Tag Archives: FICO Score

Window of Opportunity

No doubt this unpredictable market is different for everyone. It makes sense to be cautious when everything in your life is uncertain; it makes sense to be a little bolder in risking all you’ve got if there’s nothing to lose. And there’s  more in between! This window of opportunity is like having the planets align once in a lifetime. What Window of Opportunity? Let’s see…when was the last time Low Interest Rate aligned with Favorable Housing MarketHelpful Program Assistance (FHA, etc), and a few other things to consider.

1. It’s a market for First-time Home Buyers. With FHA’s qualifying standard–3 1/2 % DOWN PAYMENT and 620 FICO score (or lower with varying circumstances), wouldn’t you equate this with subprime loan? From my email, I just got the info from Gary, BFC Home Mortgage Consultant based in our Anaheim office, that “FHA  is lowering the MI Up Front Premium and increasing the annual (monthly) mortgage insurance premium…effective with case numbers assigned on or after October 4, 2010”–in short, if you’re renting $750/mo and you can OWN a  condo…wouldn’t it make sense  to BUY if there’s some certainty in your life? Granting you’ll pay HOA…but you’ll have the tax break, etc. etc. For more of the home-buying process, visit Gary at www.homeloans.com/loans/gary-deloach  …he surely could explain it better than me!

2. It’s a market for Equity Sellers, too. Do you have equity in your home? Maybe your mortgage payment is so low it would make sense to rent it out and be in a place you really want to be–your dream home just got more affordable. Wait a minute…ask yourself–am I ready to become a landlord/landlady? The possibilities are endless…and they all come with RISKS. Don’t Investors take risks? At this market? ALSO: with the lower market value, the taxes in your dream home will also be lower.

3. The Distressed Market–Short Sale, Deed-in-Lieu, Foreclosure, Bankruptcy! Things happen in our life, and we have to deal with them as best we could. There are more options now than in 2008 and 2009 when there were more Foreclosures than Short Sales. I don’t need to look at the statistics to see that there are more Short Sales than Foreclosures in 2010. It may seem to be the path of least resistance to just walk away without really thinking of the tax consequences, or the Second Mortgages…only to find out that they don’t really disappear. Purchase money may be easy to forgive, but 2nd or 3rd mortgages may have been sold to collection agencies that could follow anyone relentlessly. I will not go into details, but Short Sale has a lot more advantages, especially with the HAFA-Help Is On The Way. Should I then say…it’s a market for Short Sales? Wouldn’t Short Sale be a better option when you can possibly buy another house in 2 years? Would that be too far from affordability?

Generally, today’s lower rates translate into comparatively lower purchase costs. Ultimately…discuss tax and legal aspects with your accountant or lawyer because your situation is unique to you. Arm yourself with information as you don’t want to miss that window of opportunity…if and when it opens up to you.

 

Originally posted @ https://xzyllar.wordpress.com

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Annual Credit Report

It was intriguing to listen to this old gentleman–I am old but he’s older–talking about something that did not interest me before, but now I have to learn by trade. From credit history to credit checks…FICO SCore was born. How important it is to each one of us may differ, but we can’t ignore it at all from the ‘plastic’ world of our everyday existence to the ‘concrete walls’ of our dreams–we are measured according to our FICO Scores. Where art thou Fair Isaac? I need the favor of your COmpany… Or my life is Gloomed and Doomed! I’ll just get you started from my own kaleidoscopic view–and tread with extreme caution.

 Start your credit education from these valuable Information Resources:

            www.myfico.com  FICO, the Score that Matters™.

            https://www.annualcreditreport.com  AnnualCreditReport.com is the official site to help  consumers  to obtain their free credit report.  

Be careful…if you happen to somehow remember and type myannualreport or just annualreport instead of annualcreditreport , it will be a completely different world of FREE…but not really…How many have read something similar to the following example?

               IMPORTANT INFORMATION

                   When you order your free report here, you will begin your free trial membership in Triple Advantage®  Credit Monitoring. If you don’t cancel your membership within the 7-day trial period, you will be billed $19.95 for each month that you continue your membership.

              ConsumerInfo.com, Inc. and FreeCreditReport.com are not affiliated with the annual free credit report  program. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. To request your free annual report under that law, you must go to www.annualcreditreport.com.

Or something like this:

IMPORTANT INFORMATION: 
               When you order your $1 Credit Report & Score, you will begin your 7-day trial membership in Triple  Advantage®. If you don’t cancel your membership** within the 7-day trial period, you will be billed $14.95 for each month that you continue your membership. You may cancel your trial membership anytime within the  trial period without charge.

 Ask yourself many many questions…are they offering me credit report or credit score? Which one do I need? Why do I need one???? Are they really free? Have you heard of FAKU score? (Fake what?) Google will even ask you…Do you mean FAKKU? (Why?) It’s a confusing world of credit-what-and-what-nots!

 

Originally Posted @ https://xzyllar.wordpress.com