Obtain A Lower Mortgage Interest Rate with Good Credit

/in /by

Get A Lower Mortgage Interest Rate

Good credit scores are important when obtaining financing for the purchase of a home.  Mortgage lenders determine interest rates and your particular risk by reviewing your credit scores, current credit available and credit history.   This said, it is worthwhile to know your credit rating in order to gauge the approximate interest rate that would be provided to you.  Also, it is wise to remove any derogatory filings from your credit prior to interviewing mortgage bankers and brokers.  Just a few tweaks can alter the interest rate provided and save you thousands of dollars over the course of the loan. If you feel there is something on your credit report that is not from you then you can dispute errors on your credit report here.

Six items that will help ensure your credit is healthy are as follows:

Late Payments:

Late payments and delinquencies are the biggest factors that determine your current credit score and, in turn, the mortgage rate that will be offered.  Late payments and delinquent balances make up approximately 35% of an individual’s overall credit score.

Late payments and delinquent balances will affect the type of loan and interest rate offered. You may want to get Everyday Loans to make sure you pay your mortgage. If your credit shows delinquent balances owed  then it will be wise to pay off the balances prior to applying for a home loan. Get OnQFinancial va home loans assistance if you are eligible to apply for it.

Debt to Income Ratios:

Along with reviewing your overall credit rating, a mortgage lender will also review how much credit you have and how much credit you are currently using.  For example, if you have accredit card with a credit limit of $1,000 and you consistently have a $950 balance then a mortgage lender may feel that you are “stretched” on your personal finances.

Rule of thumb:  keep the amount you owe  40% or under your current credit limits.  Doing so will show that you are not stretching your finances too thin and will provide your mortgage lender confidence that you can afford a new monthly payment.

Sent to Collections:

It is important to review your credit report in order to ensure that you have no collections reported.  If so, make certain to remediate the collection prior to applying for a home loan.  In order to purchase, a mortgage lender will require that all collections are paid in full.

Bankruptcy, Judgments or Liens:

Most should be aware of any bankruptcies, judgment of liens that may have been placed against you.  However, it will be important to review your credit report to confirm prior to seeing a mortgage lender.  The public records section located w/in your credit report will supply this particular information. (Source: www.checkpeople.com/public-records)

Closed or “never opened” credit accounts:

Ensure that you scan your credit report to ensure that any old or unused credit account are closed and that the closed dates are correct.  It is also important to make certain that you do not have any credit accounts that you do not remember opening.

Credit Inquiries:

Upon viewing yoru credit report you will notice a section which discloses who has been viewing your credit rating and report.  “Hard” inquiries (car loans, credit card application, etc) will typically affect your credit rating (albeit minimally).

A “soft” inquiry is when an entity views your credit report to verify that you have credit.  Examples of “soft” inquiries consist of:  home rental applications, mortgage applications and other types of credit inquires in which you do not need to obtain credit.  Soft inquiries typically do not affect credit scores.

Reference: https://unifycrm.com/solutions-page/marketing/.

Paid sponsor: Seattle Hard Money Lending – Cash Out Refinancing | Investors Choice

Boise area tops list of best places to retire!

/in /by

Boise ranks w/in the top 3 of CNN/Money Magazines best placed to retire.  Contributing to this honor is Boise’s thriving cultural scene which includes an opera company, the philharmonic orchestra, the Morrison Center for the performing arts, ballet, and the Shakespeare Festival.  Boise also received high marks for it’s recreational activities (we all know that!).

The TOP 10

1. Marquette, MI
2. Cape Coral, FL
3. Boise, ID
4. Danville, KY
5. Weatherford, TX
6. Southaven, MS
7. Pittsburgh, PA
8. Broken Arrow, OK
9. Lake Charles, LA
10. Winston-Salem, NC

Ada County Real Estate Update–Improvement Continues!

/in /by

Ada County Real Estate Update–Improvement Continues!

Sales within Ada County have increased 43% in comparison to sales in August of 2010. Typically, August home sales compare evenly with July yet August of 2011 had 7.3% more sales than July of 2011.  Year to date, there have been 245 more real estate transactions than in 2010 which compiled a total of 3,947 close transactions (2011 already has 4,192 transactions completed).  Is our local market beginning to “mend”?

Forty-five percent of teh3 sales in August of 2011 were distressed—up 3% from the previous month.  Distressed sales (bank owned property, HUD and short sales) continue to hinder market performance yet these types of homes for sale are no longer the majority!

The average days for houses for sale in New Tecumseth, Ontario and for homes sold in August was 81 which is down from 90 days last year at this time.  Another improvement.  Pending sales (homes which have an offer to purchase accepted by both the buyer and seller) decreased 6% from July yet there is an average pending sales number of 900 at the end of the last 3 months—another sign of the extensive recovery at hand.

The amount of homes for sale and available at the end of August fell below 2,500 units for the 1st time since March of 2006 while the percentage of active distressed homes for sale increased almost 2 percent from June to 35%.  All of this said, in Ada County there are 4 months of property inventory and historically this exemplifies a “seller’s market”.   The pricing category containing the least supply are homes priced fewer than 119K in which there is just 3 months of inventory available.  However, consumption of inventory is increasing in all price ranges.

There is good news for home owners that have property w/in the upper echelon of pricing.  Homes priced $500,000-$699,999 have seen inventory decreased for the fourth month in a row to 6.9 months.

The local market continues to benefit from inventory levels lower than the average currently contained w/in the United States.

Will inventory levels continue to decrease due to recent hirings?  If so, we may see home builders making moves again which would greatly benefit our local economy.  I’d love to hear your thoughts . . .

Thinking of taking advantage of historically low pricing and interest rates?  Please call me dire ctly at 208-869-3469 in order to discuss your options.

Building the Perfect Home Theatre Room

/in /by

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

Adding Granite to Your Luxury Kitchen

/in /by

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind. This is an example of a WordPress post, you could edit this to put information about yourself or your site so readers know where you are coming from. You can create as many posts as you like in order to share with your readers what exactly is on your mind.

Investment Property Appeal Strengthens

/in /by

Investment Property Appeal Strengthens

According to recent statistics (check out this site to know more on those statistics), investment property and total multi-family sales (rentals,  duplexes, tri and four-plexes) increased nearly eighty percent within the 2nd quarter of ’11 and within  the same period of 2010—a statistic that demonstrates the United States’ shift from owning a home rather than renting.   It can be assumed that the increase in apartment and rental living has increased due to the amount of home owners that have lost and are currently losing a home through foreclosure or short sale.  The upsurge of demand has caused a decrease in vacancy rates and an up-tick in rental prices.

Although inferior to the mid-2007 peak, quarter two in 2011 saw a robust $15 billion in sales from investment property bringing the yearly total to 24.5 billion.  Mulit-units and apartment buildings rank as the most appealing real estate purchase investments (investors are pulling capital out of the stock market and putting their money in a tangible asset which doesn’t fluctuate as drastically).   Investment property developers have already promised new projects due to the high demand. As new developers are actively building apartment buildings, a crane hire is much needed to complete these projects.

Coastal real estate markets have accounted for the large majority of sales volume in multi-family units.  Top market included:

Los Angeles:  2.3. Billion

Bay Area:  2.1 Billion

Washington D.C. 2.6 Billion

Investors with high capital “in hand” have been the most vigorous investment property purchasers.

10 Markets with Highest Drop in Home Values

/in /by

10 Markets with Highest Drop in Home Values

 

California dominates the list of metro areas with the largest percentage of decline in home values since 2006 (6 of the 10 metro areas which lost substantial home values were in the sunny State of California).  Florida metro area’s encompassed 2  cities on the list and the remaining are located in Arizona and Nevada.  The Boise-Nampa Metro area is fortunately not “on the list”.

The declines in estimated values varied from 67% to 55% while the estimated value decline ranges from $383,000-$125,000.

1)  Merced, CA

Value Difference (percentage):  -67%, Value Difference (dollars):  -$222,220

2)  Modesto, CA

Value Difference (percentage):  -63%, Value Difference (dollars):  -$223,800

3)  Stockton, CA

Value Difference (percentage):  -62.9%, Value Difference (dollars):  -$253,975

4)  Las Vegas, NV

Value Difference (percentage):  -61%, Value Difference (dollars):  -$186,000

5)  Vallejo, CA

Value Difference (percentage):  -59%, Value Difference (dollars):  -$277,550

6)  Salinas, CA

Value Difference (percentage):  -57.5%, Value Difference (dollars):  -$382,115

7)  Daytona Beach, FL

Value Difference (percentage):  -56.8%, Value Difference (dollars):  -$125,243

8)  Bakersfield, CA

Value Difference (percentage):  -56%, Value Difference (dollars):  -$153,741

9)  Fort Myers, FL

Value Difference (percentage):  -56%, Value Difference (dollars):  -$162,097

10)  Phoenix, AZ

Value Difference (percentage):  -55.6%, Value Difference (dollars):  -$154,000

Mortgage rates plumb new depths

/in /by

Mortgage rates plumb new depths

Mortgage interest rates dropped into unknown territory as concerns mounted that the U.S. and Europe may be facing another recession.  The “feeling” had investors moving their funds out of stock markets and into the so called safety of government backed securities and bonds that fund most mortgages provided.

The latest mortgage market survey by Freddie Mac showed both fixed and adjustment rate loans continurd a 3-week slip to hit new interest rate lows.  Interest rates are now nearly a full percentage point below highs seen at the first of 2011.

The Mortgage Bankers Association conducted a separate survey which suggested that low rates aren’t generating an increase in home loans and many who are eligible to refinance already have.  Doubts about the economy made prospective home purchasers weary of applying for new home loans.

The 30-year fixed mortgage rate held steady at 4.14 percent—down from 4.32 percent the previous week (here’s the free of charge reverse mortgage calculator to check the numbers).  This is a new all-time low for 30-year fixed mortgages according to Freddie Mac since the mortgage insurance giant began recording statistical data in 1971.

Bank Owned Meridian Home for Sale (HUD)

/in /by

Bank Owned Meridian Home for Sale (HUD)

1308 W White Sands Dr  Meridian, ID  83646

Unbelievable bank owned Meridian home for sale located within an established Baldwin Park Community which features a community pool, walking paths, parks and play areas.  An approximate monthly payment for this home at the asking price would be at or around $850 monthly—why rent?!?  The interior of this bank owned Meridian home for sale features extensive tile work within the kitchen and bathrooms, custom finishes, newer appliances, an open/bright floor plan along with the master suite being situated on the main level.  The exterior is private and presents a wonderfully shaded back patio.  This bank owned Meridian home for sale will go quickly!  Offered at only $136,000 yet it’s a buyer’s market and the seller may take less.

The seller of this bank owned Meridian home for sale may provide a closing cost credit of 3.5% to be included with the purchase of this home.

Please visit https://trustidaho.com/search/#PropertyID=39302594 to view detailed information on this bank owned Meridian home for sale.

Interested in obtaining information on all bank owned Meridian homes for sale?  I will forward a list of available bank owned Meridian homes for sale within 24 hours.  Please call me at 208-869-3469 or send your request to:  [email protected]


Call me today for additional information or to view the interior of this bank owned Meridian home for sale!  208-869-3469 . . .

Worst Year on Record for New Home Sales?

/in /by

Fueling fears that 2011 may be the worst year on record for new home sales, July new home sales fell for the third straight month with predictions for April, May and June being revised down.  Recording an annual rate of nearly 300,000, sales declined 0.7 percent from June.  Even though new home sales improved nearly 7% on a yearly basis, this particular number may be skewed by the expiration of the homebuyer tax credit in 2010.

It is estimated that new home sales will be at or around 319,000 yet the number may be decreased due to downward revisions.  Last year, the estimated new home sales were at 321,000.  It is shaping up to be the poorest year on record for new home sale since data started to be tracked in 1960.

Inventory of new homes for sale and available fell to record lows of 165,000 homes—just over a 6 month supply at the current rate as builders continued to retract on future projects.  Low inventory will be an advantage when the market turns even though the recent amount of building permits pulled do not provide a lot of hope for a turn-around in the near future.

Falling 6% to $222,000, the median new home sales price continued to decrease.  The average price for new homes gained 1 percent to $272,000.  Homes offered between 200K-300K did the best in July by claiming 36% of the National market.  Numbers decreased in the upper-end price ranges with homes offered between 400K-500K claiming only 4% of total sales. Who has money to buy a $500,000 home these days anyway?