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J.D. Peck's Blog

3 Credit Score Misconceptions
Updated Oct. 9, 2013
1. Close Extra Accounts to Improve Your Score This is a huge misconception that is all too frequently dispersed. Did you know that closing accounts can actually hurt your credit score? It can. Now, it's true that too many accounts can negatively affect your score, but once you've opened them it's...
Decrease to Annual Mortgage Insurance and Up Front Mortgage Insurance on FHA Streamline Refinances
Updated Oct. 9, 2013
For all SF Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the annual MIP will be 55 bps (regardless of base loan amount), and the UFMIP will decrease from 1% to 0.01% of the base loan amount. These changes apply to case numbers assigned on or after June...
Year End Update
Updated Oct. 9, 2013
In the third quarter of 2012, the percentage of homeowners with a mortgage in negative equity - or "underwater," owing more on their mortgage than their home was worth, fell below 30 percent for the first time since Zillow began tracking that data using an improved methodology in early 2011.. Because underwater...

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