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Michele Zelvis's Blog

How Credit Scores are Calculated
Updated Oct. 9, 2013
How Your Credit Score Is DerivedDeveloped in 1956, a Fair Isaac Corporation Score (commonly called the FICO Score) is a three digit number ranging from 300-850 and is calculated according to the following risk factors:. Payment History (35% of score)- Payment information on many types of accounts- Public...
Market Update 12-6-10
Updated Oct. 9, 2013
Power Tools Newsletter Provided Courtesy of Michele Zelvis. For the week of December 6, 2010 - Vol. 8, Issue 49>> Market Update INFO THAT HITS US WHERE WE LIVE Last Thursday the National Association of Realtors (NAR) reported Pending Home Sales for October UP 10.4% over the month before. This index is a...
Mortgage Credit Certificates
Updated Oct. 9, 2013
Mortgage Credit CertificateWhat Is A Mortgage Credit Certificate?A Mortgage Credit Certificate (MCC) is a federal tax credit to assist homebuyers with moderate and low incomes. All home owners can claim an itemized deduction for mortgage interest. The MCC takes this a step further. An MCC "reduces your tax...
Understanding Your Credit Score
Updated Oct. 9, 2013
In Dancing with the Stars, celebrities are paired with professional ballroom dancers to compete for the highest scores for their weekly routines. If the celebrity trains hard and has some skill on the dance floor, he or she is likely to get a high score from the judges.. If you're in the market for a mortgage...
Buyer Don'ts
Updated Oct. 9, 2013
Things to avoid before buying a home:. Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Here are some...
Free Float Down, After You Lock!
Updated Oct. 24, 2014
EXCLUSIVEFloat Down Program Available On Most Loan Programs. If interest rates go down after you lock in your rate, PrimeLending gives you the option to lower your interest rate before closing, guaranteeing you the lowest rate possible.. Maximum float down option is 0.375% of your current interest rate. Float...
How To Get Rid of Your PMI - Private Mortgage Insurance
Updated Oct. 24, 2014
How To Get Rid of Your PMI. Private mortgage insurance (PMI) is designed to protect the lender if you default on your mortgage payments and your house is not worth enough to repay the lender by way of a foreclosure sale. Most lenders only require PMI on loans when the down payment is less than 20%. For example, if your...
Important Mortgage Insurance Information
Updated Oct. 9, 2013
Happy New Year!!. It's the start of what is going to be an exciting year and we are starting it out with some good news from Congress.. Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans. The new legislation ensures the tax deductibility of mortgage...
The Economy VS. Rates
Updated Oct. 9, 2013
This week in the economy:The past week has seen some of the most impressive economic news in years. Although this is great news for our economy it has wreaked havoc on interest rates.. With the Dow up over 12,000 and the S&P 500 having its best January since 1997, it appears that investors aren't letting the...

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