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November 30th, 2009
Carlsbad Real Estate News – Credit Score Damage Points
| DAMAGE POINTS: HOW MISTAKES AFFECT FICO SCORES |
||
|---|---|---|
| Credit mistake | If your score is 680 | If your score is 780 |
| Maxed-out card |
Down 10 to 30 pts. |
Down 25 to 45 pts. |
| 30-day late payment |
Down 60 to 80 pts. |
Down 90 to 110 pts. |
| Debt settlement |
Down 45 to 65 pts. |
Down 105 to 125 pts. |
| Foreclosure |
Down 85 to 105 pts. |
Down 140 to 160 pts. |
| Bankruptcy |
Down 130 to 150 pts. |
Down 220 to 240 pts. |
| Source: FICO | ||
Carlsbad, CA - You may know your credit score – but do you have any idea how it is calculated? In a formula that is so secretive that they could tell you – but then they’d have to kill you, we never know how our actions will affect that score.
How will your credit score change if you close a credit card? Should you go through the hassle of a short sale, or just allow your house to go into foreclosure? What if things are tight, and you go over your credit card limit?
Your credit score is a three digit number normally between 300 and 850. It is the number used to determine the risk of giving you a loan.Scores over about 715 are considered good scores, and typically will get you the best interest rates. Scores over 600 and under 715 are moderate scores.
And although you may get a loan, you may pay a premium interest rate to get it. Scores under 600 are typically considered to be a high risk borrower. These borrowers either may not get a loan, or may pay much higher interest rates on their loan.
October 20th, 2009
Carlsbad, CA Mortgage Modifications Not as Simple as Originally Hoped
Carlsbad, CA - According to CNN Money, Half a million people are now in trial modifications under the Obama administration’s mortgage rescue plan, but getting them permanent help is proving to be much more difficult.
The foreclosure prevention plan, is meant to reduce eligible borrowers’ monthly payments to no more than 31% of their pre-tax income. In order to qualify, a homeowner must make three on-time monthly payments before they can receive a permanent modification. Read the rest of this entry »
October 12th, 2009
Carlsbad Short Sales Getting Tougher
Due to the hassles and costs involved, more banks are not agreeing to short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. According First American CoreLogic, one-third of borrowers owe more on their mortgages than their properties are worth, making it more enticing for borrowers to just walk away.
When their situations were really tough, most banks preferred short sales because they were their best opportunity to get the most money back. But with an improving economy, and because the losses on many of these properties have already been written off the books, banks are increasingly reluctant to negotiate a short sale.
Today, banks demand 9.5 weeks to respond to a short-sale request, compared to 4.5 weeks a year ago, according to research firm Campbell Communications. Their reluctance is frequently stymieing sales and frustrating real estate practitioners.
Source: Based on article from Business Week – Christopher Palmeri
September 9th, 2009
Three Important Tips For Buying Carlsbad Real Estate In Today’s Market
1. Clean Up Your Credit Before You Start Looking
Carlsbad home loans and interest rates are all dependent on your credit score. The higher your score, the more programs that are available to you. In today’s market, a score of over 700 is advisable for the best home loans
2. Don’t buy Carlsbad real estate unless you can afford to stay put.
Although property values have been on the upswing in La Costa and Carlsbad, there are still concerns about a coming wave of foreclosures. We may have seen Carlsbad property values at their bottom, but that is still unknown. Don’t buy Carlsbad real estate hoping to flip it quickly at a profit. Now isn’t the time to take that kind of risk! Read the rest of this entry »
August 25th, 2009
Time Running Out For First Time Buyer Credit!!!!
Carlsbad, CA – If you are a Carlsbad, La Costa, Oceanside, or San Marcos buyer who was hoping to take advantage of the first time home buyer’s tax credit – YOU BETTER HURRY! We are finding a number of things in the current market place:
1. The tax credit expires on December 1st, 2009. That means all real estate purchases have to be CLOSED before then. You can not still be in escrow. Read the rest of this entry »
August 24th, 2009
Carlsbad Real Estate For Sale – Is a Rent To Own Right For You?
Carlsbad, CA – With Carlsbad real estate buyers scarce and Carlsbad mortgages tight, some home sellers are offering rent-to-own options to potential buyers in place of your traditional transaction.
Rent-to-own contracts, usually require buyers to pay a premium on each month’s rent and sometimes an up front fee/deposit of about 5% of the purchase price. The regular rent then goes in owner’s pocket (presumably to pay the mortgage), but the additional payments are used to buy down the price of the home. Read the rest of this entry »
August 10th, 2009
Carlsbad Real Estate Buyers – Don’t Wait on Falling Prices
Carlsbad, CA – A fear of overpaying for Carlsbad, Oceanside, or San Elijo real estate is common these days, especially when prices continue to be unstable.
If you are a San Diego home buyer and are frozen because you are unsure what to do next – and are concerned you may pay too much, here are some items to consider: Read the rest of this entry »
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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