Best Choice Blog

Sept. 27, 2017

September 2017 Mortgage Rates

Mortgage rates have continued to slowly climb since bottoming out in early September. This week the Fed somewhat surprisingly announced they would taper the amount of Mortgage Backed Securities they would purchase gradually until they get to a $50 billion per month decrease.  That’s roughly 7.5% of the overall market. If anyone remembers their Econ 101 class, when supply remains constant but demand is reduced, prices fall.  Lower prices for MBS means higher mortgage rates. This should be a gradual process over the next couple years but barring an unexpected economic downturn or disastrous geo-political event, the lowest interest rates are likely behind us. They sky isn’t falling; rates are still very buyer friendly, ranging in the upper 3’s to low 4’s depending on loan type, LTV, and credit.

 

Posted in Financing
Sept. 13, 2017

NWMLS Press Release August, 2017

The housing market is continually improving for both, buyers and sellers. Currently, home prices are higher than they were before the 2008 recession and the housing market is growing at a healthy rate. In spite of the market’s optimism, a severe lack for inventory and prices rising steadily in the Seattle-Tacoma area are preventing potential buyers to look for homes and potential sellers to list their properties as to fear of leaving money on the table. 

These are with no doubt reasonable concerns for anyone. In the other hand, it is a time of opportunities thanks to the steady raise in equity on those purchasing a home and the current promising selling value of properties.

August is a crucial month for the real estate industry, usually affected by the back-to-school activities and end of Summer vacations side tracking buyers and sellers; but to our surprise, August has proven to show a positive shift in the market. According to Diedre Hanes, principal managing broker-South Snohomish County at Coldwell Banker Bain in Lynnwood, it is a month that "we experienced a more robust market than anticipated… compared to years past, we've seen very limited slowdown”. That means that consequently the following months will continue to look up.

Click this link below to see the updated article from the MWMLS, and make sure to contact Best Choice Realty to find out if the time is right for you. 

http://www.northwestmls.com/index.cfm?/News--Information/page/Latest-Press-Release

 

 

Feb. 6, 2013

Financing Do’s and Don’ts

Over 10% of real estate deals cancel due to financing. We don’t want your deal to fall through during the loan process. Please check out this list:
1.  Don’t do anything that you need to use your social security #.
2.  Don’t change your employment status.
3.  Don’t make any major purchases.
4.  Don’t increase your credit card debt. (changes your debt-to-income)
5.  Don’t change bank accounts or make undisclosed large deposits or transfers.
6.  Don’t miss any payments that could affect your credit score.
7.  Don’t apply for a credit card.
8.  Don’t co-sign on anything.
9.  Don’t ever, ever spend money you have set aside for closing.
10.  Always consult your Mortgage broker or Agent about any possible problems or changes. 

Posted in Financing
Feb. 6, 2013

Ten ways to improve your credit score

1.  Don’t open new credit cards that you don’t need. The amount of your unused credit is an important factor in calculating your score.  

2.  Don’t open credit cards just to increase your available credit. Be careful about closing existing accounts; this approach could backfire and actually lower you score.

3.  Minimize the number of inquiries on your credit report. Don’t apply for multiple credit cards, or for a card you’re not likely to get. Apply for new credit accounts only as needed.

4.  Keep your total account balances as low as possible. High outstanding debt can negatively affect your score.

5. Make all of your payments on time. If you are forced to pay late, be sure to make a payment before next month’s bill. Accounts more than 30 days past due show up on your credit report.

6.  If you fall behind on paying a bill because of illness, unemployment, or family issues, call your creditors and explain the circumstances. And, if possible, work out a payment schedule you can meet. Then write an explanation to the credit reporting agencies and they will add it to your credit report.  

7.  Check your credit report regularly and correct any inaccurate or incorrect information

8.  Learn what your current FICO Credit Score is on your credit report. A credit score of 680 or above is considered “prime”. A score below 680 is considered “sub-prime”, and you will likely pay a higher interest rate on a loan. A score below 560 is considered “trouble”. 

9.  If your credit is severely damaged, or you have a very short credit history, there are still ways to improve your credit over time. Consider opening new accounts responsibly and paying them off on time.

10.  Correct or remove inaccurate or incorrect information on your credit report that can damage your credit score. If you need help, contact a reliable credit services organization to do the work.

 

 

Posted in Financing