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This Week:
Phenomenal credit score? They’ll offer, but do your best to resist a “no-cost” refinance. Lenders often represent a loan with no out-of-pocket expenses as a “no-cost” loan. There are closing costs with every home loan. The banks don’t work for free.
“No-cost” often means that you are financing the closing cost over the life of the loan. The fees for a 30 year loan could sting a bit at closing. But in the long-run, the fees could cost about double if they’re financed.
© 2008 CreditSkyRocket.com
Looking to refinance? The majority of lenders use what’s called “tiered pricing”, where your interest rate will increase as your credit score goes down. Individual lenders determine their own tiers.
Example: Let’s say Frank has a credit score of 677. Lender A may have a tiered pricing structure that will give Frank a better interest rate on his loan if he were to have a 680 credit score (Just a 3 point credit score boost). Let’s say Lender B’s pricing structure indicates that in order to get the next best rate, Frank would have to boost his credit score up to a 700.
Go to our Opt-Out page for a chance at a quick credit score BOOST!
© 2008 CreditSkyRocket.com
This Week:
It’s a good idea to get pre-approved for your first home loan. The bank will give you a pre-approval letter. This is an estimate of the loan amount you can afford and a sample of the loan programs you may qualify for.
Be prepared for this experience. The lender or loan officer will “scrub” your credit. They’ll review your credit with you in every detail and ask questions about accounts, payments, negatives, late payments, etc. It’s a good idea to have reviewed it on your own before this “scrub”. Get a free copy of your credit report here. Be certain all the information in the report is valid and be ready to explain any item in it. If you find errors and your credit needs repair, we recommend Lexington Law. Learn more
© 2008 CreditSkyRocket.com
A common misconception is that you can’t buy a home until you’ve held down the same job for a solid two years. This is not true.
Lenders will look at your employment stability. Banks know people change jobs. It will help if you’re in the same field or profession for a minimum of two years – but even if you aren’t, it’s not an automatic decline.
Go to our Credit 101 page for information about credit reporting and credit scores.
© 2008 CreditSkyRocket.com
MONDAY
CreditSkyRocket.com's Blog is a "Super-Blog" for 4 reasons:
1. You can depend on entries in the Super-Blog 6 days a week. Saturday and Sunday are combined for our "Weekend Edition".
2. The FREE education, tips, information, links, news, facts, secrets, and coaching included in the Blog are placed into 6 categories, 2 entries per category - so there's a method to this madness!
3. The Blog is on our site, and then copied in to our myspace profile, Blogger, and our facebook profile. Wherever you are, we can help you KNOW Your Report, and BOOST Your SCORE!
4. We're all busy... After all, that's the American Way, isn't it? The Super-Blog entries are short and concise. You can visit and read the entries in just a couple of minutes everyday.
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