Did the title sum it up? Procrastination.
Let’s face it, if there are credit issues in some sense there has been procrastination. Maybe it was beyond your control. That is the case for a lot of our clients. Medical hardship and focusing on living expenses causes you to procrastinate in paying credit cards or other non-essential expenses. Procrastination turns them into collections, and procrastination keeps you from cleaning up your credit.
As covered before, it is costing you a lot of money to have bad credit.
With the majority of our clients coming from lender referrals we feel it is important to keep you up to date on projections and news in the mortgage world as well as providing you with credit information and tips.
Here is a quick summary of interest rates over the last couple of months. Based on Freddie Mac’s “Weekly Primary Mortgage Market Surveys,” interest rates are rising. The average interest rate for a standard 30-year fixed-mortgage was 3.34 percent for the week of January 3 and has increased to 3.56 for the week of February 21. Rates are predicted by the Mortgage Banker’s Association to be 4.4 percent by Q4 of this year.
In real numbers now. January 3rd of this year a $120k mortgage would have been 514.80. February 21st the same mortgage payment would have been 529.12 and by Q4 it will be 585.68. A jump of $70/ month may not seem like that big of a deal, but over a 30 year mortgage it comes out to $25516.80.
Now is the time to act on a home purchase or refinance. The first step is knowing where your credit scores are and talking with a credit professional if you fall below the lender’s requirements.
Are you still procrastinating?
MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.
The information in this article has been provided strictly for educational purposes.
*Mortgage payments based on principal and interest only. MSI is not a lender and does not quote interest rates. The figures above are for sample purposes only.
