costs!

WHAT IN THE WORLD IS GOING ON! Well our friends Fannie Mae and Freddie Mac - the enormous quasi-government bodies we have all become to know, have been buying up mortgages from banks and wholesale lenders in mass quantities. I am sure that we are all aware of the HUGH risks and payouts we tax payers have absorbed over the past quarter; But perhaps you have not been brought up to speed on the direct effect consumes will have as the result. Fannie and Freddie have increased their fees DRAMATICALLY!

As the result of the increased fees placed on the Lenders by Fannie and Freddie, the lenders are charging more based upon RISK! The basis for the increased charges are credit scores, equity or loan to value, occupancy and whether or not a borrower is consolidating, purchasing or just refinancing their existing home loan. Furthermore, it is assumed that the better the borrowers credit score (above 720), and the more equity, the least likely they are to let their homes go into foreclosure. A lower score (719 and below) and less equity would suggest the latter.

Here is the bottom line; Unless your credit score is 720+  and have a least 25% equity, expect to pay more for your mortgage; Either in settlement fees, or interest rate. The lower the score, the more one will pay . . . In some cases, up to 3% more, in the event that their credit score falls below 660.

While you cannot do much to improve your equity position (without an outlay of cash), you can improve your credit scores DRASTICALLY within a few short months.

Please feel free to reference:

Is Credit Standing In Your Way Of A Home? Tips From The Experts - And Credit Repair Questions Answered - part 1 -

and

Is Credit Standing In Your Way Of A Home? Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered - part 2  

Your credit score has NEVER been more important. In this day and age, it affects everything; the interest rate we pay on our credit cards, our car insurance, our homeowners insurance, and in some cases our ability to land a new job, a promotion, and when it comes to our beloved military, that long sought after ranking.

Did you know that something as small as a $12.00 medical collection that you were unaware of could cost you 75 - 100 points and THOUSANDS of Dollars. Do you know where you stand?

We have seen these changes coming for months now. As the result, we have associated ourselves with a law firm who are EXPERTS in credit repair.  They are Honest, Integral, and Fair - More importantly, the fees will require a second job!                                                 

Get into the NO-FEE ZONE and look into credit restoration. It will save you literally thousands of dollars and bring your piece of mind.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping.

http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Posted by

Proudly Serving the Residential Mortgage needs of the wonderful Veterans & People in Wisconsin. Green Bay, Appleton, Oshkosh, and throughout the greater Fox Cities areas.

My team works with each client to determine the best finance package for every scenario; Not only the impact of the loan on their finances today, but 5 and 15 years down the line. Need Credit restoration; We can help. Click Here for a no cost ~ no obligation pre-approval or consultation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. http://www.WisconsinLoanTips.com or http://www.WisconsinVetLoans.com she can also be reached for comment or to answer questions via email at gwenntanvas@gmail.com

 

Wisconsin Mortgage Gal on FacebookGwennie on Google PlusConnect with Gwennie in Linked InTwitter ConnectionGwennies YouTube Channel 

Our team loves working with Wisconsin Real Estate Agents. Helping them build their business by teaching cutting edge systems & strategies using social media & technology. Our weekly Agent Mastermind class is second to none. For more information about how we can help you, visit http://www.UltimatePropertyPromoter.com

Become a FAN of the Real Estate Agents HUB on FACEBOOK -http://www.Facebook.com/RealHub -

The Real Estate Hub designed specifically for Realtors. My Goal; to provide valuable information and PROVEN Marketing Strategies. Bookmark this page and come back everyday for videos, free downloads and training! Come on over to the HUB where it is all about YOU!!!!!

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Wisconsin Outagamie County Appleton
Groups:
All About Mortgages/Mortgage Networking
Realtors Needing the services of the Lending Powers
True Mortgage Professionals
Wisconsin Active Rainers
Midwest Rainers
Tags:
fico
first time home buyers
wisconsin
freddie mac
low rates
fannie mae
refinance
conventional loan
purchase credit scores

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
413,242
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

They change the rules all the time. It's one extreme or another, never any middle ground.

Mar 20, 2009 11:27 AM #1
Rainer
20,830
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Hey Gwenn,  this is a very informative, excellent post!  Not enough people even know of these upcoming changes and will be caught off guard only to go "shopping" around.  People do not understand how many factors go into calculating an interest rate.  You did an excellent job of stating the important points to stick to and steps to take in order to give yourself the best opportunity to get a low interest rate.  Well done!

Mar 20, 2009 01:08 PM #2
Rainmaker
76,571
Gwenn Tanvas NMLS# 274839
AMEC American Mortgage & Equity Consultants, Inc. NMLS# 150953 - Appleton, WI
The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE

Terry: Change is constant! Not only in the business, but life! As long as we embrace it, we will be fine. Thanks for stopping.....

Khash: I think we are on the same page - We must continue to put valuable information in front of our customers and business partners. We are in this together and the more we communicate the better.

Mar 21, 2009 03:24 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
76,571

Gwenn Tanvas NMLS# 274839

The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
Ask me a question
*
*
*
*
Spam prevention

Additional Information