Napa Mortgage News

17 credit score tips & East Bay CAMP Crabfeed

March 6th, 2017 7:43 PM by Dale DiGennaro

Dear Gena,

It's the beginning of a new year, and as you're gathering up your documentation for tax preparation and getting your finances in order...don't forget about your credit score! Here are 17 great tips for improving your credit score in 2017.

Keep your credit card balances low.
The most effective way to improve your credit score is to pay down your revolving (credit card) debt. Your credit utilization ratio accounts for 30 percent of your credit score. While you may hear that paying debt down to 30% of the available balance is a good mark, an ideal credit utilization ratio is actually around 10% or lower.
Pay your bills on time.
The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in scoring. According to FICO, 96% of people with a FICO score of 785 or greater have no late payments on their credit reports.
Sending your payments in early may also help your credit score.
Each creditor has a report date when they send their information into the credit bureaus. If you use your credit card a lot and pay it off at the due date, the higher balance will always show on your credit report that month. But, if you make payments well before you receive your bill (so before the statement cycle ends) and BEFORE the due date, the higher balance won't even report.
Check your credit report annually.
It's important to make sure that there are no errors on your credit file. A significant number of credit reports do have these errors, which can lower your score. These days, you also need to make sure that your identity hasn't been stolen or compromised, which affects up to 1 in 8 Americans every year. There are many great services that offer this service today. CreditKarma.com & FreeCreditReport.com are just a couple that come to mind.
Don't be tempted by new credit card offers or take on new debt.
You can have these solicitations stopped being sent to you by "opting out" of these offers. Go To Optoutprescreen.com.

For 12 more tips on a great credit score CLICK HERE!

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Offsetting Influences

It was a volatile week for mortgage rates. Influences included central bankers, comments from the Trump administration, and economic data. The net effect of these factors was very small, however, and mortgage rates ended the week with little change.

On Tuesday, a top official from the European Central Bank (ECB) signaled that the ECB should soon begin to wind down its monthly bond purchases. Investors viewed these comments as a concerning indication that the ECB is close to reducing the amount of stimulus it provides. Bond purchases from global central banks have helped push yields lower, so the possibility of a reduction in demand from the ECB was negative for mortgage rates.

The first reading for fourth quarter Gross Domestic Product (GDP) showed an increase of 1.9%, a little below the consensus of 2.2%, and down from 3.5% during the third quarter. A much wider trade deficit was the biggest factor in the decline from the third quarter. Strength was seen in consumer spending, home building, and business investment.

For all of 2016, GDP also increased at a pace of 1.9%, which was close to the average level seen since the recession. Mortgage rates moved a little lower following the downside miss on GDP.

In December, new home sales declined 10% from November, which was far below the consensus. Even with the weak December results, new home sales in 2016 were up 12% from 2015. The new homes sales data contrasted with Tuesday's report on existing home sales which remained near the best levels of the year. One reason for the difference is that the existing home sales data measures closings, while the new home sales data measures contracts signed. This means that the December figures for new homes sales likely were more affected by the higher mortgage rates seen since the election.

The week ahead is full of potentially market moving news.The next Fed meeting will take place on Wednesday. No policy changes are expected. The important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Pending Home Sales and the Core PCE price index, the inflation indicator favored by the Fed, will be released on Monday. The ISM national manufacturing index will come out on Wednesday, and the ISM national services index will come out on Friday.


Captain Bob's Hot Crabs!


	CAMP Board Members

This week I attended the East Bay Chapter of the California Association of Mortgage Professionals Crab Feed!

It was awesome and always great spending time with my peers in the Lending Industry as well as the board members from various chapters that give of their time to continuously improve on our industry!

Looking forward to next year...but in the meantime...the Kiwanis Club of Napa is having their Crab Feed on Saturday, February 4th!! It is sold out for this year but put it on the calendar for next year!

Also coming up on Saturday, March 5th, is the Kiwanis sponsored 5K in conjunction with the Napa Marathon! You can get more information or register HERE.

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"