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Market Updates

Happy Thanksgiving

Thanksgiving is a family holiday, a time for sharing and for giving thanks.

From my family to yours, I wish you abundance of life’s most important things: love, happiness, health and family.

pilgrims

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Mortgage Process

Late Mortgage Payments Compared To Delinquent Credit Cards

Low Monthly PaymentsI’ve been working with a client for almost a year now attempting to refinance their mortgage and save them a considerable amount each month. The challenge has been low credit scores due to delinquent credit card payments.

Recently, the clients called to say they listened to my advice. Their credit cards were all up-to-date. With current low rates and increasing values, it seemed that now was the perfect time to revisit their plans.Mortgage Checklist
They had my checklist of documents we’d need to begin the mortgage process and agreed that the best place to start was with a new credit report.

I was quite surprised to discover that their credit was even worse. The borrower was correct… all his credit cards were up to date. The big problem was they had been paying the mortgage payment 30 days late for the last 4 months. They got caught up on their credit cards by being delinquent on their mortgage payment. Not a good idea!

Now we’ll have to wait another 12 months. Hopefully  all payments will be made on time next year and by then their credit scores will have recovered to a point where it makes sense to refinance.

Remember… pay mortgages first, car payments second, installments debts next and then credit cards. For excellent credit scores ALL payments need to be paid on time.  

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Market Updates

Today We Honor Veterans With Our Thanks

World War I was supposed to be the “War to end all wars.” The hostilities of the “Great War” ended at 11 a.m., November 11, 1918 (the 11th hour of the 11th day of the 11th month). This day became known as “Armistice Day“.

Today, in America, it is known as Veterans Day. Memorial Day is the day set aside to honor America’s war dead. Veterans Day honors all American veterans. This day is intended to thank living veterans for their dedicated and loyal service to our country.

veteran's day

November 11 is the day that we ensure veterans know that we deeply appreciate the sacrifices they have made in their lives to keep our country free. Thank you.