Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed

Just Like Your Underwear: 

Credit Needs to be Freshened-Up, Scrubbed, 

Updated, Fluffed & Changed 

     Everything needs to be “freshened up” once in a while.  It need to be given a trim.  Updated.  Fluffed.  Scrubbed-up.  Changed or re-arranged.

     Credit is no different! 

 

     But stop and think about it.  When was the last time you took a good hard look at your credit situation, your credit cards, or Credit Report?  Over a year?  Two?  More?

     Truth is, what worked for you credit-wise in the past, may not be serving your overall financial good now …  

•  Interest Rates on your credit cards may have risen 
•  Promotional rates may have fallen off 
•  Rewards that initially drew you to a specific card, may   have lapsed. 
•  The credit card company may have updated or dropped the benefits you liked from your card 

     It happens all the time … 

     And your mortgage rate?  The one you might have thought you were doomed to forever because of housing values?  It may actually deserve a second-look.  

     Mortgage Interest Rates have remained low … lower for much longer than most experts thought they would.  And as of this writing, have actually fallen some recently.  Enough that Refinances have come back on the radar for a large number of Americans in many housing markets.

     The airwaves, social media, and news are full of stories that tell of new security breaches. Passwords to banking accounts and websites need to be changed one more time.  We hear of it so frequently, that it’s begun to take on the air of “common occurence”.  

     But it’s not …

     Your credit and Credit Report are always a “work in progress”.  If you haven’t checked your credit and Report out in the past 12 months, it’s time to now.  You can easily accomplish this on your own.  Just head to: 

 

AnnualCreditReport.com 

and request your FREE Credit Report.

     If you want to find out what options exist for you to become a step-up home buyer, or to discover if Refinancing your present mortgage is an option … in the Chicago area, contact me.  Together we’ll run the numbers to find the opportunities that currently exist for you.  

     And if we find your credit and credit scores need improvement, we’ll “freshened them up”, give ’em a trim, fluff, scrub, change or re-arrange them so they’re the best they can be as you head into your financing and the future …

      
     *  Hoping to Buy, Build, or Refinance a Home in the Chicago area?  Contact Me Today!  I’ll get you the facts, info, and figures you need to make the best home buying and mortgage financing decisions for you and your future.
I can be easily found at:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

             

               

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror

        You’ve probably seen me mention the term “Boomerang Buyer“ in a few of my posts before.  This is a classification of potential Home Buyer that is contacting me more and more often for info, as of late.  As the housing downturn gets further and further in our rearview mirror, I believe that will happen even more often in the future.

     Because of the financial and real estate scenarios that gave birth to the “Boomerang Buyer” moniker, many of the questions I receive today surround the topic of Short Sales … and their effect on Credit Scores.  That certainly was the case with one couple that I spoke to a short time ago.

     As this couple was marrying soon, they also wanted to know how one future spouse’s credit history with a Short Sale would effect their Credit Scores as a couple … and how it would effect them if they made Mortgage Application for a new home purchase soon.

     I pointed out that Credit Scores are based on each individual’s unique Social Security Number and their respective histories.  Each individual has 3 Credit Scores specific to them and them alone. 

     In the specific scenario I refer to, it was the male that suffered the earlier Short Sale.  So moving forward, even after they marry, it would be only his Credit Scores that are impacted and reflect the past Short Sale. 

     The impact suffered on her Credit Scores because of the Short Sale most likely ranged from a 70 point drop in Scores to as much as 200 points.  Actually the “hit” taken by any individual’s Scores depends on their previous Credit rating.  The higher their Credit Score prior to the Short Sale, the bigger the “hit” taken.

     If there were late payments previous to entering the Short Sale and the Mortgage on the former property was “settled for less than full balance owed” … and reported that way to the Credit Bureaus by the Lender … the impact or drop in Credit Scores because of the Short Sale were less impactful.

     It is practically impossible to fully predict the actual number of a Credit drop without knowledge of the Credit History and Credit Scores prior to the occurrence.  But typically, the mere reporting of a Short Sale will mean a “waiting period” for home loan financing for a minimum of one (1) year , but likely longer timelines will be in play.  

     Most likely the minimum wait will be two (2) years, unless the circumstances leading to the Short Sale stemmed from major income or employment hardships.   (See my post regarding “FHA’s “Back to Work – Extenuating Circumstances” Program for further information on that topic.)

     Fact is, “Boomerang Buyers” or those having suffered through financial hardships, need to seek out the guidance and assistance of a Mortgage Lender well in advance of when they hope to buy a home again.  Each client’s financial scenario is (much like their Social Security Number) unique to them.  Individualized analyzation and guidance will be called for.

     Credit corrections, credit repair, and implementation of the advice I provide will move smoothly … but slowly.  Ample time is needed to successfully move forward with a purchase.  So contact me now with your Mortgage questions and needs.  We’ll get started immediately … 

     

     *  Hoping to Buy a Home once again?  Looking to Buy, Refinance, or Construct a home in the Lincoln-Way Area, Will County, or elsewhere in Chicagoland?  Contact me today!  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

Click HERE for your FREE Mortgage Consultation!

Ready to Apply for your Mortgage?

             

              

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.