Buyers

Credit Score

Institute

For help with your credit score please check out Credit Score Institute

10 Ways to Improve Your Credit

Score

If your credit score is “fair” or “poor”, don’t panic — there is plenty you can do to fix it. We know it can be stressful to learn you’ve got a poor or fair credit score. But the good news is there is plenty you can do about it. It almost always makes financial sense to postpone buying a home until you’ve got a score of at least 660. But don’t worry — many people can pull this off in as little as six months, and we’re going to show you how to do the same. 1. Carefully review your credit report. Almost 80% of credit reports contain at least one error. That means you may have mistakes on yours that are pulling down your score. So go through it line by line to ensure nothing funny is going on. If it is, tell the credit bureau in writing what information you believe is inaccurate. (If you correct the error with one credit bureau, all three will get updated). Include copies (not originals) of documents that support your position and enclose a copy of your credit report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document that the credit bureau received your correspondence. Keep copies of your dispute letter and enclosures. 2. Reduce your credit card balances. High balances on multiple cards pull down your score. So a big priority is to pay them off, especially if you’re carrying monthly debt greater than a third of your gross monthly income (so, if you earn $6000 a month before taxes and you’ve got debt that exceeds $2,000 in any given month, your credit score is being pulled down). 3. But don’t cancel any of them. It’s probably tempting to cancel credit cards, especially if you’ve got a couple you never or rarely use. Don’t. Doing so will just make your credit-utilization ratio worse (which basically means the amount of debt you carry relative to available credit). For example, if you’ve got five credit cards with $1,000 credit limit on each, you’ve got $5,000 of available credit. If you’ve maxed out two of them (meaning, you’re carrying $2,000 in debt), you still are using less than half of your total available credit. But if you cancel a couple cards, suddenly you’ll be carrying $2,000 worth of debt out of, say, only $3,000 of available credit. And that reflects badly on your score. 4. And don’t get any new ones, either. Opening a lot of new accounts makes you look desperate for some quick cash, and can raise some alarms. The goal now is to become saintly about the credit cards you’ve already got. 5. ...Unless you don’t have any credit cards at all. But if you don’t have any credit cards, consider getting one or two. Having and using them responsibly can really build your score. 6. Pay all your bills on time — every time. Make sure you pay every single one of your bills on time, whether it’s a credit card or electricity bill. If you’re prone to forget, set up automatic withdrawals to make sure nothing gets forgotten. 7. But if you haven’t in the past, ask for forgiveness. If you’ve been a good customer, a lender might agree to simply erase one or two late payments from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company (and the better your credit in general). But it can’t hurt to ask. 8. Don’t buy anything big. Avoid buying any big-ticket items, like a new car or fancy appliances, that you might need to buy on credit, especially within six months of applying for a mortgage. 9. Don’t quit your job. Lenders like stability. If you’re the type to jump from job to job, or if you just started a new one (even if it’s a higher income than your last), you look like a higher risk than someone who has been consistently employed. 10. Pull together a bigger down payment. This is especially true for those with lower credit scores — the bigger your down payment, the better your interest rate. Borrowers who have at least 20% as a down payment are less likely to default than those with less available, so lenders reward them accordingly.
· · ·
If your home is currently listed with a real estate broker, this message is not intended to be a solicitation of the listing.  Ritter Real Estate is a federally registered trademark owned by Ritter Real Estate.  All other trademarks are the property of their respective owners.  REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code Of Ethics. Any information or tools on the web site are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. For personal advice regarding your financial situation, please consult with a financial advisor.
©Net Marketing Dynamix 2016
573-579-4046
339 Broadway Ste 206  Cape Girardeau MO. 63701    
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7 Questions to Ask Before Buying a Home

By Dana Dratch • Bankrate.com

Prepare for buying a home

Before you make an offer on a house, it pays to ask a handful of questions. While the answers might scare you off or make you rethink your bid, they could make you feel more confident that you're making the right move on the right house. As you prepare for buying a home, here are seven questions to ask before you make the offer. What is this property worth in today's market? For ethical reasons, agents can't tell you how much to offer, says C.D. "Chip"  Boring, broker/owner of Re/Max Realty Plus in Sebring, Fla. Instead of asking directly how much the home is worth, you ask indirectly, by seeking information about comparable sales, or "comps."  An agent should arm you with plenty of comparables --prices of similar, nearby  homes that have been sold recently-- along with high and low ranges for a particular property, Boring says. Your agent can tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting, says Dick Gaylord, past president of the National Association of Realtors and broker with Re/Max Real Estate Specialists in Long Beach, Calif. This information tells you how hot the market is where you are looking, he says. Also ask how long the property has been on the market. If it's been languishing for months with nary an offer, it could be slow market or it could be overpriced, says Robert Irwin, author of "Tips and Traps When Negotiating Real Estate." How flexible is the seller on the asking price? If you insult the seller with a lowball offer, you could lose your shot at the house. To avoid offending the homeowner, ask the seller's agent how firm the seller is on price, Irwin says. You can have this conversation directly with the seller's agent or have your agent ask the question. Keeping it in terms of "how flexible are they on the price?" instead of "how much less will they take?" allows you to feel out the situation without offending the seller, Irwin says. Not every seller will be willing to bargain, so if your strategy is to make lowball offers, plan to make "offers on several properties before you connect with a seller who will deal," Irwin says. A question that often goes hand-in-hand: Is the seller willing to help with the closing costs? On foreclosed homes, a seller's contribution to closing costs "certainly is common with Fannie Mae and Freddie Mac because they want to sell their properties," Gaylord says. "And sellers who have equity in their property and want to help are helping." What's wrong with this house? "One of the things that's happening now is every house is in 'perfect condition,'" Irwin says. "The sellers really want to get rid of the properties, so they're failing to disclose any real problems." Take the direct approach, he says. Ask: "Is there a problem with this house?" Irwin recommends reminding sellers that with inspections and disclosures, chances are you'll find any problems. "So if the sellers just get it out in the open, they'll avoid wasting your time and theirs," he says. Some sellers' agents recommend a home inspection before putting the home on the market, Boring says. If one has been done, ask to read it. Some states, such as Texas, mandate disclosure forms in which sellers have to reveal any issues or problems with the house, says James Foltz, who recently bought a home there. In his case, the disclosure not only provided information, but it also started a dialogue with the seller. Foltz learned that there had been a problem and that it had been fixed. In the end, Foltz says, "It wasn't that big a deal.”
Read More Here

Buyers

Credit Score

Institute

For help with your credit score please check out Credit Score Institute

10 Ways to

Improve Your

Credit Score

If your credit score is “fair” or “poor”, don’t panic — there is plenty you can do to fix it. We know it can be stressful to learn you’ve got a poor or fair credit score. But the good news is there is plenty you can do about it. It almost always makes financial sense to postpone buying a home until you’ve got a score of at least 660. But don’t worry — many people can pull this off in as little as six months, and we’re going to show you how to do the same. 1. Carefully review your credit report. Almost 80% of credit reports contain at least one error. That means you may have mistakes on yours that are pulling down your score. So go through it line by line to ensure nothing funny is going on. If it is, tell the credit bureau in writing what information you believe is inaccurate. (If you correct the error with one credit bureau, all three will get updated). Include copies (not originals) of documents that support your position and enclose a copy of your credit report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document that the credit bureau received your correspondence. Keep copies of your dispute letter and enclosures. 2. Reduce your credit card balances. High balances on multiple cards pull down your score. So a big priority is to pay them off, especially if you’re carrying monthly debt greater than a third of your gross monthly income (so, if you earn $6000 a month before taxes and you’ve got debt that exceeds $2,000 in any given month, your credit score is being pulled down). 3. But don’t cancel any of them. It’s probably tempting to cancel credit cards, especially if you’ve got a couple you never or rarely use. Don’t. Doing so will just make your credit-utilization ratio worse (which basically means the amount of debt you carry relative to available credit). For example, if you’ve got five credit cards with $1,000 credit limit on each, you’ve got $5,000 of available credit. If you’ve maxed out two of them (meaning, you’re carrying $2,000 in debt), you still are using less than half of your total available credit. But if you cancel a couple cards, suddenly you’ll be carrying $2,000 worth of debt out of, say, only $3,000 of available credit. And that reflects badly on your score. 4. And don’t get any new ones, either. Opening a lot of new accounts makes you look desperate for some quick cash, and can raise some alarms. The goal now is to become saintly about the credit cards you’ve already got. 5. ...Unless you don’t have any credit cards at all. But if you don’t have any credit cards, consider getting one or two. Having and using them responsibly can really build your score. 6. Pay all your bills on time — every time. Make sure you pay every single one of your bills on time, whether it’s a credit card or electricity bill. If you’re prone to forget, set up automatic withdrawals to make sure nothing gets forgotten. 7. But if you haven’t in the past, ask for forgiveness. If you’ve been a good customer, a lender might agree to simply erase one or two late payments from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company (and the better your credit in general). But it can’t hurt to ask. 8. Don’t buy anything big. Avoid buying any big-ticket items, like a new car or fancy appliances, that you might need to buy on credit, especially within six months of applying for a mortgage. 9. Don’t quit your job. Lenders like stability. If you’re the type to jump from job to job, or if you just started a new one (even if it’s a higher income than your last), you look like a higher risk than someone who has been consistently employed. 10. Pull together a bigger down payment. This is especially true for those with lower credit scores — the bigger your down payment, the better your interest rate. Borrowers who have at least 20% as a down payment are less likely to default than those with less available, so lenders reward them accordingly.
· · ·
©Net Marketing Dynamix 2016
339 Broadway Ste 206  Cape Girardeau MO. 63701    
Start My Home Search

7 Questions to Ask

Before Buying a

Home

By Dana Dratch • Bankrate.com

Prepare for buying a home

Before you make an offer on a house, it pays to ask a handful of questions. While the answers might scare you off or make you rethink your bid, they could make you feel more confident that you're making the right move on the right house. As you prepare for buying a home, here are seven questions to ask before you make the offer. What is this property worth in today's market? For ethical reasons, agents can't tell you how much to offer, says C.D. "Chip"  Boring, broker/owner of Re/Max Realty Plus in Sebring, Fla. Instead of asking directly how much the home is worth, you ask indirectly, by seeking information about comparable sales, or "comps."  An agent should arm you with plenty of comparables --prices of similar, nearby  homes that have been sold recently-- along with high and low ranges for a particular property, Boring says. Your agent can tell you how long homes are staying on the market, and the percentage of the asking price sellers are getting, says Dick Gaylord, past president of the National Association of Realtors and broker with Re/Max Real Estate Specialists in Long Beach, Calif. This information tells you how hot the market is where you are looking, he says. Also ask how long the property has been on the market. If it's been languishing for months with nary an offer, it could be slow market or it could be overpriced, says Robert Irwin, author of "Tips and Traps When Negotiating Real Estate." How flexible is the seller on the asking price? If you insult the seller with a lowball offer, you could lose your shot at the house. To avoid offending the homeowner, ask the seller's agent how firm the seller is on price, Irwin says. You can have this conversation directly with the seller's agent or have your agent ask the question. Keeping it in terms of "how flexible are they on the price?" instead of "how much less will they take?" allows you to feel out the situation without offending the seller, Irwin says. Not every seller will be willing to bargain, so if your strategy is to make lowball offers, plan to make "offers on several properties before you connect with a seller who will deal," Irwin says. A question that often goes hand-in-hand: Is the seller willing to help with the closing costs? On foreclosed homes, a seller's contribution to closing costs "certainly is common with Fannie Mae and Freddie Mac because they want to sell their properties," Gaylord says. "And sellers who have equity in their property and want to help are helping." What's wrong with this house? "One of the things that's happening now is every house is in 'perfect condition,'" Irwin says. "The sellers really want to get rid of the properties, so they're failing to disclose any real problems." Take the direct approach, he says. Ask: "Is there a problem with this house?" Irwin recommends reminding sellers that with inspections and disclosures, chances are you'll find any problems. "So if the sellers just get it out in the open, they'll avoid wasting your time and theirs," he says. Some sellers' agents recommend a home inspection before putting the home on the market, Boring says. If one has been done, ask to read it. Some states, such as Texas, mandate disclosure forms in which sellers have to reveal any issues or problems with the house, says James Foltz, who recently bought a home there. In his case, the disclosure not only provided information, but it also started a dialogue with the seller. Foltz learned that there had been a problem and that it had been fixed. In the end, Foltz says, "It wasn't that big a deal.”
Read More Here
If your home is currently listed with a real estate broker, this message is not intended to be a solicitation of the listing.  Ritter Real Estate is a federally registered trademark owned by Ritter Real Estate.  All other trademarks are the property of their respective owners.  REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code Of Ethics. Any information or tools on the web site are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. For personal advice regarding your financial situation, please consult with a financial advisor.
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