AND THE FACTORS THAT INFLUENCE IT
Length of Credit History
Amounts Owed
Types of Credit in Use
New Credit
Payment History
Timeliness of your payments is the single biggest contributor to your credit score. It's important not only to make your payments, but also to make them by their due dates.Tip: Have a system in place to assure your bills are always paid on time. Set up automatic withdrawals where appropriate.Tip: Keep a cash reserve account to cover payments during possible interruptions to your income.
We may not be comparing real apples and oranges, but we’re coming pretty close in the home financing industry. And if you’re at all interested in using your home’s equity to access cash, then this comparison is for you.
As we discussed in our last email, there are two common ways to get cash from your home—a Home Equity Line of Credit (HELOC) or a cash-out refinance.
In the current environment, many people want to keep the great interest rate they already have on their home loan, so they automatically choose a HELOC over a refinance. But wait—there’s a big difference that can make the benefits hard to compare at a glance. HELOCs have adjustable interest rates, whereas most home loans are fixed.
Take a look.
Jason, this is the last communication in my series about HELOCs. Thank you for allowing me to send you information these last several weeks. I hope you’ve found it valuable.
If you’re interested in exploring your options more or you have questions about home financing, please reach out. I’ll be happy to help.
Today’s rates
New Home Purchase
Conforming Interest rate
30-yr fixed 3.20%
Rates are not static, they often change throughout the day.
If another lender offers a lower rate, there's a buy-down involved.
Often not mentioned when quoting the lower rate
Actual rates vary based on Loan Amount, Middle Credit Score, DTI, Term
Today’s rates based on a purchase 760 middle score, conforming loan, detached, primary residence, non-self-employed, detached, primary home
With talk of a partial government shutdown, here is what you should expect with any upcoming closings.
Chances are good that a partial shutdown will not impact most borrowers. There are a couple of cases where we may see delays:
The most common Fannie Mae and Freddie Mac conventional loans should not be impacted, as long as the needed verifications have already been obtained or become available prior to settlement.
If you are concerned about a particular client, please reach out. I’ll be happy to review the specifics with you. Otherwise, we’ll do our best to keep things moving, even if Washington stalls.
30-yr fixed 3.250%
NMLS Number 863501
30-yr fixed 3.200%-3.250%
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