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Buyers Should Take Five Steps to Financial Fitness - 2009-10-11 |
Whether you are buying a house or not, you are affected by your credit score. More so than ever before, your credit score determines the rate you will pay for your home mortgage loan. In Atlanta, lender Peter Berk of Bank of America says most borrowers seeking thirty year financing will pay one-eighth percent less on their interest rate if their credit score tops 720.
While that seems a small difference, it adds up to more than four thousand dollars over the life of the loan. In addition, if your score is below 620, it may be difficult to obtain home financing at any rate.
To help boost your credit health, follow these five tips:
* Pay your monthly bills on a timely basis.
I know this sounds very basic, but paying "on time" is vitally important to credit grantors. They believe how you have paid in the past is a strong indicator of how you will pay in the future.
Your payment history makes up about 35 percent of your credit score, and it comes directly from information on your credit report, so pay your bills early and check to make sure none are late - ever.
* Keep accounts open to build longevity.
Closing one account and opening another looks to creditors like you are churning your credit, and it alarms them. Instead, keep unused accounts open by using them at least occasionally. The length of your credit history accounts for about 15 percent of your score, so strive for long-term relationships with quality merchants and institutions.
* Don't overuse your revolving credit.
In fact, it's best to keep your credit card balances below 25 percent of your limit at all times, even if you pay it off in full every month.
Carrying a balance above 50 percent of your limit indicates to creditors that you may be living off your credit card during a difficult financial time. Keep your utilization percentage low and ask for increased limits if you need to. This factor makes up 30 percent of your credit score.
* Take it easy on new credit requests.
Each application you make generates a credit inquiry, and too many inquiries signals the bureau that your circumstances may have taken a turn for the worse. This factor makes up about 10 percent of your score.
* Try to keep a healthy mix of credit types.
A mix of active credit cards, retail accounts, installment loans, and mortgages would indicate a prudent use of credit in your financial life. Overuse in any one area could indicate a credit dependence. This area accounts for the final 10 percent of your score.
Remember that your credit score only looks at information contained in your credit report. That's why it is so important to make sure your information is accurate. For more information, visit myfico.com.
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Upcoming Events
"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, July 30th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 06th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 13th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 20th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 27th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
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John Adams Presents
“The MetroVestAtlanta.com REO Bus Tour”
Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
homes. Each house you visit will be available that day for purchase at
a giveaway price, regardless of current condition. Financing is
available!
Throughout the day, we will hear from mortgage providers, people in the
construction business and property managers all discussing today’s
situation with Bank Owned REO properties.
Who Should Attend: Investors, Realtors, Lenders, Prospective Buyers, and
anyone who might want to buy a super-bargain house and either do the
rehab themselves or have all the work performed by the pros.
You will see abandoned dumps and finished products, and everything
in between. And Snap will be there to answer all your questions and
explain the rehab and rental strategies.
Saturday, August 21st, 9:30 AM to 4:00 PM
Your $49 fee includes the bus tour and lunch. You must make reservations. No walk-ups.
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.)
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