Credit Scores

Your credit score is one of the most important numbers you'll carry through life. This score determines whether your application for a credit card, auto loan or mortgage is approved or rejected. Insurers use it to set premiums, and employers look at it when you apply for a job. There are no shortcuts to improve a less-than-stellar credit score.

Here are 7 moves to improve your credit score:

1. Correct any errors on your credit reports. Order free copies of your credit reports from Annualcreditreport.com and read them thoroughly to find errors. Removing inaccurate information can give your credit score a bump in about 30 days and costs nothing but postage. Just mark up your credit report with the errors you found, write a letter that explains the problems and ask the credit bureau to investigate.

2. Pay all of your bills on time

3. Use every credit card you have. Credit cards that never see the light of a cash register don't contribute to your payment history. Rotating charges among all your cards, and making all of the payments on time, can build a good payment history more quickly.

4. Pay down credit card balances. Try to keep your debt-to-available-credit ratio below 50% on every card.

5. Don't apply for credit on a whim.

6. Ask to have a repaid debt taken off your credit history.

7. Become a cosigner on an established credit card.

Less that stellar credit at the moment and looking for a home? Give us a call at 763-784-3400 or visit our website at www.contractorscapital.com. We can help.

Today's Rates

It’s still a good time to build your own home to take advantage of the low rates! Rates for 30-year home loans were unchanged this week and remain close to record-low levels.
The average rate for a 30-year fixed mortgage was 5.04 percent, the same as a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still attractive for people looking to buy a home or refinance. Applications for home loans rose nearly 13 percent last week from a week earlier as refinancing applications surged, the Mortgage Bankers Association said Wednesday.
Loan type -- Today -- Last week
30-year fixed -- 5.25% -- 5.20%
15-year fixed -- 4.67% -- 4.66%
30-year fixed jumbo-- 6.20% -- 6.18%
5/1 ARM -- 4.29% -- 4.30%
7/1 ARM -- 4.80% -- 4.81%

Questions? Contact us at: http://www.contractorscapital.com or 763-784-3400

Winterizing Your Home

Well, today is the first day of fall. With winter right around the corner, here are a few tips to help winterize your home. A cap on your chimney will prevent birds or small animals from entering it and possibly blocking the exhaust from getting out which could lead to a build up of carbon monoxide. Clean out the gutters to avoid build up of debris and ice which could lead to damage. Check all windows and doors and repair any damaged weather stripping. By doing this it keeps drafts out and keeps heat in which will lead to lower heating bills. Make sure you blow out your sprinkler systems and don’t forget to drain and store garden hoses and also drain external taps and external pipes. You may also want to have someone give your furnace a tune up to make sure it is running at peak efficiency. Lastly, make sure you have a clean filter in your furnace. Taking the time to do these few preventative things each fall could save you time and money in fixing a problem later. This advice from Contractors Capital Corporation. Please visit us at www.contractorscapital.com.

Contract for Deeds on Lots

With many lots at 50-75% off their peak prices, now is a great time to reserve your lot for future building before prices go up. At Contractors Capital Corporation we have many lots available. We offer Contract for Deeds on lots at low interest rates with as little as 3% down. Look at our lot inventory and see if one is right for you. Don’t miss this once in a lifetime pricing even if you don’t plan to build immediately. Contact Ryan or Jerry at 763-784-3400 or visit our website at www.contractorscapital.com for more details.

Landlords in Foreclosure

According to the National Low-Income Housing Coalition, one in five homes in foreclosure nationwide is occupied by a tenant. What is becoming a common theme throughtout the country and locally is about landlords in foreclosure and the tenants are shocked when the find they need to move, often quickly. If you are the one in five tenants that have found yourself in the position of having to move, we can help. We have houses and townhomes in a variety of cities in the metro area, many available immediately. Please call us at 763-784-3400 or visit our website at www.contractorscapital.com for more information.

Experience Does Matter

Contractors Capital Corporation is proud of its history and excited about their future. Over the last 10+ years we have grown to be a major player in the construction finance business. Contractors Capital is probably the most diverse lending company in the whole state. Not only can we help you with your construction financing, but also assist you in the actual construction of your home and the end financing as well - the whole process. Our staff consists of bankers, builders, realtors, accountants, and other professionals that can make your construction process seamless and enjoyable. With our experience, expertise, background and education we feel that your best decision would be to call one of our competent loan officers to assist you with your construction finance needs. Our offices are located both in the north metro and south metro for your convenience. Please call on us at 763-784-3400 or visit our website at www.contractorscapital.com.

Credit Restoration

In today’s most challenging economic conditions credit sometimes gets tarnished. Good people with good intentions sometimes end up with marks on their credit that hamper their ability to obtain mortgage financing. We at Contractors Capital realize that, and have the staff, the expertise and the knowledge to work with our clients to restore their credit. Our trained professionals can work parallel with our clients, their creditors and the credit bureau to resolve unsettled issues and to help replace, and in some cases remove negative items. We are proud of our credit restoration department and encourage you to call us for your credit repair concerns.
Please contact us at 763-784-3400 or www.contractorscapital.com

Plan on Moving? Options to Consider.

How often do people move? In the US, the national average as tracked by the National Association of Realtors is every 7 years although it varies from region to region somewhat.

If you are you thinking of moving into a house, building a house, buying a lot now and building later, being your own General Contractor, buying investment property, renting a townhome or house, buying either a townhouse or home on a rent to own program, we would like to talk to you. We sell our lots, homes, condominiums and townhomes on a Contract for Deed and also offer other creative financing options.

So if moving is in your future, whether it’s this year or in a few years, please consider speaking with one of our loan officers to discuss your plans. Contractors Capital Corporation is the only place you need to look. We feel we are unique for so many reasons including our outstanding customer service and creative financing ideas. Our experienced and competent staff will work tirelessly with you to make sure you are matched with the program that is exactly right for you. Once you are a customer you can be confident we will continue to service your account as if you are the only one we have.

For more information, please contact us at 763-784-3400 or www.contractorscapital.com.