Register Real Estate Advisors » mortgage

Top 5 Quick Credit Tips from RREA

Shannon Register, Broker/Owner — Wed, 21 Dec 2011 02:05:02 +0000

These Top 5 Quick Credit Tips from Register Real Estate Advisors (RREA) will help you increase your overall credit score:

5. Never cancel a credit card that is more than two years old. Having a “seasoned” account will help your credit.

4. Increase your maximum allowable credit limit. If you have a credit card that is close to being maxed out, call your credit card company and ask for an increase in your credit limit.

3. Don’t max out your credit lines. Credit Bureaus don’t like that.

2. You should spread out your balances among your credit cards. You want your debt ratio on credit card balances and credit limits to be at 30% or less.

1. Call our in house lender to pre-qualify for a home and find out what your credit score is for FREE!

"Top 5 Quick Credit Tips from RREA" was originally posted as a blog post at RREA.com on December 20, 2011.

Need 100% Financing?

Shannon Register, Broker/Owner — Sun, 18 Dec 2011 01:27:00 +0000

If you need 100% financing to purchase a home, you should look into the USDA Loans. These loans require no downpayment. Although the homes must meet USDA eligibility, you’d be surprised at what is counted as rural property around Houston. To see if a property you want to purchase qualifies for a USDA Loan, call RREA and ask for our in house lender to get pre-qualified 281.288.3500. We have agents that can help you find the right property for your needs. Currently, inflation is around 3.5% and mortgage rates are close to 4%. You can write your mortgage interest rate off your taxes. So this loan has the potential to be a really good deal!

"Need 100% Financing?" was originally posted as a blog post at RREA.com on December 17, 2011.

To Refinance or Not Refinance?

Shannon Register, Broker/Owner — Fri, 16 Dec 2011 20:32:01 +0000

I get a lot of questions about refinaincing homes. Many people will contemplate refinancing vs buying another home. With interest rates remaining near historic lows it is a great time to purchase a home. However, if you prefer to stay in your current home, it is only worth refinanancing, in my opinion, if your current rate is over 5% and you plan to stay in the home for atleast two years. If you need to refinance your home or get a pre-approval to buy a home, our RREA inhouse lender can help. You can apply for a mortgage online with RREA or call 281.288.3500 and ask for Terry Traylor.

"To Refinance or Not Refinance?" was originally posted as a blog post at RREA.com on December 16, 2011.

Secrets For Increasing Your Credit Score

Shannon Register, Broker/Owner — Thu, 17 Nov 2011 19:35:39 +0000

Looking for ways to increase your credit score? There are some tips you need to know that will help you increase your score. The first is, never cancel a credit card that is more than two years old. Having a “seasoned” account, one that is more than 2 years old is beneficial for you.
Second, increase your maximum allowable credit limit. If you have a credit card that is close to its maximum balance, call the credit card company and ask them to increase the credit limit. The credit bureaus don’t like to see “maxed out” credit. Ask them to do this without pulling your credit.
In addition, spread out your balances among your credit cards to keep the ratio between cards balanced and credit limits to 30% or less. Finally, be sure to pay your bills on time. The number one reason for a low credit score is late payments. Studies have show that 79% of all credit reports have errors on them so check your credit periodically to look for mistakes. Remember that lower scores mean higher interest rates for buyers. Keep in mind that the “free” on line credit reports DO NOT include your credit score. You have to pay extra for your FICO score. So if you are thinking about purchasing a home, please call RREA’s in house lender, Terry Traylor, to apply. If anything negative shows up on your credit, Terry can help you fix it over time.

"Secrets For Increasing Your Credit Score" was originally posted as a blog post at RREA.com on November 17, 2011.

Don’t Slow Down Your Closing Because of a Flood Plain

Shannon Register, Broker/Owner — Mon, 14 Nov 2011 17:32:55 +0000

Are you purchasing a home in the flood plain? Investors are now requiring lenders to actually have a flood policy prior to closing, and receipt that it is “paid in full”. These must go through FEMA for final approval and that takes some time. So, before you close on a property in a flood plain, know what is expected from your lender. Be sure the lender knows from the start of the transaction that the property you are purchasing is in a flood plain. Get your flood insurance in order as soon as possible. You have to sign the insurance application and pay for it to show that it has been “paid in full.” Then your lender will send the policy through FEMA for final acceptance. THe more information your lender has about the property up front will help the loan process to go smoother and close on time.

"Don’t Slow Down Your Closing Because of a Flood Plain" was originally posted as a blog post at RREA.com on November 14, 2011.

WBM #32 – Understanding Your Monthly Payments

Jay Richardson, Realtor — Mon, 03 Oct 2011 13:43:51 +0000

Hey guys, White Board Monday again. This week is on your mortgage payments. I hope you find it informative.

RREA has an in-house lender to get you qualified today! Call or email today to get started. 281.288.3500 or jay@rrea.com

"WBM #32 – Understanding Your Monthly Payments" was originally posted as a blog post at RREA.com on October 3, 2011.

How To Fix Your Below-600 Credit Score

Jay Richardson, Realtor — Sat, 17 Sep 2011 21:04:21 +0000

Hey guys, here is a quick video blog about steps you can take to improve your sub-600 credit score and qualify for a mortgage. Enjoy and don’t forget, RREA has an in-house lender to get you qualified and agents standing by to show you any home on the market!

"How To Fix Your Below-600 Credit Score" was originally posted as a blog post at RREA.com on September 17, 2011.

RREA Agents in the News: Why Do Agents Help with Financing?

Jay Richardson, Realtor — Sun, 21 Aug 2011 18:47:24 +0000

As seen in the “Sound Off” section of the Houston Chronicle.

Question: Why do real estate agents sometimes help walk people through financing a home?

Answer: A home loan is one of the most complicated loans most consumers will apply for. For this reason buyers often depend on their real estate agents to walk them through the loan process. The first and most important step an agent can take is to connect buyers with a competent and experienced loan officer before they ever look at a home. Lenders will request information from the buyers such as their employment history, income, credit and assets. Agents will stay in contact with the lender to make sure the loan is moving forward as expected and follow up with the buyers making sure they understand the lenders requirements and are getting the requested information to the lender in an expeditious manner. Following these steps ensures the buyer is performing according to the contract.

The seller has a responsibility as well. If there is a required repair per the appraisal or a lien against the property, an agent has the resources to guide the seller through the process of satisfying those objections as well.

Agents will review the closing statement with the buyer or seller to make sure everything is as agreed to. To sum it up, an agent will use their expertise to guide home buyers through the loan process to a positive conclusion.

Jay Richardson
Register Real Estate Advisors

"RREA Agents in the News: Why Do Agents Help with Financing?" was originally posted as a blog post at RREA.com on August 21, 2011.

Don’t Have Good Credit? Well, Here is How You Can!

Dean Thornton, Realtor — Mon, 08 Aug 2011 21:51:51 +0000

There are a lot of myths out there about the best ways to
improve your credit score, and some people just plain don’t know where to
begin. These days, lenders pretty much
demand a 740 credit score for the best mortgage interest rates. Fannie Mae, the giant mortgage-buying agency,
has lifted its minimum score requirement from 580 to 620. People with top scores are still
getting credit card and balance transfer offers. If their issuers raise their
rates or lower their limits, they can move their business elsewhere. People
with weaker scores, by contrast, are finding their access to credit slowly
strangled. Issuers can push them around, and credit seekers have little
recourse. The good news is that it’s possible to boost your numbers if you have
a handle on your finances and you know how credit scores work. After all, the
median credit score is 720 on the 300-to-850 FICO scale, meaning half the adult
U.S. population has a higher score and half has a lower score.

Here are 9 ways to establish credit if
you don’t currently have any credit history, or boost a low credit score:

1. Order a copy of your credit report. Review
it carefully. Correct any errors.

2. Pay your bills on time.

3. Don’t open a lot of new accounts over a
short time period, especially if you have a short credit history.

4. Shop for credit over a short period of
time. FICO scores distinguish between searching for credit for a specific loan
(rate shopping) and searching for lots of different credit lines.

5. If you have a questionable credit history,
open a few new credit accounts, use them responsibly, and pay them off on time.

6. Don’t open credit accounts you don’t
intend to use.

7. A credit card or installment loan can
raise your score as long as you don’t have too high a balance and you pay it off
in a timely manner.

8. Keep your balance low in relation to your
available credit. If your credit limit is $10,000, keeping your balance below
$4,500 (45%) will improve your score.

9. Pay off credit card debt rather than move
it around to lower rate cards. Moving balances to other credit cards and
closing out the old account can hurt your score because it can change the ratio
of your total credit card balances to your total available credit lines.

"Don’t Have Good Credit? Well, Here is How You Can!" was originally posted as a blog post at RREA.com on August 8, 2011.

WBM #23: Do’s and Don’ts of Qualifying for a Mortgage

Samantha Chelette, Buyers Agent — Mon, 08 Aug 2011 16:00:23 +0000

This weeks White Board Monday is on the “Do’s and Don’ts of Qualifying for a Mortgage.” There are several things you can do to improve your chances of qualifying for a mortgage. Don’t forget, RREA has an in-house lender ready to get you qualified today! Enjoy.

"WBM #23: Do’s and Don’ts of Qualifying for a Mortgage" was originally posted as a blog post at RREA.com on August 8, 2011.