Get the Better newsletter. SUBSCRIBE A good credit score can land you your dream home without a nightmare mortgage. Generally, a higher credit score will earn you a lower interest rate with most lenders. Mortgage providers tend to consider a credit score above 700 ideal. But getting your score anywhere in the 620-850 range can save you tens of thousands of dollars in interest over the life of a 30-year fixed mortgage, according to bankrate.com. Careful Cents founder Carrie S. Nicholson achieved a 720 score that allowed her and her husband Ryan, 31, to buy their first home with an affordable mortgage rate. Nicholson, 34, boosted her credit score 100 points in less than a year. Here’s how she did it. Request a credit line increase When Nicholson began to consider purchasing a home in January, she was disappointed to see her credit score was in the low 600s. The score was good, she recalled, but not ideal. “I had some credit card debt on there, a personal loan and a car … [Read more...] about Want to boost your credit score for a better mortgage rate? Here’s how one woman did it.
Haddon savings bank mortgage rates
BMT to add 148 jobs in Campbell County A manufacturer of cargo, utility and short-bed trailers plans to expand its East Tennessee facilities with a $3.7 million expansion in Jellico, Tenn., that is expected to add 148 new jobs in Campbell County. BMT said it will enlarge its existing 31-employee staff at its 2-year-old plant in Jacksboro by adding an operation in nearby Jellico and expanding in Jacksboro. "Our goal at BMT is not only to be a profitable business but to train the previously incarcerated men in Campbell County with skills that will help them maintain long term employment and to help reduce the recidivism rate here in Campbell County," BMT Manufacturing CEO Tony Simpson said. "BMT works closely with A New Beginning (ANB) to offer a jail-to-job training program where a skilled workforce is lacking." The company will be locating new operations in an existing building in Jellico and will create 100 jobs at the new location. The Jellico location is set to be operational by … [Read more...] about Business Briefs: Mortgage rates fall in 5 of past 6 weeks
By David Paddon The Canadian Press Mon., May 28, 2018 Canada’s big banks are locked in a competitive pricing war over variable-rate mortgages, but economic trends point to more interest rate hikes ahead — leaving Canadian mortgage borrowers struggling to interpret the mixed messages. The Bank of Canada has raised its trend-setting interest rate once this year and is expected to do so at least once more before the end of 2018. When interest rates rise, banks are inundated with demand for fixed rates, so borrowers can lock in their rates. As a result, Canada’s lenders are working to attract borrowers to variable-mortgage rates, which are tied to the fluctuations of the central bank’s overnight rate. They are offering special rates as low as 2.45 per cent for May, some of the biggest-ever widely advertised discounts advertised by the big banks. At the same time, they have increased the rates of their fixed-rate mortgages. Even in this rising … [Read more...] about Mortgage rates are rising. Here’s how you can save money
By Jeff Lazerson | [email protected] | MortgageGrader.com PUBLISHED: May 25, 2018 at 8:20 am | UPDATED: May 25, 2018 at 8:25 am What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: The 30-year fixed rate reached the highest sustained rate increase to start the year in the past 40 years. The 30-year fixed rate averaged 4.66 percent, 5 basis points higher than last week’s 4.61 percent. The 15-year fixed averaged 4.15 percent, worse by seven basis points compared to last week’s 4.08 percent. The Mortgage Bankers Association reported loan application volume decreasing 2.6 percent from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 3.95 percent and payment of $2,150 was a whopping $189 lower than this week’s payment of $2,339. What I see: Locally, … [Read more...] about 30-year fixed mortgage rate reaches highest sustained increase in 40 years
By Armina Ligaya The Canadian Press Tues., May 8, 2018 Canada’s Big Six banks have all increased their benchmark fixed-rate mortgage rate, a move analysts say could trigger a rise in the Bank of Canada’s qualifying mortgage rate as early as Wednesday, making it more difficult for some to take on home loans. The Bank of Nova Scotia on Tuesday became the last of Canada’s biggest lenders to raise its posted rate for a five-year fixed-rate mortgage — from 5.14 per cent to 5.34 per cent. They also increased the posted rates for other fixed-rate term lengths. Such rates are different from the actual mortgage rates offered by banks to borrowers, which are not seeing the same increases. But the Bank of Canada uses the posted five-year fixed mortgage rates at Canada’s biggest banks to calculate the rate used in stress tests to determine whether borrowers can qualify for both uninsured and insured mortgages. Read more: Mortgage up for renewal? … [Read more...] about Canadian banks’ mortgage-rate increases could trigger rise in qualifying rate, analysts say