Credit bureau Opt Out

I received a piece of mail from one of my lenders today.....and I actually read it. What I learned was that there is a National Opt-Out Center where you can have your name removed from the pre-approved credit lists maintained by the three major credit card companies which will effectively limit and reduce the number of credit and insurance solicitations that you receive in the post!

WOW!!

Contact them at the National Opt-Out center at 1-888-567-8688 

or online

www.optoutprescreen.com

for other information on privacy and protecting yourself contact the Federal Trade Commission

at

www.consumer.gov/idtheft

 
WILL MY CREDIT SCORE GO DOWN IF YOU PULL MY CREDIT?? 

The short answer to that question is -not much. Depending on which score version is used by Equifax, Experian or Trans Union you have 14 to 45 days to comparatively shop for a mortgage or auto. All mortgage and auto inquiries within a rolling 14 day to 45 day window only count as 1 inquiry. Even then the "ding" to your score will be very slight and will be recouped over the next 30 day cycle when you once again make all your payments on time.

For a more detailed explanation please visit www.myfico.com

Courtesy of

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843)...

Creditors voluntarily report information about you to Credit Bureaus. A credit bureau is a clearinghouse for credit history information. The bureau may also be referred to as a Credit Repository. Credit grantors provide the bureau with factual information on how their credit customers pay their bills. Each bureau assembles that information, along with public record information obtained from courthouses, into a file on each consumer. There are three major credit bureaus:

Equifax - (800) 685-1111, www.equifax.com
Experian - (888) 397-3742 , www.experian.com
Trans Union - (800) 916-8800 , www.transunion.com 

These national agencies maintain centralized databases containing the credit records...

Short Sales

We are hearing a lot about short sales these days - buyers are asking about shorts sale- sellers are asking if its possible to short sell their home.

By Definition - In a short sale, the net proceeds from the sale are insufficient to cover the mortgage debt and all other costs of selling.

What does that actually mean?

If the seller can't make up the shortfall out of their reserve capital, savings and or credit card they may need to negotiate for reduced lien with the lien holders ( lenders) in an attempt to reach a solution in which the seller can proceed with a sale and avoid foreclosure. this solution may be the lender writing off a potion of the loan or asking the seller to...

Fed Action Creates Best Interest Rates in 50 Years, Realtors® Report

The National Association of Realtors® applauds the actions of the Federal Reserve Board in lowering interest rates for home buyers and homeowners who need to refinance. This will significantly impact housing sales, home valuations, and the nation's overall economy.

The Federal Reserve is purchasing large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets.

"NAR has been aggressively calling for mortgage rate reductions, and the Fed's action to slash interest rates, coupled with the actions by the Federal Housing Finance Agency and the Department of the Treasury,...

203(K) Rehabilitation Program 

aA important FHA financing program that's been closed since the late 1990s  may be re-opened to investors -- provided HUD agrees to a proposal submitted recently by the National Association of Realtors.

  NAR president Charles McMillan asked the HUD Secretary Steve Preston and the department to rethink its decision to bar investors from the 203(K) rehabilitation program, under which FHA insures a combined home purchase and renovation mortgage based on the after-repairs valuation of the property.

McMillan said reopening 203(K) to investors could play a key role in disposing of large numbers of vacant foreclosed houses that have been damaged by vandals or prior...

 MMG Update - Wednesday December 17, 2008 10:05am ET Current Trend

>Direction: Higher Risks favor: Floating Current Price of FNMA 4.5%

>Bond: $102.12, +19bp

 "Right here, Right now, watching the (Mortgage)World wake up from history". This line from the Jesus Jones hit, Right Here Right Now, describes how mortgage originators are waking up this morning to historic prices never seen before.

>Bonds continue to move higher on the heels of yesterday's Fed Meeting, where the Fed announced that they would purchase large quantities of Mortgage Bonds, and said they are ready to expand the purchasing program. The Fed also lowered the Federal Funds Rate by .75% to a target range of 0% to .25%, and...

With the holiday season now in full swing and shopping for gifts and get togethers are filling our days its still important to remember:

Recycle - Please recycle all your bottles,cans and paper. if your county does not have pickup please take the time to do a neighborhood drive of recyclable items. Some counties may not pick up cardboard but there are usually drop off sites close by!

Re-use - Use your re-usable shopping bags - keep them by the door and in your car! I find that if I foget them I just feel rotton. 

Reduce - Reduce your spending and waste by creating unusual wrapping paper out of newspaper that is painted or post your ideas here! I use the junk mail that comes to our door by...

Loan Rate Sheet               December 11, 2008

LOAN TYPE       RATE                  POINTS     PARAMETERS

CONFORMING LOANS = $417,000 or below

30 Year Fixed              4.625%            0 + 1.0 Discount                      85% LTV up to $417,000 - Primary/2nd

20 Year Fixed              4.650%            0 + 1.0 Discount                      85% LTV up to $417,000 -  Primary/2nd

15 Year Fixed              4.750%            0 + 1.0 Discount                      85% LTV up to $417,000 -  Primary/2nd

3/1 Year ARM              5.375%            0 + 1.0 Discount                      85% LTV up to $417,000 - Primary/2nd

5/1 Year ARM              5.250%            0 + 1.0 Dis...