February 27th, 2010
in
Phoenix Real Estate |
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Credit Card Myths. Myth #5 this week.
The myths and the reality
Myth No. 5: If you pay your credit cards in full and on time, you don’t need to worry about your cards’ effect on your scores.
Paying your balances in full is good for your wallet, and paying on time is good for your credit scores. But you can still mess up your credit even if you’re diligent in doing both.
How? By using up too much of your credit limit. Your credit scores are incredibly sensitive to how much of your available credit you use, especially on your credit cards.
And the balance used for these calculations is typically the balance that shows on your most recent credit statement. So if you’ve charged $9,000 on a card with a $10,000 limit, your scores will reflect the fact that you’re using 90 percent of your available credit, even if you pay off the balance the day you get the bill. Such a misstep can knock dozens of points off your scores.
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Mortgage Interest Rates for Fixed Rate Mortgages*
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Rates as of Friday, 26th February, 2010:
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Term
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Conforming
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APR
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Payment per
$1,000
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Jumbo
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APR
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Payment per
$1,000
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FHA - 30 yr Fixed
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360
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5.00%
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5.146%
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$5.37
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5.125%
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5.213%
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$5.44
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FHA - 15 yr Fixed.
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180
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4.50%
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4.748%
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$7.65
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%
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0.000%
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$0.00
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Conv. - 30-Yr Fixed
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360
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5.19%
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5.337%
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$5.48
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6.45%
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6.546%
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$6.29
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Conv. - 15-Yr Fixed
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180
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4.25%
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4.496%
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$7.52
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%
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0.000%
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$0.00
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5/1 - Adjustable Rate
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360
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4.20%
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4.339%
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$4.89
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%
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0.000%
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$0.00
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USDA - Fixed 30 yr.
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360
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5.00%
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5.146%
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$5.37
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%
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0.000%
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$0.00
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*Rates are subject to change due to market fluctuations and borrower’s eligibility.
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2-19-2010 - Interest rates are UP about .25% FHA changes in the works. The ‘upfront MIP’ will be INCREASED from 1.75% of the loan to 2.25% on the loan. This fee is added to the loan amount so the borrower does NOT have to come up with cash. The "Sellers Contribution will be REDUCED from 6% to 3%. There is talk about RAISING the ‘down payment’ from 3.5% to 5.00%. These changes are thought to be done around April 5th, 2010.
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Jim Carney
American Mortgage Specialists
Phone: (623) 544-3370
JimCarney@amsaz.com
Posted via email from Active Adult Living
