Blog

 

How Do Inquiries Affect My Credit Score?

You have probably been cautioned that anytime your credit is checked your credit score is negatively impacted. While this issue is more complicated than it seems, there is some truth to this advice. Your credit score is affected in part by the number of inquiries made into your credit history, but there are different categories of inquiries and some count while others do not. The credit bureaus that collect and score your credit call these two types hard and soft inquiries.   Soft Credit Inquiries Soft credit inquiries are when you personally check your credit score, or when a busi...

December 30th, 2018 | Credit and Debt, How Do Inquiries Affect My Credit Score?

When Should I Check My Credit Report?

Your credit report is a very important document. Your credit score will be used in all sorts of weighty financial purchases. Checking your credit periodically is essential to maintaining a healthy score and being able to qualify for big loans. How often is periodical? Are there other times when it is important to check your report? You may have heard that you can pull your own credit report for free once a year from all three of the major credit reporting bureaus. These are Experian, Equifax, and TransUnion. Each collects data on your credit individually which means each agency ma...

December 29th, 2018 | Credit and Debt, When Should I Check My Credit Report?

Bonds Partying Like it's 2019

The financial markets had plenty to cheer about this week. On Wednesday, Stocks rallied a stunning 1,000+ points, enjoying their best one-day gain in history and then rallied over 800 points higher intraday on Thursday, erasing a huge midday loss. All in all, a great and welcome week in what was otherwise a miserable December for Stocks. Typically, higher stock prices mean higher mortgage rates but that wasn't the case this holiday week. Yes, Bonds moved slightly lower and home loan rates slightly higher, in Utah, in response to the swift Stock rally, but rates ended the week and h...

December 28th, 2018 | Mortgage News, Bonds Partying Like it's 2019

Home Equity Loan vs HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a home equity line of credit (HELOC) are both popular options with different pros and cons.   Home Equity Loan A home equity loan is a second mortgage that is structured very similarly to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right fac...

December 26th, 2018 | Loan Programs, Home Equity Loan vs HELOC

Federal Reserve Hikes Federal Funds Rate

"Hut One, Hut Two... HIKE!"  It was all about the Fed this past week. On Wednesday, they "hiked" the Fed Funds Rate by 25 basis points (0.25 percent). That rate affects short-term loans like auto and credit cards - what it doesn't affect are home loan rates. Home loan rates actually improved to the best levels since April. Why? The Fed Statement suggested that inflation is moderating and remains beneath the Fed's target of two percent year over year. If Inflation remains low, long term rates - like mortgages, will also remain relatively low. Also...

December 22nd, 2018 | Mortgage News, Federal Reserve Hikes Federal Funds Rate

Using Your Home Equity to Consolidate Debt

When interest rates increase borrowing money becomes more expensive for all sorts of things, including homes. Although this makes it more expensive to buy big-ticket items, it’s not all bad. As interest rates rise, the interest rates on your money that you save also tend to increase, making the money you do have worth more. If the money you have is worth more, it stands to reason you don’t want to keep spending a bunch of it paying off credit cards and other debts at a high rate of interest. And although interest rates might be going up, so are home values. This...

December 20th, 2018 | Refinance, Saving Money, Using Your Home Equity to Consolidate Debt