Ready Bell Home Loans @ Mason McDuffie Mortgage » low rates

PART TWO: How to take advantage of Todays great rates when you have less than 20% equity in your home without paying mortgage insurance

readybell — Sun, 14 Nov 2010 15:53:14 +0000

If your home loan is owned by Fannie Mae or Freddie Mac there are special refinances available. Commonly know as HARP, these loans can be 100% of what you owe and you can get a great rate with nomortgage insurance. Many people assme that since they get a bill from say Bank of America or Chase that Fannie or Freddie do not own their loan. This is not true. The company that sends you your bill rarely owns the actual loan. They own what is called the servicing rights, which in a nutshell means they get paid by the person who does own your loan to send your bill and collect your money every month.To see if Fannie Mae oR Freddie Mac owns your loan give us a call. We are happy to look it up for you.

3 Reasons this is the ultimate buyers market

readybell — Thu, 11 Nov 2010 15:44:44 +0000

1) Rates are at historic lows. Borrowers with as little as 3.5% down are getting rates in the very low 4′s on 30 year fixed loans!

2) Foreclosure land. For those of us who already own homes the heap of foreclosures is a real drag but for buyers this is the ultimate market. Prices are LOW. House that were $700,000 a few years ago are now $400,000.

3) Many sellers are paying closing costs. Fannie Mae is offering a 3.5% credit towards closing costs for any home purchased owner occupied through December. That is a pretty sweet deal. www.homepath.com

Mortgage Rates have hit a new low

readybell — Thu, 02 Sep 2010 19:18:53 +0000

As we open in September it is looking to be a great month for extremely low rates. We have hit a new low. Yes rates have been low but now they are even lower. We are quoting in the LOW 4′s for 30 year fixed loans and the high 3′s for 15 year fixed loans. ARMS are in the 3′s. Now is the time to refinance and to buy. Borrowing $ has become extremely affordable. Call or email us today to see how these new low rates can benefit you.

5 Quick Credit Tips

readybell — Wed, 11 Aug 2010 04:10:54 +0000

Better score = lower rate 5 tips for better credit

1) Keep all balances on credit cards below 30% of available credit

2) Never pay late. If you are disputing a cell phone bill; pay and then dispute. Cell phone companies report to collection companies fairly quickly and this can hit your score fast and hard. Better to pay the $30 then pay higher interest rates for 7 years. Even if they agree you are right, getting a collection off your credit is not easy task. Utility companies and medical billing companies report quickly too so beware.

3) Do not close credit cards and do not open credit cards you do not need. Opening a new line of credit for 10% off is not worth it.

4) Be on top of your credit. Check it once a every 4 months with one bureau. Through the free credit you can check it with each bureau once per year. If you check one bureau in January and the next in May and then in October you will monitor your credit for free for the year. Look for credit cards you do not recognize and new addresses. If your address is wrong alert the bureaus. That is the first sign of ID theft.

5) Check out www.optoutprescreen.com This website, developed by the credit bureaus, gives consumers the opportunity to opt out of receiving credit offers in the mail. Signing up (it is free) can bump your score a few points and it eliminates credit card offers in the mail which cuts opportunites for ID theft.

Most important mortgage news this year

readybell — Thu, 03 Jun 2010 23:57:04 +0000

If you are purchasing or refinancing a home with a loan (not FHA)

DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS.

As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could be denied. In order to protect yourself

1) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS OR OPEN NEW LINES OF CREDIT.

2) PAY YOUR CREDIT CARDS ON TIME

3) DO NOT ALLOW ANYONE TO RUN YOUR CREDIT.

By following the three above rules you will have no problems. If you decide to go against any of the above you could be setting yourself up for disaster.