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Credit – It’s a Brand New Day How to Protect Yourself in the  Post Mortgage Market Meltdown Jim Alroth Real Estate Resource Home Loans
<619 – What Can It Cost You? ,[object Object],[object Object],[object Object],[object Object],[object Object]
What is a Credit Score? ,[object Object],[object Object],[object Object],[object Object]
Why It’s Important Now ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Score Talk ,[object Object],[object Object],[object Object],[object Object]
Why Are Higher Scores Good? It’s All About the Likelihood of Default
Bad Credit – What’s the Cost? ,[object Object],Home Financing:  A 30-year fixed with a loan principal amount of $360,000 ,[object Object],[object Object],[object Object],[object Object],A borrower who increases his or her credit score from 620 to 720+ can potentially save  $884 per month  on mortgage payments,  $10,608 per year , and approximately  $318,329  over the life of the 30-year loan. FICO Score APR Monthly Payment Total Payments Paid Above 760 5.800% $1,760 $633,600 620-719 6.020-7.120% $1,803-$2,019 $649,080-$726,840 Below 620 8.531-9.289% $2,511-$2,739 $903,960-$983,160
Loan Level Price Adjustments
Credit Score Factors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Amounts Owed Credit Cards Mortgage Loans Auto Loans HELOCs Installment Loans Length of History New Credit Soft Inquiries Hard Inquiries Types of Credit Used A Mortgage Loan An Auto Loan 2-3 Major Credit Cards
Payment History: 35%  How do your borrowers pay their bills? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Amounts Owed: 30%   Managing Debt ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Length of History: 15%   Mix of Credit: 10% ,[object Object],[object Object],[object Object],[object Object],[object Object]
Inquiries: 10% ,[object Object],[object Object],[object Object],[object Object],[object Object]
BORROWERS NEED TO WORK ON OPTIMIZING THEIR CREDIT TODAY! ,[object Object],[object Object],[object Object]
Buyer/Seller Action Steps ,[object Object],[object Object],[object Object],[object Object]
Contact Us ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Fthb Credit Its A Brand New Day

  • 1. Credit – It’s a Brand New Day How to Protect Yourself in the Post Mortgage Market Meltdown Jim Alroth Real Estate Resource Home Loans
  • 2.
  • 3.
  • 4.
  • 5.
  • 6. Why Are Higher Scores Good? It’s All About the Likelihood of Default
  • 7.
  • 8. Loan Level Price Adjustments
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.