Medical collections CAN make a difference in your credit scores, can be disputed and, sometimes, be totally removed from a credit report. Credit scores DO make a difference in mortgage rates and programs offered. Depending upon loan-to-value of property, as well as credit scores, a borrower may experience up to a half-point differentiation in their offered rate – at the same lender, or even be turned down for a mortgage. Many hospitals and doctors don’t have sufficient staffing to send out monthly statements, so will automatically hand over their accounts receivable to a collection agency. If the patient doesn’t actively manage their medical bills and follow up on non-insurance paid balances, the patient may find a BIG surprise on their credit report when they choose to purchase a new home or do a refinance. Interesting story: We recently had a borrower with major resources, but with two medical collections which were less than $250 in total. Although the medical collections didn’t need to be paid off in order to complete the transaction, the collections were investigated and eventually removed from the credit report. The after-effect of the medical collection scar removal was almost 100 points increase in the credit score – and a half point decrease to the offered interest rate. We are mortgage TECHNICIANS, and look forward to discussing rates, programs, and loan scenarios. We’ll answer questions for either your BUYERS or SELLERS. Please feel free to call for any clarifications and/or analyses. ANASAZI MORTGAGE RATESFOR Primary Residence (purchase only)As of 10/02/2012
Mortgages to $417,000 (Conforming)
w/ 1 PointAPRw/ no PointAPR
30-YR3.75%3.491%3.50%3.536%
15-YR2.50%2.705%2.75%2.813%
Mortgages $417,001 – $1,500,000
w/ 1 PointAPRw/ no PointAPR
30-YR3.625%3.727%4.00%4.021%
15-YR3.00%3.181%3.375%3.412%
3/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.25%4.250%2.50%4.496%
JumboNot competitive at this time
5/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.25%3.965%2.50%4.276%
JumboNot competitive at this time
7/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.375%3.991%2.625% 4.289%
JumboNot competitive at this time
Mortgages in excess of $1,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.
Ginger Bowe SullivanANASAZI MORTGAGEP. O. Box 5724Santa Fe, NM 87502-5724Phone: 505-995-8888Toll-Free: 800-995-8888 (if calling outside Santa Fe)Fax: 505-995-8885ginger@anasazimortgage.com