The headlines are screaming that “blood is running in the streets” everywhere. In the lending arena, we are in the precarious position of having low conforming rates and jumbo rates that have inched down slightly. Still guidelines are being tightened and many programs have been eliminated altogether. Rates are for those who have equity and high FICO scores. Risk-based pricing has now trickled down to conforming loans as well. Appraisals and qualifications are being scrutinized more then ever. Underwriters’ tolerance for ‘hanky panky’ has narrowed to zero The reality is that we have little to do with the value of our home, but we have much more control over our credit score. Now more than ever, we all need to be vigilant about our credit. Here are a few tips that can make a difference.
· Make a habit of pulling your credit report at least one time a year. You can order your free annual credit report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
· Take the time to review it for inaccuracies and take the steps to correct those errors. In the long run, this could be invaluable.
· Look for signs of identity theft and report suspicious activity.
· While you are there, take a moment to protect your privacy by ‘opting out.’ The three credit bureaus share information any time that your credit is checked. It means that when you have applied for credit, you are suddenly bombarded with unsolicited offers of credit. This is because the your personal information has been sold. ‘Opting Out,’ will reduce the amount of junk mail that you receive. It is one more step in protecting your privacy.
· If you do not have a robust credit record because you pay cash, consider way to build your credit by having your utilities or rent payments included in your credit report by using Personal Credit Reporting Solutions (PRCB). You will find that service at www.PCRB.com. This sort of careful preparation can save you thousands of dollars in finance charges over the life of your loan. There is no better time to take charge. Do it now.
You can always reach me with answers to your questions and great financing options. My number is 408-509-4590. Or visit my website at www.princetoncap.com/annegriffin.
