Keeping You In The Know for Mortgage News

It was an eventful week in the mortgage industry. Top 3……

#1- The top news was the anticipated raise to the benchmark interest rate by the Federal Reserve.  The Federal Open Market Committee voted 10-0 to make the move.  The forecast for 2016 is four different rate hikes throughout the year. 

#2- In other news, FHA increased the maximum loan limits in different counties across the state.  FHA is a great loan that allows home buyers to have a minimal down payment to get into a home, by increasing the loan limits, home buyers can actually qualify for a larger loan amount. 

#3- New building permits surged in November, turning around the decline in new building permits in October.  This means that builders are still feeling confident in the economy. 

The first of the year is going to be a great time to get into a house.  A pre-qualified mortgage letter from your lender is a great way to leverage your negotiation power when putting an offer on a new home. 

I would love to be that lender for you… and if you need a realtor that can really work that deal for you….. I’ve got a great Real Estate Agent for you.  Give me a call…. Let’s get you all set up for success in 2016!  Sheri Joi, e mail sherijoi1972 at gmail dot com

'Tis the Season To Get Your Shopping On!! .... Do You Know What This Could Do To Your Credit Score??

Merry!  Merry! And Happy!  Happy!  Tis the season to get your shopping on!!

As the shoppers rush home with their presents and their credit card balances continue to increase... their credit score could pay the price.

Something to keep in mind this "season o' shopping" .... your credit score is determined on many factors and one of these factors is how high you keep the balances on your credit cards.  In order to keep your credit scores in tip top shape, make sure to keep the balances on your credit cards below 30%. 

This means if your credit limit is $1000 then you will want to keep your balance under $300.  Keep in mind if you spend over $300 and are above the 30% point, you will want to make a payment to your credit card company to take your balance below the 30% point before they report to the credit bureaus in order to keep from possibly decreasing your credit score.  You can call your credit card companies and ask when they report to the credit bureaus each month so you can be aware of when you need to make your payments.  This date may or may not correspond with date your payment is actually due.

Another way to make sure you stay under the 30% threshold is to inquire with your credit card company about a higher credit card limit.  Make sure you are being responsible and honest with yourself when making these type of decisions!!  Do not get yourself into a bad situation.  The best policy is to “know thyself” and your spending habits.  If you spend whatever you have available….. maybe increasing your limit isn’t a great idea for you.  Begin this year to really discipline yourself to stay below that 30% threshold each month and watch your credit score start climbing.

Also note.... your score will take a big hit (dropping considerably) if you exceed your high credit limit for your credit card and it is reported to the credit bureaus.... not only do you usually have to pay an over limit fee and you may lose a low interest rate.... you may see a considerable drop in your credit score..... no bueno!  Best practices is to know exactly where your balances on your credit cards are and keep them under the 30% tolerance.

Knowing the factors that determine your credit score is the first step in raising and keeping your credit score in tip top shape.  Self discipline is the action that makes that happen!   

Merry!  Merry!  and  Happy!  Happy!!  Cheers to a wonderful holiday season and may your new knowledge of credit scoring keep YOUR credit score happy all year long.

…..PS….. beware of the temptation to open tons of new credit cards because of the 20% you could save on your purchase….. it may cost you in the long run if it drops your credit score…..another factor in determining your credit score is “opening new accounts”…. Tune in next week for more info on this useful tip! 

The Magical Month of December

The magical month of December!!  I love this time of year because it feels like there is a shift in the way everyone thinks…. For a brief moment in our year it feels like the world begins to think about giving to others instead of “what’s in it for me”.  I love this attitude and the miracles it brings.  I was able to coordinate our holiday fundraiser for my little “circle of love” –as I like to call it— this event really brings the Spirit of Christmas to life for me.  This was the first year that I personally had submitted a families name for our Sub for Santa program.   I recently heard that one of my high school friends house had burned to the ground.  She has been a single mom for years and financially provides for her family by working as a CNA at Ogden Regional Medical Center.  The insurance company is being difficult to work with so it’s been a struggle to financially maintain….. not to mention the emotional stress this must be for her.   We are still tallying all the numbers from the fundraiser but I received an email just moments ago that let me know we would be able to give her $100 for each child and an extra $100 for Christmas dinner or groceries.  I am certain as the numbers come in that this will be the gift that many, MANY families receive from our little “circle of love”.   This was all made possible by the miracle of giving!!!  I am in deep appreciation as I let the true Spirit of Christmas wash over me and sink deep roots in my heart….. “May I keep this Spirit throughout the year and may I echo it out so that those around me may have this incredible feeling as well”….. is my heart’s silent prayer.  Thank you to those of you on my contact list that participated in my fundraiser and opened your wallets with your heart, trusted me to give to someone in need and helped make another one of my dreams come true.

In the Spirit of Giving I want to make sure everyone knows that not only am I happy to help you with all your mortgage needs….. refinancing and purchasing…… I have also developed some amazing relationships with incredible professionals in our communities.  Through Trents business of flipping houses, Trent and I have met some amazing people with incredible talents and skills, so if you are looking for new paint, new roof, upgrading your kitchen or baths with granite, need a great contractor, new carpet or flooring, landscaping help, plumbing or handyman assistance….. or just about any other upgrades for your home…… “I’ve got a guy or gal!!!” and I have asked them all if they would please pass along our fantastic “flippers” pricing on to my clients…. And they have said “YES!”  I have also been developing some incredible relationships in our community with real estate experts, investment specialists, attorney’s, tax advisors and financial planners.  It’s great to be able to GIVE a referral to some amazing professionals that I have been able to work with myself and really do trust.  I’d be happy to pass along anyone on my list of pros.  I’d also be honored to have you consider me your source for referrals for all types of business.  I love being back in this professional world where I am able to partner with so many really great professionals.

Happiest wishes to you and your family for a Merry, MERRY month of December!!!  Give big, love openly, laugh with your loved one, hug your babies (no matter how old they are) and may the Spirit of Christmas ooze out all over this world ……

Cheers!!!  Cheers!!!  Cheers!!!  ...and Merry EVERYTHING!!

This was a picture taken at our Holiday "Seeds of Service" Fundraiser!!  
I'm so in love with the magic of December!
Designs By Jessi