Is A "Perfect" Credit Score Required?!

Greetings Friends!

You might be wondering that same question -- is a "perfect" credit score required to get in to the housing market?

Here's a quick look at why you don't have to be "perfect!" (Phew!)

It is possible for you, or someone you may know, to break in to the real estate market!  Why not put your money to work for yourself - instead of for your landlord!

As always, I'm here if you have any questions!

~Amy

Source: KCMBlog.com

Is Qualifying for a Mortgage Getting Easier?

Last week I shared that requirements for obtaining a mortgage were easing as interest rates were beginning to creep.

I wanted to pass along this article as well that offers some additional information related to mortgages & the requirements to obtain a mortgage for first-time & next home buyers.

Is Qualifying for a Mortgage Getting Easier? 

Again, even with the loosening of the reins for qualifying, it is always important to mindful of the trajectory of mortgage interest rates, so that you can take advantage of the market at the best possible time.

Let me know if you have any questions!

~Amy

Source: KCMBlog.com

Credit Score Requirements Lower as Interest Rates Creep Higher!

Hi Friends!

Now is definitely the time to take advantage of the still historically low interest rates before their continue their upward trend!  

Take a look at this graphic -- it's clear that interest rates are heading upward.  

If you or someone you know is thinking of making their first, or next, move - please let us know how we can help!  

~Amy
Source: KCMBlog.com

What Happened to Our Credit Scores?

A credit score of 680 used to mean something. Now, according to Bankrate.com the best rates and mortgage programs go to consumers with 700+ credit scores. Less than 700, and you may see additional fees.

The ever-changing landscape of credit markets and the economy is making the challenge of credit worse. Even a consumer who pays their debts faithfully may have seen a falling score.

So what's the cause? Some reasons include older and more established cards may have been closed due to lack of use. Credit limits may have been dropped. How much cash is left after paying debts on a monthly basis may also contribute.

So what is one to do?......besides getting debt free (yahoooo!!!)

1. Understand how credit works. People assume that if they pay their bills on time, everything will be all right. Although that's generally accurate, it's only part of the equation.

2. Credit & Debt Optimization; consumers need to look for ways to reduce credit card balances, thereby strenthening the credit score. Reduce interest rates, or move balances to lower rate alternatives.

3. Review credit at least three or four times a year. Monitor for changes that may have occured without anyone's knowledge

4. Last but not least - get debt free .... oh, I already said that!

(thanks to RisMedia Real Estate 5/2009 issue)