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Dear John,
You've probably been hearing a lot
about the financial markets and how
things are a little unsettled in the
mortgage market. First off, the good
news. Although you are hearing a lot
about foreclosures, most of my
clients have seen solid, if modest
appreciation of there homes,
especially homes over about
$250,000. Second, conforming loans,
which are traditional loans under
$417,000 ($650,000 in HI) are
readily available and rates,
especially 30 year fixed rates, are
excellent.
It may have been a while since we
discussed your mortgage, but there
is no time like the present to
review your situation, and make sure
that your loan isn't about to adjust
or that rates have come down enough
to save you some money. Also, with
the increase in the Prime rate over
the last several years, more and
more borrowers are converting to one
loan at a better blended rate. I
would be more than happy to sit down
with you and review your situation
and help you decide if changes in
your mortgage are in order.
Finally, I have included some
information on Credit scoring and
how to maximize your score and how
important it has become in todays
mortgage market.
As always, you can contact me at any
time at
john@intlend.com or at (303)
888-5867 or (877) 546-1214.
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Credit Scoring
What you should know about your
credit score and how it affects your
borrowing potential
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In todays market your credit score
is more important that ever. Most
programs that catered to borrowers
with low credit scores have been
dramatically changed or cancelled
completely. Here are some simple
tips you can use to maximize your
score, beyond just making payments
on time, that will help insure that
you get the best rate possible on
your mortgage.
1. Try and keep your outstanding
balance on your credit cards at 45%
or less of your credit limit. Keep
in mind you can accomplish this by
paying down your card, or asking for
an increase in your limit. If you
choose to ask for an increase, ask
them to do it without
pulling your credit as this will
hurt your score. If you have a good
history, most banks will give you an
increase over the phone without any
hassle.
2. Stay on top of what the bureaus
are reporting. All three bureaus
offer an free annual credit report.
Take advantage of their offer and
make sure that everything is
accurate.
3. If you have issues, give me a
call, NOW! We can work together to
get your score up as much as
possible, before you need to
refinance your mortgage.
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If you have any questions about your
situation or changes you are
considering, please give me a call
and we can talk about different
options that might help your
situation.
Sincerely,
John Hyer
Integrated Lending, Inc.
(303) 888-5867
(877) 546-1214
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