For The

Cecil County Real Estate Market

as of

July 5, 2011

Here is the Weelky Mortgage Update from Alex Szep with MetLife Mortgage

Alex writes:

 

"High Credit Score = Low Mortgage Rate

Credit scoring was developed in the 1960s as a means to determine whether or not consumers were likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.

There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of financial responsibility and ability to pay back loans. 

There are many quick tricks to improve the credit score, and I can provide borrowers with more information on this subject. If necessary, I guide them to a reliable resource for credit remediation. If a borrower has to pay a higher interest rate to close a loan, the tarnished credit rating will begin to improve once mortgage payments are made on time and in full. If that is the case, my team and I will be on the watch to alert the borrower when an opportunity arises to refinance and get a lower interest rate."

 

Alexander Szep
Sr. Mortgage Consultant
MetLife Home Loans
Phone: (302) 533-3861
Fax: (866) 669-5868

aszep@metlife.com
www.alexszep.com
 


 

 

Mortgage Interest Rates for Fixed and Variable Rate Mortgages*
Rates as of Tuesday, 5th July, 2011:
  Term Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
Arm Reset Term
Conforming 30 Yr Fixed 360 4.750% 4.813% $5.22 % % $0.00 -
FHA/VA 30 Year Fixed 360 4.625% 5.344% $5.14 % % $0.00 -
FHA 5/1 ARM 360 3.375% 3.434% $4.42 % % $0.00 60
FHA 3/1 ARM 360 2.875% 2.727% $4.15 % % $0.00 36
USDA 360 4.500% 4.855% $5.07 % % $0.00 -
DSHA FHA With SMAL 360 4.875% 5.617% $5.29 % % $0.00 -
DSHA FHA 360 4.250% 4.852% $4.92 % % $0.00 -
Jumbo 30 Yr Fixed 360 % % $0.00 5.375% 5.400% $5.60 -
JUMBO 7/1 ARM 360 % % $0.00 4.375% 3.674% $4.99 84
JUMBO 5/1 ARM 360 % % $0.00 3.750% 3.288% $4.63 60
 

 

 

*Rates are subject to change due to market fluctuations and borrower's eligibility.***Equal Housing Lender

 

Steve Hubbell, Realtor®  - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381

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