Hello Friends, The interest rate drop that came as a result of the March Federal Reserve meeting has caused mortgage rates to fall to .25% lower than where they were one year ago. This has resulted in an uptick in refi nance and purchase activity. The Fed announced that they would not raise their target rate, The Fed Funds, in 2019. This is a 180-degree reversal on the announcement at the December 2019 Fed meeting when they said they would raise their target rate three times in 2019.
Please get to me early as mortgage rates promise to fall throughout the year heading through 2020 and I will be very busy for the next two years as long as the Fed keeps suppressing interest rates to prevent another recession or to get us out of another recession.
I am now licensed in OR, WA, and CO, with FL on the way. I will now start working on TX and HI and hope to have those states on board within the next month. That means that all the work I currently do for
I found an interesting article that may interest some of you of younger generations or who have family and friends who fi t that profi le. It is about alternate lending options that may be coming for those borrowers who follow the lifestyles unique to younger people in our society:
According to a recent survey conducted by Money Pulse, only 33% of adults, aged 18 to 29, have a major credit card. This number may seem shocking, but it is true that millennials are using debit cards overwhelmingly more frequently than credit cards. So, what does this mean? This low number of credit-card use means that it may be diffi cult for millennials to build good credit scores. Without a good credit score, renti ng an apartment, getting a loan, and even obtaining a car can be diffi cult. So, are those without credit cards just out of luck?
A new scoring system called UltraFICO might be the answer to this complicated issue. Currently, in order to have a credit score consumers need to have a credit history. This is obviously diffi cult for consumers without credit cards. However, with this new system people could improve their FICO scores by doing things like always keeping a few hundred dollars in their bank account, or never reaching a negative balance. Additionally, if they don’t have a FICO score they would be eligible for an UltraFICO score, which would also help them achieve good credit standing. This could be a huge game changer for people currently living with poor or nonexistent credit reports. UltraFICO looks at 24 months of bank account transactions in order to create the score, meaning that the longer a person goes without a negative balance and/or a high daily average, the better their score will be, regardless of their credit history.
Furthermore, unlike conventional credit scores UltraFICO is an “opt-in” credit score. This means that in order to obtain an UltraFICO score, consumers must give their consent and link their bank accounts in order for the score to be generated. Some people may fi nd this consumer-driven approach more appealing than the current system, which creates a credit score at the request of a lender without consumer consent. As you can see, there seem to be many bene fi ts to UltraFICO scores. However, the program is still waiting to be in its pilot stage, so it might be a while before it is a valid option.
Please feel free to direct anyone you know who fi ts this profi le to me for a free credit and mortgage consultation to see what is available now.