Not that long ago, the credit score was a mysterious number. Whether you were shopping for a car, a house, or a credit card, you could be told your score was too low, and you would not be able to get any financing. Alter­nately, the paperwork might be presented to you and all you had to do was sign. Rarely would you be told your actual score. As time has gone on, and laws have been passed, consumers now know not only what their credit score is, but also what factors are used to create credit scores. Unfortunately, the term “credit score” is used for any model that creates a number indicating your creditworthiness.
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The major reporting bureaus has developed their own scores, Vantage Score®.  It is not uncommon for someone to get a credit score online, or from an auto dealer, or somewhere else, and then be shocked when they begin the mortgage buying process because their “credit score” varied significantly from what they thought it was..

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The home mortgage industry continues to primarily use the classic FICO® score as the basis of evaluating creditworthiness. Whether you are currently in the market for a mortgage or may be in the future, one of the most important factors is your credit score. Please give me a call at (804) 433-1510 with any questions about your credit, and how we can get the best financing available for you.

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Reducing Debt

Aug 25, 2010

Reducing Debt – There is no quick fix, requires careful planning and implementation.
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Develop a Debt Reduction Plan of Action:

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The best way to approach debt reduction is by re-examining your spending habits and the way your monthly cash flow works. This doesn’t necessarily mean that you need to spend less or earn more. It just means that you need to spend your monthly cash flow differently. You see, most people who want to become debt-free, can become debt free if they just manage their cash flow differently.

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For example, instead of being forced to dip into your credit cards every time you have an unexpected bill, you should establish a financial reserve account specifically to prepare yourself for unexpected financial obligations. CMPS professionals help you establish a viable plan to re-allocate your monthly cash flow and change your spending habits. This cash flow plan will result in your being financially able to pay cash for everything such as home improvements, cars, furniture, vacations, children’s education and other living expenses.

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Implement the Plan of Action:

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There is a reason that professional athletes have coaches. No matter how good the athlete is, the coach can help keep them accountable in identifying weak spots and improving their performance. You can also benefit by having a team of “financial coaches”. CMPS professionals are able to “coach” you in implementing your debt reduction plan. CMPS professionals also work in a team environment with CPAs, CFPs, attorneys and other financial professionals in order to help you better achieve your goals in life.

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Review and Modify the Plan of Action:

We all experience changes in our lives that involve our income, career, family, health, lifestyle, etc. CMPS professionals help you review and make modifications to your debt reduction plan as changes arise in your personal and financial situation. Additionally, there may be new types of mortgage planning products and services that could help you enhance your debt reduction plan. The plan review and modification is often referred to as an “Equity Management Review”, or an “Annual Mortgage Review.

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Contact Paul about a debt review.

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www.paulcantor.info

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On the heels of the disappointing existing home sales numbers yesterday, sales of new homes reach new low last month.  Other data pointing to a no-recovery is the orders for durable goods lower than anticipated.
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The National Association of Realtors released exsisting home sales numbers today and they dropped to 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July.    This is the lowest level since May of 1995.

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HVCC and the new  FHA appraisal process continue to have a negative impact on the economy and the housing market.

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Mortgage rates continue to be at or near all time low levels.  In Washington last week the future of Fannie Mae and Freddie Mac were discussed.  The ultimate problem with the US economy is the high unemployment rate and the current ant-business regulatory environment along with the slowed economy is insuring a continued high rate of unemployment around the 9.5% range.

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Economic Calendar For this week

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Date Time (ET) Statistic For Market Expects Prior
08/24/10 10:00:00 AM Existing Home Sales Jul 4.72M 5.37M
08/25/10 08:30:00 AM Durable Orders Jul 3.00% -1.20%
08/25/10 08:30:00 AM Durable Goods -ex Transportation Jul 0.50% -0.90%
08/25/10 10:00:00 AM New Home Sales Jul 334K 330K
08/26/10 08:30:00 AM Initial Claims 08/21/10 485K 500K
08/26/10 08:30:00 AM Continuing Claims 08/14/10 4515K 4478K
08/27/10 08:30:00 AM GDP – Second Estimate Q2 1.40% 2.40%
08/27/10 08:30:00 AM GDP Deflator – Second Estimate Q2 1.80% 1.80%
08/27/10 09:55:00 AM U Michigan Consumer Sentiment – Final August 70 69.6

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This week  we will likely see the most activity in rates Tuesday morning, but Wednesday and Thursday are also important. If we manage to get weaker than expected results in the key reports and the auctions go well, we should see mortgage rates close the week lower than tomorrow’s opening levels. But stronger than expected results in the economic reports and disappointing results in the Treasury sales will most likely lead to rates moving higher this week.

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We have some stating that inflation may be hitting sooner than expected.  This would mean higher mortgage rates.  Although nobody knows where the bottom of the rate will / have hit, their is no question that mortgage rates are at near all time lows and home owners and home buyers should take advantage of these.  Home affordability is very high.  It is better to buy than to rent.

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Inflation, not deflation, Mr. Bernanke Caixin Online

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Closing Costs Soar.

Aug 19, 2010

Consumer protection regulations and more stringent underwriting have driven the average closing costs on loans up by 36.6% according to a recent survey.    The average closing costs on a $200,000 loan rose to $3,741, which represents a 36.6% increase from a year ago.  This is another example of things designed to help the consumer have an opposite outcome.

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According to TransUnion in a report issued Tuesday, mortgage delinquencies fell during the 2nd quarter of 2010.  This was the second period in a row since 2006 that the number of home owners 60 days  delinquent  on their mortgages had declined.  Also 90 and 120 day mortgage delinquencies also slowed.    This is a sign that the housing and credit markets are stabilizing.

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