Helpful Hints

How To Renegotiate Your Credit Card Interest Rates To Something Lower

January 11, 2011
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Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.  

According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, and renegotiate them whenever possible.

In this 4-minute piece from NBC’s The Today Show, you’ll learn the tested tactics that can cut a credit card rate, and get monthly payments to a more manageable range. And it’s do-it-yourself — no debt management firms required.

Some of the tips in the video include:

  • Compare your current rate to the rate offered to new customers. Ask the lender for “new customer rate” if it’s lower.
  • If your credit score has improved since application, ask for an interest rate more reflective of your current credit score.
  • Be nice to the customer service representative. Kindness helps.

Managing debt is an important part of household budgeting so if you’re finding your credit card payments and/or rates too high for your liking, try following the instructions as described in the video. And, above all else, be persistent. The credit card companies won’t likely approve your first request.

Practical Advice : How To Help Your Home Sell Faster

January 2, 2011
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In December, home sales reached an 8-month high, recovering from the losses of last summer. Market momentum is positive across Washington State , but that doesn’t mean every home is selling quickly — only some of them are.

So, if you’re a home seller and want (or need) to get your home sold quickly, take a listen to this 3-minute interview from NBC’s The Today Show. It’s loaded with practical sales advice for sellers.

As examples:

  • How to price your home relative to comparable homes for sale
  • Using home inspections to keep your contract on-track for closing
  • How much should be spent on your “home photos” that are shown online

The interview also covers about the 3 key places of a home on which to spend money — the kitchen, the living area, and the front facade. And for good reason — they’re emotional hooks for buyers that help sell homes.

In any market, selling a home can be a challenge. It can be easier by applying common sense.

Everybody loves a discount!

December 15, 2010
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Everybody loves a discount! Especially during the holiday season when we’re spending all kinds of money that we normally wouldn’t. Well welcome to CouponMom.com.

Here you’ll find all kinds of coupons that are helpful. So enjoy! And if you know of anyone else that this might help, please share this post! If you know of any other cool on-line coupon sites I’d appreciate it it your shared it in the comments section.

Subscribe to our blog for free to the right!

Boost Your 2010 Tax Deductions By Making Your January #Mortgage Payment A Little Bit Early

December 8, 2010
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Tax deductions Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early.

It’s a simple strategy that works because of how mortgage interest works.

Unlike rent which is paid in advance at the start of a month, mortgage interest is only paid after it’s been borrowed. Your January mortgage payment, therefore, accounts for the interest that accrued in December.

And for a lot of Olympia homeowners, that mortgage interest is tax-deductible.

By making January’s mortgage payment in December, eligible homeowners can apply the interest paid to 2010′s tax returns instead of waiting to claim the same deduction against 2011. Don’t cut it close, though. It’s best to remit payment prior to the last week of the month, leaving your servicer ample time to receive and process your paperwork.

Most importantly, though, before prepaying on your mortgage, talk to your tax professional.

Not every homeowner is eligible for mortgage interest tax deductions, nor should every homeowner itemize their respective tax deductions. The “pay early” plan could be a wasted effort for you, ultimately, depending on your taxpayer profile.

If you don’t have an accountant that you trust, call your friends and ask who they use. Always seek the advice of a licensed professional.

Applying For A Mortgage Soon? Don’t Open New Credit Cards On Black Friday.

November 23, 2010
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FICO recipeBlack Friday is 3 days away. It’s the official start of the 2010 Holiday Shopping Season. Don’t let a good sale cost you your mortgage.

Sales are expected to top $111 billion this year and, already, businesses are vying for shoppers and their dollars. Newspaper circulars are getting larger, and in-store discounting is more prevalent.

But one discount that shoppers should think twice about is the popular “Open A Charge Card, Save 20%” promotion. The short-term savings may be tempting, but the long-term costs may be huge.

It’s because of how credit scores work.

According to myFICO.com, “new credit” accounts for 85 out of 850 possible credit scoring points, with new credit defined by such traits as:

  • Number of recently opened accounts
  • Number of recent credit inquiries
  • Time since recent credit inquiries
  • Proportion of new accounts to all accounts

These traits are negatives against a FICO score so with each new, in-store credit card application, a person’s credit score will fall. The fall will be especially pronounced for persons lacking credit “depth”, or who have made a disproportionately large number of new credit applications recently.

For soon-to-be homeowners, or would-be refinancers in Lacey , credit scores are worth keeping high. This is because credit scores change the mortgage rates and/or loan fees for which an applicant is eligible.

As an illustration, assuming 20% equity on a $200,000 conforming loan:

  • 740 FICO : No added loan costs
  • 720 FICO : 0.250% increase in loan costs, or $500
  • 700 FICO : 0.750% increase in loan costs, or $1,500
  • 680 FICO : 1.500% increase in loan costs, or $3,000
  • 660 FICO : 2.500% increase in loan costs, or $5,000

 

It’s expensive to have a low credit score — more expensive than the money saved by opening a card at the mall, anyway.

That said, if you know you won’t need your credit for a mortgage within the next 6 months, the risk of applying for in-store credit cards is likely small. But if you’ll need your FICO soon, consider paying for your gifts full price. IF YOU ARE IN THE MIDDLE OF A MORTGAGE TRANSACATION DO NOT OPEN A NEW ACCOUNT FOR ANY REASON.

For a Free Mortgage Loan Pre-Approval call CU Mortgage Division at (360) 539-4687 or visit www.williamatuning.com .

Legal Disclaimer / Fine Print

January 24, 2007
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The content provided on this website or blog is presented or compiled for your convenience by William Tuning and is provided for informational purposes only. It does not necessarily represent the views or opinions of Network Funding LP.

Neither William Tuning nor Network Funding LP assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information disclosed, or represents that its use would not infringe privately owned rights.

The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action.

The investment, mortgage or financial services or strategies mentioned in and throughout this website may not be suitable for you.

Network Funding LP DBA CU Mortgage Division is an Equal Opportunity Lender.

All rights reserved.

William Tuning is a Licensed Mortgage Originator: MLO-68476.

Network Funding is a Licensed Mortgage Company: CL#2297 /NMLS#2297

CU Mortgage Division NMLS#65808 is a Branch of Network Funding LP – NMLS #2297