30 Year Fixed Rate Loan at a Cost of One Point: 4.375%*
Rates ostensibly got better today b/c jobless claims shot up so much that the stock market was spooked again. This is accordingly to some of the analyst comments we receive. Our best lenders, however, are slightly off today from yesterday.
Do NOT close out credit cards. We have addressed this many times, but the problem surfaces so often that we are bringing it up again. Borrowers should almost never close out credit cards in their efforts to improve their credit standing. Closing out cards has two potential adverse results: (1) it usually lowers one's credit score; and (2) borrowers often end up with too few "open accounts" to meet a lender's requirements. Our best lenders all require at least three to four open credit accounts. It is best to leave the cards open with very low balances.
Congress extended the deadline for the $8,000 First Time Homebuyer Tax Credit to September 30th. Such buyers who did not make the June 30th deadline have a reprieve.
Jay Voorhees and Heejin Kim at (925) 855-4491
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