Why it is so important to get Pre-Approved!

It’s always been a good idea to get pre-approved for your mortgage loan, but lately, it’s become even more important.

Why should I be pre-approved for a mortgage loan?

In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

What advantages will I have once pre-approved?
You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you’ll have an advantage over buyers who may not have been through the process.

How long is the pre-approval valid?
Your pre-approval is typically good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it’s usually safe to say that your approval is good for up to three or four months. During this time, it pays to file all important financial documents so they’re readily available for future updates.

What if I change my mind?
That’s perfectly fine. There’s no obligation to purchase a home or use a particular loan program once you’ve been pre-approved. In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range and that you are truly ready to make your move.


The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that. Give me a call when you’re ready.

Bill Nickerson | NMLS# 4194 | Mortgage Financial | bnickerson@mfsinc.com |   | 978-273-3227 |  10 Elm Street, Danvers MA 01923 |

Selling your Home in less than 10 Years?

An Adjustable Rate Mortgage provides a specific fixed rate term before becoming an adjustable mortgage.  An example: A 10/1 ARM is fixed for the first 10 years and then becomes a 1 year adjustable rate for the remaining term of the mortgage, thus giving you 10 years  of security at a fixed rate.

Advantages: If you know that you are selling your home in a short period of time, 10-12 years or less, you can get a mortgage rate that is 3/4’s to 1 full percent below the traditional mortgage rates.  Today a 10 year ARM is 3.25% and you can borrower up to 2 Million Dollars.

How do they work?

Adjustable Rate Mortgages (ARM’s) come in many different varieties.  The most common ARM’s are the following:  Three Year, Five Year, Seven Year and a Ten Year.  You will also see them displayed in this format as well:  3/1, 5/1, 7/1 and 10/1.  The first number represents the amount of years the loan will be fixed for and will not change from its original start rate.  The higher the first number or term, the higher the interest rate will be.

The second number represents how often the ARM will adjust after the fixed rate term ends.  Using a 5/1 ARM as the example, when your fixed term is about to expire, the Lender will send you a notice via mail notifying you that your rate is about to adjust and what that adjustment will be.  This will occur 45 days prior to this expiration date, in this case that would be 60 months in to this loan (5 Years). The new rate will be set for one year, or the term that is stated in the second number, 5/1.

The adjustments are based on 2 variables, the index and the margin.  The margin is set on the day you get the mortgage and is usually in the range of 2.25 or 2.75 depending upon the type of ARM you go with.  This will never change and is set for the life of the loan.  We would then add the current Index to this margin and combined that would create your new rate.

The Index can come from many places but is selected when we lock in your loan.  Typically we use the One Year Treasury Bill or the One Year LIBOR.  Both indexes move fairly slowly.  These Indexes are always posted in the Wall Street Journal but is very easy just to Google these terms. This will show you the current rate as well as show the history of these rates. You can also click this site at the US Treasury

Today’s one year treasury is at 1.30, this is the index.  Add this to the margin of 2.50 and your new rate today would be 3.875%. This rate would be rounded up to the next highest 1/8th and this would give us 3.875% for one year.  Remember, this is what the rate would adjust to after the fixed term has ended.

Caps: Your loan comes with caps of 5/2/5, each number represents how your loan will adjust.  With the first adjustment the loan can adjust 5% up or down from the original start rate. The second number “2” is what it can adjust each time for the remaining years of the loan.  So, the second adjustment and every one after that the rate can move up or down a maximum of 2%.  The last number is the Life Cap.  This rate will never go higher than 5% of the starting rate.  So if you lock in a rate of 3.25% today, your rate would never exceed 8.25%.  To give you an idea, since 1996, this rate has not exceeded 8.25% at its high point. In the last several years, this rate as adjusted downward and as low as 2.00% in many cases.

I hope this is helpful. Always feel free to ask questions about any of this information. Email me at Bill@billnickerson.com or call 978-273-3227.

Thank you very much,

Bill Nickerson NMLS# 4194 | Mortgage Financial | 10 Elm Street, Danvers MA

Is It Impossible to Get a Mortgage Loan?

Is It Impossible to Get a Mortgage Loan?

The Challenges:

With the numbers of recent foreclosures, lenders are having to re-purchase defaulted loans, often for minor technicalities. Losses incurred by some companies have forced them out of business.

As a result, not only have lending rules tightened, but underwriters are also being forced to follow them to the letter and beyond.

The Solutions:

Advance preparation and the right documentation will help streamline the process.

Your Money: All necessary funds must be verified, and deposits must be documented. Make copies of all checks and deposit slips.

Your Debts: Avoid delays by refraining from applying for or opening any new credit accounts.

Your Income: Expect verification through paystubs, written and verbal confirmations, tax returns, IRS transcripts, etc. All new employment or forms of variable income beyond regular wages (bonus, commission, alimony, dividends, etc.) are subject to rules of history and continuance. Do not depend on this income until we discuss its acceptability.

Your Credit: Score requirements have increased. If you’re not already, you need to be extra mindful of managing your debts. To help protect your score:

  • Do not close old or unused accounts.
  • Do maintain high lines and low balance ratios.
  • Do not transfer balances to a brand new card (at least not before buying or refinancing).
  • Do not use your extra cash to pay off debt. Sometimes, it’s better to have the cash than slightly lower balances.

Other factors can be at play, too, but the most important thing to remember is that it’s never too early to seek personalized advice. I work with mortgage loans every day, and I’m here to help you prepare so you can sail through the process when the opportunity is right.

Financing is still abundantly available. It simply goes most easily to those who plan ahead.

Bill Nickerson | NMLS #4194 | Mortgage Financial | 10 Elm Street, Danvers MA |  978-273-3227 | bnickerson@mfsinc.com | http://www.billnickerson.com

LendUS LLC, DBA Mortgage Financial is a Residential Mortgage Licensee. Massachusetts Mortgage Lender and Broker #MC1938, Licensed by the New Hampshire Banking Department License #5593-MB. Vermont Lender License #6207, Maine Supervised Lender License #SLM3129, Connecticut Lender License #MLD476, Florida NMLS License #MLD1178, NMLS #1938 – Equal Housing Lender.

 

Do You Know How To OPT OUT?

In the recent events that took place with Equifax that compromised 140 Million consumers. It is extremely important to know how to OPT OUT of any of these solicitations so that you don’t become one of the statistics.

 The bad news: It is common practice for the three credit repositories (Experian, Equifax and TransUnion) to compile and resell consumer data to marketers. In fact, they make a lot of money sharing our names, addresses and other demographic information. The ironic thing about these “pre-approved” offers is that the marketers do not know enough about you or your credit to approve you without a full application – so you’re not really “pre-approved” after all.

The good news: You can remove your name from all of this. Under Federal law you have the right to “opt-out” from all pre-screened offers by calling (888) 567-8688 or going online to http://www.optoutprescreen.com  A 1996 amendment to the Fair Credit Reporting Act required that the credit bureaus provide an opt-out opportunity for consumers who do not want their names and addresses sold to credit grantors for solicitations. Consumers can and should take advantage of the right.

If you aren’t tired of shredding pre-approved credit card offers and don’t mind having your personal information shared with third parties, there is another reason to opt-out of prescreened offers: identity theft. Imagine a “pre-approved” credit card offer going to a previous address, whose hands is this application falling into? Eliminating the risk can stop ID theft before it starts.

You can go onto the FTC website for further information about opting out at http://www.ftc.gov. By opting out you will no longer receive pre-approved credit offers. If you are interested in learning more about how the credit game works and how you can maximize your credit scores, I recommend picking up a copy of The Credit Road Map at http://www.Amazon.com or http://www.TheCreditRoadMap.com.

I hope you have found this information useful and informative. If I can ever be of service to you or your friends/family, please don’t hesitate to contact me anytime.

Sincerely,

Bill Nickerson

Mortgage Financial | Senior Loan Officer | NMLS #4194 | Phone: (978) 273-3227 | bnickerson@mfsinc.com | http://www.mfsinc.com/bnickerson |

 

Continue reading “Do You Know How To OPT OUT?”

Operation Welcome Home for Veterans

You have served your country, now we hope this powerful mortgage product will serve you to make the dream of home-ownership a reality.

The Operation Welcome Home mortgage program supports veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families in achieving the dream of home ownership.

The program combines a traditional Mass Housing Mortgage loan with a deferred down payment and/or closing cost assistance loan.

Eligibility

To qualify for an Operation Welcome Home loan, you must

  • Be an active duty military member; Veteran who served honorably; member of the Reserves or National Guard; or a Gold Star Family member
  • Be a first time home buyer
  • Purchase a 1- to 3-family property in Massachusetts (including condominiums)
  • Meet income and loan limits

Program Features

  • Competitive, fixed interest rates with flexible credit and qualifying requirements
  • A deferred down payment or closing cost assistance loan option for eligible borrowers
  • Borrower or lender paid mortgage insurance options are available
  • Loans insured by MassHousing feature MIPlus™ Mortgage Payment Protection benefit, which helps repay your loan if you are deployed or lose your job, or for Reservists and National Guard Members called to active duty
  • Rehabilitation option is available
  • No Residual Income test used to qualify
  • Non-Spouse Co-Borrowers allowed
  • Projected Rental Income used to qualify
  • Payments are made directly to Mass-Housing in Boston
  • Condos follow Fannie Mae Guidelines, not FHA/VA

This program is a 97% loan at a 30 year fixed rate.  It has a second mortgage of 3% that is deferred and no payments are required.  This allows for 100% financing and has the No Mortgage Insurance option as well.

For more details about Operation Welcome Home call or email me anytime.

Bill Nickerson

Pre-Qualification vs. Pre-Approval

In Today’s Real Estate Market, it is more important than ever to have a Pre-Qualification in hand when shopping for a home that has been prepared by a reputable Lender, Bank or Credit Union.  The terminology has changed from Pre-Approval to Pre-Qualification depending upon the detail of the Approval provided.

Pre-Qualification

A mortgage loan pre-qualification is an estimate of how much house you can afford and how much money a lender would be willing to loan you.  The best time to get pre-qualified is right before you start looking at homes.  This way you can focus on looking at houses that are within your price range.  By providing a loan officer with your income, assets, debts, and a potential down payment amount, he would then be able to give you a ballpark figure of how much he thinks you could afford to pay for a monthly mortgage.  Your Credit is reviewed and your loan is submitted through an Automated Underwriting Service (AUS). There is no cost to this service and no commitment is required.  This estimate is a helpful tool to you in figuring out if buying a home is a viable option, and if so, what your price range would probably be. A pre-qualification is to give you a range of home prices and in no way is a commitment to lend on a home. The time frame for this is less than 24 hours.

Pre-Approval

Getting pre-approved means that you have a tentative written commitment from a lender for mortgage funding.  In the pre-approval process, you provide a loan officer with actual documentation of your income, assets, and debts.   The Loan Officer is submitting this as if it is an actual loan and a property has been identified.  This will be reviewed by the lenders underwriting team.  The lender will run a credit check and verify all your employment and financial information. Once the final approval comes in, the lender will give you a letter of commitment stating how much money the bank is willing to loan you for a home purchase. Having a certified pre-approval in hand when you start house hunting lets real estate agents and sellers know you are serious about buying when they see you have your mortgage funding in place.  By having your funding in place, it becomes an extreme advantage over other buyers when it comes to negotiating your home purchase as your offer will stand above the rest and you will be able to close in a much shorter time period. The timeframe for a Pre-Approval can take up to 5 Business Days.closing-costs guy

It is important to note that a pre-approval and a pre-commitment is still subject to further review as any loan is.  As variables change in lending or in the borrowers financial picture, additional items may be required. In addition to the financial commitment, the lender will also need to verify the property appraisal and title search.

Bottom Line:     

Pre-Qualification is an estimate of a price range of what you can afford by verifying credit, income and running your loan through an Automated Underwriting System such as Fannie Mae or FHA as well as others.     Pre-Approval is a verified commitment from the bank stating how much money it will loan you. Make sure your Pre-Approval is an actual commitment from the bank as opposed to a Loan Officer just doing a quick credit check.

For More Information about Loan Approvals, Loan Programs and mortgages that are best suited to your financial needs, contact me anytime at 978-273-3227 or  email me  and  you can always visit my mortgage site at www.billnickerson.com

Bill Nickerson

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The Perfect Loan File

This article came from Mark Greene contributor to Forbes Magazine.  It is very helpful to all of us so that we can truly understand what is going on in this industry and so that we can educate our buyers and sellers.

The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers. It’s in meeting the rigorous documentation requirements that most people fall flat. The good news is, the fix is simple. Just scan, photocopy, fax, and deliver every aspect of your financial life. Then, shortly before closing, check everything again.closing-costs guy

Mortgage consumers who enter the mortgage approval process ready to battle their chosen mortgage lender will come out with a nightmare story to tell. As the process, requirements, and guidelines are the same for everybody, your mindset is the game-changer. Accepting the redundant documentation necessary for lender approval will make everyone’s life easier.

When I was a kid, my father occasionally issued directives that I naturally thought were superfluous, and when asked why I needed to do whatever it was he wanted me to do, his answer was often: “Because I said so.” This never seemed to address my query but always left me without a retort, and I would usually comply. This is exactly what consumers should do during the mortgage approval process. When your lender requests what seems to be over-documentation and you wonder why you need it, accept the simple edict – “because I said so.” You will find the mortgage approval process much less frustrating.

So, what’s the perfect loan? Well, it’s one that (a) pays back the lender and (b) pays back the lender on time. Underwriting the perfect loan is not the goal that mortgage lenders aspire to today.

The real goal is the perfect loan file.

Mortgage lenders have suffered staggering losses and gone out of business because of the dreaded loan repurchase. As mortgage delinquencies increased, Fannie Mae and Freddie Mac began to audit mortgage loans they had purchased and discovered substandard and fraudulent underwriting practices that violated representations and warranties made, stating these were high quality loans. Fannie and Freddie began forcing the originating lenders of these “bad” loans to buy them back. So a small correspondent mortgage lender is forced to buy back a single mortgage loan in the amount of $250,000. This becomes a $250,000 loss to a small mortgage business for a single loan, because it will never be repaid.

It doesn’t take many of these bad loan buybacks to close the doors on many small mortgage operations. The lending houses suffered billions of dollars of losses repurchasing loans from Fannie and Freddie, and began to do the same thing for loans they had purchased from smaller originators.

The small and medium sized mortgage originators that survived created underwriting guidelines and procedures to eliminate the threat of future loan repurchase losses. The answer? The perfect loan file.

shopping cartIt’s no longer necessary to have excellent credit, a big down payment and stable employment with income sufficient to support your debt service to guarantee your loan approval. However, you must have a borrower profile that meets the credit underwriting guidelines for the loan you are requesting. And, more importantly, you have to be able to hard-copy-guideline-document your profile.

Every nook and cranny of your financial life has to be corroborated, double- and triple-checked, and reviewed again before closing. This way, if the originating lender has created a loan file that is exactly consistent with published underwriting guidelines and has documented while adhering to those guidelines, the chances are that your loan will not be subject to repurchase.

Borrowers also need to prepare for processing and underwriting. Processors and underwriters are the people trained and charged with gathering (processors), all of your required-for-approval financial documents, and then approving (underwriters), your loan. You can assume these people are well trained and very experienced, as they are tasked with assembling and approving a high-quality-these-people-will-pay-us-back loan file. But just how do they go about that?

The process begins with the filter – the loan originator (a.k.a loan officer, mortgage consultant, mortgage adviser, etc.) – tasked to match the qualifications of a particular mortgage deal to the appropriate underwriting guidelines. It is the filter’s job to determine if a loan scenario is approvable and to gather the documentation to support that determination. It is here, at the beginning of the approval process, where the deal is made or broken. The rest of the approval process is just papering the file.

The filter determines whether the information provided by the borrower can be validated and documented. This is simple, since most mortgages are approved by automated underwriting engines such as Desktop Underwriter, and the automated approval generates a list of the documents needed to paper the loan file. An underwriter can, at this stage, request additional supporting documentation evidence at their discretion, as not all circumstances neatly fit into the prescribed underwriting box. If the filter creates a loan file with accurate information, then secures the documentation resulting from the automated underwriting findings, the loan will close uneventfully.

So, let’s begin with the pre-approval call. Mortgage pre-approval is typically accomplished with a telephone interview. A prospective borrower calls a mortgage rep (filter), and the questions begin. There will be lots of questions as this critical phase of the process is akin to the discovery period in a trial – you’ll need to disclose everything. Expect to answer queries on what you do for a living, how long you’ve been employed in your current field, and what your salary is. If there is a co-borrower, they will have to answer the same questions.

Every dollar in checking, savings, investments and retirement accounts, also known as assets to close, as well as gifts from relatives and non-profit grants, has to be accounted for. Essentially everything appearing on a borrower’s asset-radar-screen has to be documented and explained.

If you were previously a homeowner and sold your home in a short sale, or if you own a home now and plan to keep it as an investment or rental property, there are new and specific underwriting guidelines created just for you. In these cases, full disclosure of your credit and homeownership past can potentially eliminate unforeseen mortgage approval woes. For instance, Fannie Mae has a new underwriting guideline called “Buy-and-Bail,” for current homeowners’ planning on keeping their existing home as an investment/rental property. Properties not meeting the 30% equity test for “Buy-and-Bail” result in additional asset requirements to purchase a new home. Buyers with a short sale history may have to wait two to three years before they are eligible for mortgage financing again. Full vetting of your previous mortgage life will save you the dreaded we-have-a-problem call from your mortgage lender.

It all comes down to your proof. If the lender asks for a specific document, give them exactly what they are asking for, not what “should be OK,” – because it won’t be.  This is where the approval process tends to go off the rails, when the lender asks for specific documentation and the borrower supplies something else. Here, too, is where both sides get frustrated. So if the lender asks for a bank statement and there are 5 pages for that bank statement, send them all 5 pages, and not just the summary. If you send them the summary page and they ask again, don’t complain that the lender keeps asking for the same thing when you never sent it in the first place. This may sound elementary, but the vast majority of mortgage approval process woes stem from scenarios just like this.

The reason the mortgage approval process is now so rigorous is simple. Avoiding defaults and loan buybacks has become the primary goal of mortgage lenders.   Higher standards are reducing loan defaults, which should mean fewer foreclosures in the future. Government data shows that less than 2% of loans originated in 2009, that were resold to Freddie Mac and Fannie Mae went into default after 18 months, down from more than 22% default rates for 2007 loans.

So when your lender requests specific documents from you, give it to them just “because they said so.”

For more information about lending and financing, please contact Bill at 978-273-3227  or by email  Bill’s Email

Mortgage Document Checklist

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A Proper Moving Checklist 8 Weeks Prior to Closing

So, you bought a new home!!  Congratulations!!!

Moving
Click the Picture to get your Checklist

Now it is time to plan the Move.  Are you Ready?  Excited? Anxious?  Purchasing a new home is the American Dream and you have worked hard to get here.  Moving can be overwhelming, but  If you have a written out plan of attack, it will make things go a lot easier.

To assist you in this,  I have included a Moving Checklist that will map out your every move in the process.  This will help you keep on track from 8 Weeks prior to the move,  right to the day of your Move and to your final destination.

Moving Checklist <– Click here to get a copy

As always, please email or call me at any time for help with financing or questions regarding the economy.  Cell Phone: 978-273-3227 or Bill’s Email

Bill Nickerson
Bill Nickerson

Offices in Worcester and Leominster

PHH Mortgage People

What’s the Point?

Unless you have bought a home, you probably haven’t heard the term point or mortgage point.  Or maybe you have heard the term but don’t quite know what it means.  Having a general knowledge of what a point is and how it works can help you to make important financial decisions when buying a home.

The cost of purchasing a point is equal to one percent of the total loan amount which is used to buy down the interest rate when buying a home.  For example, if the lender offers an interest rate of 4% on a $250,000 loan, and you decide that the payments are too high, you can offer to pay a point (1% of the loan amount) and this would reduce the mortgage rate.  The cost of a point in this example would be $2500.  So, is it worth the investment of the $2500 to save a little money off your monthly mortgage payment?

A point will traditionally buy down the interest rate by one Quarter of a percent (.25%).  It is important to understand the cost of the point, the amount of savings on your monthly mortgage payment and see how long it will take you to break even on the costs.

Here is some simple math:

Take the cost of the point (1% of your loan amount) and divide it by the monthly savings of the rate you have just bought down with points.  The answer:  60 months plus or minus a few months to recoup this cost on average.  If you know you will be in the house for 5 years or greater, or will not touch the mortgage (refinance), then this is worth it to you.  Another example would be if the sellers would be offering to buy points to make the home sale more attractive.

On a $250,000 loan, a 30 year fixed payment at 4.00% interest rate will cost you $1193 per month.  If you purchase one point (1% of the loan amount = $2500), your new interest rate would be 3.75%. Your new monthly payment would come to $1157, a savings of $36 per month. I divide the cost of the point, $2500, by $36 (my monthly savings).  This will give me the number of months it will take to recoup the cost of my investment.  In this case it will take 69.44 months or 5.78 years before you really begin saving.

In My Opinion:

In the case of buying points, it is not a wise investment because of the time it takes to recoup the costs.   These potential funds to purchase points can be earning far more in other investments.  So, unless the seller is buying down the points for you…don’t bother!

For more information about this article, please contact me at   Bill@billnickerson.com

Bill Nickerson NMLS #4194

Understanding how your Credit Works

credit scoreCredit scores were developed by Fair Isaac and company (FICO). The models created using FICO take all the detailed information about your credit report and produce your credit score using different weights and factors contained in the FICO scoring models.

The purpose of a FICO score is to show how likely you are to become at least 90 days late in making payments in the next 24 months based on patterns in your credit history, compared with patterns of millions of past customers.

Fair Isaac divides the scoring range into five risk categories.

  • 780-850 Low Risk
  • 740-780 Medium, Low Risk
  • 690-740 Medium Risk
  • 620-690 Medium High Risk
  • 620 and Below High Risk or “Non Prime”

Each of the three major credit bureaus uses their own version of the FICO scoring model. Factors influencing your credit score are:

  • Current or late payments
  • How late the payments are
  • Number of open accounts you have
  • How much credit you are using in relation to how much credit you have available
  • If there are serious delinquencies on your file like bankruptcy, liens and charge off accounts

Your credit score is a snapshot, in that it is developed at the time of inquiry by a credit grantor pulling your credit file. Your credit score can change with the passage of time as well as with the addition of new information to your credit file. As delinquency information in your file ages, it’s negative affect on your credit score lessens.

Credit Scoring uses the following five areas of information to calculate the score:

  • Payment history 35%
  • Amounts owed 30%
  • Length of credit history 15%
  • New credit inquiries 10%
  • Type of credit used 10%

It is best to keep balances low on credit cards and other revolving accounts – maintain balances below 50 of the available credit limit. 24 is optimal. The best way to improve your score is to pay down revolving debt.

An inquiry is defined as a request by a lender for a copy of an applicant’s credit report. Inquiries remain on a credit report for two years, but credit scores only look at inquiries in the last 12 months. Your own request for a credit report to review for accuracy is not considered in your credit score.

Apply for new credit accounts only when you need them. Remember that closing accounts does not make them go away. A closed account with a poor payment history may become a more recent account because the date of activity will change. An open account with a low or zero balance is better than a closed account.

HELPFUL WEBSITES FOR YOUR REFERENCE: You can obtain your free annual credit report, without a FICO score, at www.annualcreditreport.com

To contact the credit bureaus:

Experian  1-888-397-3742   www.experian.com

Equifax  1-800-846-5279 www.equifax.com

Transunion  1-800-916-8800  www.transunion.com

DID YOU KNOW??
  1. FICO scores are used not only for a mortgage and credit cards, but for auto loans, insurance and utilities.
  2. Credit reports reflect charge offs or collection accounts for up to 7 years, and bankruptcies for up to 10 years.
  3. You can order a free credit report annually, at no charge, without impacting your credit score.
  4. Having a minor balance without missing a payment is better than closing an account.
  5. Paying off an old collection may result in a drop in your credit score.
  6. Consolidating credit cards increases your ratio of debt to available credit and lowers your score.
  7. Using the maximum amount on a credit line can drop your score by 100 points.

question manFor more information regarding financing or the economy, please call or email me at any time.  I can be reached via email at Bill’s Email or call me at 978-273-3227.

A Cold Ride
Bill Nickerson Training for the Pan Mass Challenge

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