My Mostly Mortgage Blog

Fact or Fallacy

Fallacy: Will my score drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called “inquiries”) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

Have you seen the new Dallas Cowboys stadium? It covers over 73 acres, has 3 million square feet, and has more steel than 92 Boeing 777's. Here is the kicker, did you know how much it cost? Just over 1 Billion. Now that you know that, did you know that Identity theft cost more than 56 Dallas Cowboy Stadiums? That's right, in 2005 Identity theft cost Americans more than 56 BILLION dollars. here are a few things to help keep you safe.

1.    Check your bank and credit card balances frequently.

2.    Check your statements online if possible. (Detect Problems Sooner)

2.    Check your credit annually.

3.    Sign up for monitoring. Start Score Watch® Free Trial Now

Here are some statistics about identity theft.

Just keep this information in perspective. Over half of all cases come from lost or stolen personal  belongings, friend or relatives, or a corrupt employee. A very small percentage comes from online such as spyware, viruses, phishing websites etc. I hope this helps to keep this information in perspective.

A Cape Coral Realtor addes Nationwide Foreclosure network to her site!

To search like a pro please visit a cape coral realtor site today!

As a Cape Coral Mortgage Broker the Cape Coral Mortgage rates are an important part of the equation in helping clients sercure financing for their next ivestment or home. Freddie Mac just released the latest data.

McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.32 percent with an average 0.7 point for the week ending July 2, 2009, down from last week when it averaged 5.42 percent. Last year at this time, the 30-year FRM averaged 6.35 percent.

The 15-year FRM this week averaged 4.77 percent with an average 0.7 point, down from last week when it averaged 4.87 percent. A year ago at this time, the 15-year FRM averaged 5.92 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.88 percent this week, with an average 0.7 point, down from last week when it averaged 4.99 percent. A year ago, the 5-year ARM averaged 5.78 percent.

One-year Treasury-indexed ARMs averaged 4.94 percent this week with an average 0.6 point, up slightly from last week when it averaged 4.93 percent. At this time last year, the 1-year ARM averaged 5.17 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Lower mortgage rates are helping to support the housing market,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The 30-year fixed-rate mortgage rate peaked this year over the week of June 11 and are now around a quarter-of-a-percentage point lower this week. This has led to a 7.2 percent increase in conventional mortgage applications for home purchases by the last full week of June, according to the Mortgage Bankers Association.

“The decline in house prices may be moderating as well. Home values fell at a monthly rate of 0.6 percent in April, representing the smallest decrease since June 2008, according to the S&P/Case-Shiller® 20-city composite index. In addition, home prices rose in eight of the cities in April.”