I’m having a little party today because rates are DOWN again!!

Mortgage Bonds are trading higher (rates are lower) today because the ADP employment report showed private employers hired a less workers than expected in May.  Not great for the economy, but good for rates.

For comparison sake, rates with no lender fees are 4.375% on a 30 year fixed, 3.625% on a 15 year fixed, and 2.875% on a 5/1 ARM.  You can use these rates to negotiate the best deal with your loan officer (click here to get the details). If you have a question, shoot me an email, post on Facebook, or tweet at me.  I’m here to help.

In today’s mortgage lending environment it is so important to improve or at least maintain great credit.  Good credit isn’t good enough anymore, so today I’m focusing on the best ways to get your credit score higher.

Here are my top 5 ways to increase your credit score:

  1. Use your credit
  2. Increase your credit limits
  3. Utilize different credit types
  4. Pay your utilities on time
  5. Get a secured credit card if you can’t get a regular card

I explain more in today’s video:

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(Watch it on your mobile phone or email reader here)


As you know from past episodes, many things need to change in our industry. Technology, communication, and service expectations are totally different from the 90’s when I started.  It’s time to reboot and get with the times.  For Realtors, I can’t get enough of the Agent Reboot conference series going around North America.

It’s only $49 in advance and there’s hardly any excuse why you shouldn’t go to one in your area.  For all my Canadian friends, you’ll be happy to know that Agent Reboot is headed to Vancouver, BCtomorrow for their first ever stop in Canada.

It’s time to Reboot!

Speaking of rebooting, after a bruising economic environment the last couple years, many good, responsible people need a chance to reboot their credit scores.

In todays lending environment it is more important than ever to improve or at least maintain not good, but GREAT credit.  So here is a top 5 list of items you can do to improve your credit score.

  1. Use your credit. Yes you heard me right.  Those credit cards that have zero balance and are just sitting there – Use them!  Use them to pay for your gas or groceries and then just pay them off in full.  Make sure the amount you use is less than 10% of your credit limit.   That is the trick.
  2. Increase your credit limit. Your score can go down if you are maxing out your credit cards.  If you ask your credit card company for and increase in your limit it will decrease your percentage of credit used.  This helps a lot.  Never go over 50% of your available balance.  You are better off opening a new credit card.
  3. Have different types of credit. You should have and Mortgage an installment loan like a car and at least two forms of revolving credit like credit cards.
  4. Pay your utilities on time. Guess what, your electric company reports to the credit bureau.  Paying this late will hurt you as much as missing a car payment.
  5. If you cant get a normal credit card get a secured credit card. This will help you build your credit using your own money.  You give the card company a certain amount of funds and you then get that amount as credit and the card will then report your pay history to the credit bureau.  This is a great way to jump start your credit for young adults or anyone with some credit challenges in the past.

Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!

See you tomorrow!

– Mike

PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below.  Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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