Robert Krowel Credit Repair

Seek a Qualified Mortgage Consultant to Ensure the Best Results

Understanding Credit Scoring &
Credit Repair 

By Robert Krowel, Mortgage Consultant
CrossCountry Mortgage

CITY, ST – Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you’ll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan’s interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

·       Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

·       Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

·       Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.  

Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing. 

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don’t sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature. 

If you’re facing severe or complicated credit issues, then you’ll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you’ll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:

www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:

www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:

www.ftc.gov/bcp/conline/edcams/credit/index.html

Robert Krowel

Sr. Mortgage Consultant

951.756.3748

Seek a Qualified Mortgage Consultant to Ensure the Best Results

Understanding Credit Scoring &
Credit Repair 

By Robert Krowel, Mortgage Consultant
CrossCountry Mortgage

CITY, ST – Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you’ll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan’s interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

·       Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

·       Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

·       Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.  

Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing. 

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don’t sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature. 

If you’re facing severe or complicated credit issues, then you’ll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you’ll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:

www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:

www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:

www.ftc.gov/bcp/conline/edcams/credit/index.html

Robert Krowel

Sr. Mortgage Consultant

951.756.3748

Mortgage News: Mortgage Rates on the rise

Mortgage News: Mortgage Rates on the rise: Mortgage Rates Higher as Volatility Continues January 24, 2017 Mortgage rates   have been volatile  recently, with 3 out of the past 5 ...

Mortgage Rates on the rise

Mortgage Rates Higher as Volatility Continues

January 24, 2017

Mortgage rates have been volatile recently, with 3 out of the past 5 business days seeing much-bigger-than-average moves.  After improving nicely yesterday, rates rose quickly today by nearly the same amount.  Relative to the recent landscape, this leaves us in the same territory as Thursday the 19th, on average.  Throughout this volatile stretch, top tier 30yr fixed rates have averaged 4.125% during better moments and 4.25% on the bad days.  The latter is slightly more prevalent today, but 4.125% is still out there.

A mere eighth of a percentage point might not sound like much.  It may not even BE much if considered in terms of the monthly payment change (about $14/mo on a 200k loan).  But for borrowers looking to move down an eighth from today's quotes, it would cost more than $1000 on that same $200k loan.  Granted, single day moves of .125% are uncommon, but we've seen moves half that big on a fairly regular basis recently.  

Please feel free to apply with me for your Home Mortgage

Robert Krowel

951.756.3748

Robert Krowel Market Update

For the Week Ending January 13, 2017

Please enjoy this quick update on what happened this week in the housing and financial markets.

	Wholesale inventories rose in November, slightly more than previously reported. The increase was the largest gain in 2 years and supports economic growth.
	Rising wages and expected tax cuts are expected to boost consumer spending and support economic growth through much of this year.
	A tighter labor market and anticipated improvements are expected to stoke inflation. Inflation could contribute to rising rates through 2017.

	Purchase mortgage applications were up 6% for the week as buyers head back to the housing market after the holidays. It also helps that rates have improved.
	According to CoreLogic, foreclosures are approaching pre-crisis levels. November foreclosures numbered 26,000, down from 35,000 in November 2015.
	In an NAHB survey, 70% of homebuyers preferred an open floor plan home. Builders are delivering, with 84% reporting the use of open or partially open plans.

Paraskevidekatriaphobia (fear of Friday the 13th) Fun Facts 1. 90% of US skyscrapers do away with floor number 13, according to reports by the Otis Elevator Company, the world's largest elevator manufacturers. 2. The 32nd President of the United States, Franklin Roosevelt, never travelled on a 13th and refused to have a meal with 13 people at the table. 3. The deadliest associations with number 13 are the facts that there are 13 stairs leading to the gallows; the blade in a guillotine fell from a height of 13 feet; and a hangman has 13 knots in a hangman's noose.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. Please Go to my link Robert Krowel for more information on how to purchase or refinance your home.

Sincerely,

Robert Krowel
Branch Manager
NMLS# 213875
(949) 287-9296 (951) 756-3748
Doorway Home Loans
41197 Golden Gate Circle, Unit 109
Murrieta, CA 92562
robert.krowel@doorway.com
www.doorway.com/robert-krowel

International City Mortgage, Inc. is an Equal Housing Lender. All programs, terms, rates and conditions are subject to change without notice. NMLS #222730. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act #4130570 (International City Mortgage, Inc. and DBA Doorway Home Loans). Alabama Consumer Credit License #21877. Arizona Mortgage Banker License #0923952; #0938767 Doorway Home Loans. Colorado Mortgage Company Registration (DBA Doorway Home Loans). Florida Mortgage Lender Servicer License #MLD1173. Hawaii Mortgage Loan Originator Company #HI-222730 (International City Mortgage, Inc., DBA Pacific Rim Mortgage). Illinois Residential Mortgage License #MB.6760856. Nevada Mortgage Banker License #3795. New Jersey Residential Mortgage Lender License. New Mexico Mortgage Loan Company License. Oregon Mortgage Lending License #ML-5205 (DBA Doorway Home Loans). Texas SML Mortgage Banker Registration (International City Mortgage, Inc., DBA ICityMortgage Corp). Licensed by the Texas Office of the Consumer Credit Commissioner, Regulated Lender License #1400050923-151692. Utah Division of Real Estate Mortgage Entity License #8367544. Utah Department of Financial Institutions Residential First Mortgage Notification. Virgin Islands Mortgage Lender License #VI-MLC-222730. Washington Consumer Loan Company License #CL-222730 (International City Mortgage, Inc. and DBA Doorway Home Loans). Wisconsin Mortgage Banker License # 222730BA. Business services and products do not originate from HUD, FHA, the Government of the United States, or any Federal, State or local government agency.

This email was sent as part of my effort to maintain our relationship and keep you well informed of market conditions. It could be interpreted as a commercial message. If you would like to stop receiving these emails, you may click here to unsubscribe at any time.
Doorway Home Loans - 41197 Golden Gate Circle Unit 109, Murrieta, CA 92562

Robert Krowel Mortgage News / FHA MI

 As we all have heard, FHA Mortgage Insurance is lowering the Monthly MI by 25 BPS.

What this means to existing and new home owners.

To the existing home owners that are in a FHA loan and cannot get into a Conventional loan for either LTV, Credit, or Debt To Income. We have a new solution for you. All borrowers that are currently in a FHA Loan are paying .85 or higher on the Monthly Mortgage Insurance. This alone means that you can do a Stream line refinance with very minimum cost to have a significant decrease in monthly payment.

To the new to be homeowners. This is a even better time to get into a home with  3.5 % down or in some cases 0% down.  Even though we have seen a rise in interest rates. With the Lower Monthly Mortgage Insurance, this could put you into more of a house.

As we are in our first quarter of 2017. This is a great time to buy a home. Don't believe the hype that we are going into another recession this year or even 2018. Even though Interest Rates are in the 4's. With the Lower Mortgage Insurance you will see a low monthly payment.

Monthly Mortgage Insurance went from 85 bps to 60 bps on over 95% Loan To Value 30 year loans.


Please go to my link Robert Krowel to learn more about refinancing or purchasing a home.

Robert Krowel & Mortgage Interest Rates

 As we all expected the Feds raised the interest rates 1/4 % up to 3/4%.

This isn't a bad thing. We all know that we as a country cannot keep going with a fed Interest Rate lower than 1.0%.  I don't suspect we will go much higher than that. As we are in the middle of December we actually on the Mortgage side seen interest rates dip a little today because the lenders already anticipated a higher raise in the fed rate. With only a quarter raise we were able to see some interest rate improvements.

This will affect growth with Real Estate values. I think we will see a little slow growth for the 1st quarter of 2017. As a Branch Manager / Mortgage Banker I have instructed my team that we re-evaluate all Pre-Approvals that have been given out over 30 days ago. We want to make sure we are still fine with our Debt to Income Ratios.

I see with even Interest Rates on the rise we are still seeing a lot of buyers trying to get Pre Approed for home loans. We are seeing a rise in different mortgage products to help buyers get into homes. This will help with values even though we are seeing a rise in Interest Rates.

To be qualified for a home loan please go to my link Robert Krowel

Thank you
Robert Krowel