Hooray for USDA, and Other Stuff

This fall, the USDA home loan program is reducing its mortgage insurance premiums, which will make its loan program more affordable than ever.

In context, it means that using USDA financing to buy a $200,000 house in October will cost about $25 per month less than it does today. Hooray for USDA!

We had a moment last time to talk about mortgage fees, and a real-life scenario came up since then. A buyer had shopped their long-time credit union for a mortgage quote, then they called me. The credit union had about $1700 of line item lender fees, and the buyer couldn’t believe there are no lender fees in my quote. Guess my thoughts about being fee’d to death were outmoded, it’s still being done.

On a totally unrelated note, Clark Howard suggested we check the California State Controller’s Office website to see if there is money owed us. You see, California's Unclaimed Property Law requires corporations, businesses, associations, financial institutions, and insurance companies to annually report and deliver property to the California State Controller's Office after there has been no activity on the account or contact with the owner for a period of time specified in the law - generally (3) three years or more.

Google “California found money” to get to the site and see if there’s money waiting for you. Surprisingly, my own family was owed over $200, and friends were owed even more. Go get your money!

Last, a reminder that your credit score reflects recent account activity. If you’ve got unused credit cards, be sure to take them to lunch a least once every six months. Charge a few bucks and pay it back in full when you get your statement. It helps keep those cards’ history in the mix, and shows your responsible use of credit.

Tammy Engel is your local Mortgage Advisor, and has been working for your best interest since 1990. Contact her for help with purchase, refinance, and reverse mortgage at 661/822-7325.