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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 19th, 2009
Carlsbad Mortgage Rates Near All Time Lows Again!
Carlsbad, CA -Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May, falling to 4.87 percent this week from 4.94 percent a week ago, according to Freddie Mac.
Carlsbad home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $400,000 by nearly $268 a month from a year ago, when long-term rates averaged 5.94 percent.
Other mortgage averages were as follows:
- 15-year loans fell to 4.33 percent.
- Five-year adjustable-rate mortgages dropped to 4.35 percent.
- One-year ARMs rose to 4.53 percent.
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 »
July 27th, 2009
Two Tips for Carlsbad Parents Buying Homes for Children
Carlsbad, CA – With Carlsbad and La Costa home prices low, now many parents are thinking of buying their children a home or investment property. If you are considering this type of gift, please be mindful of the tax consequences.
1. Give a cash gift. Although some parents want to (and can afford to) purchase a house for their children, many want to help but are not in the position to gift the entire cost of the home. Parents are allowed to gift up to $13,000 per person per year without incurring gift tax. This means two parents could give their child and spouse up to $52,000 per year to go toward a down payment.
2. Lend money. Rather than gifting, you may prefer to loan money. In order to avoid taxation, the government requires that loans from family members meet or exceed minimum loan rates to avoid having the loan be considered a gift.
If you have any real estate or mortgage questions about Carlsbad, La Costa, or other coastal areas, please contact us.
July 23rd, 2009
Jumbo Mortgages are Getting Easier
Over the past few weeks, it seems that it is getting easier to get jumbo mortgages in Carlsbad, CA.
Although Carlsbad jumbo interest rates still aren’t as low as a traditional conventional loan below $417,000, some of the big lenders, such as Bank of America, Wells Fargo, and JPMorgan Chase are cutting rates. Read the rest of this entry »
July 18th, 2009
Five Tips for Negotiating Your Next Carlsbad Mortgage
Obtaining a mortgage or refinance in Carlsbad, CA is something most dread. It can be overwhelming, time consuming, and unless done properly, can be very costly.
Before you apply for your next Carlsbad mortgage, consider this advice: Read the rest of this entry »
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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