Register Real Estate Advisors

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.

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.

If you will be using a lender to help you purchase a home, there are several things that you will need to be aware of from the time you apply for your mortgage until your home closes.  This is a list of “don’ts” to help you get through that process without red flag problems.

1. Don’t change jobs

2. Don’t change your pay structure – you will most likely need a pay stub

3. Don’t apply for new credit

4. Don’t change your marital status

5. Don’t deposit money into your bank that cannot be documented –repayment of personal loans, side jobs, sale of assets must all have a paper trail

6. Don’t dispute items on your credit report

7. Don’t run up your credit card bills

8. Don’t let your driver’s license expire- the notary at the title company requires current identification

9. Don’t fall behind on any bills

10. Don’t assume that once you have loan approval you can go spend all your money.  You will need money for closing!

11. Don’t apply for other loans for properties- lenders check a system called MERS which identifies any loans you have applied for

12. Don’t put gift funds into your account before clearing with your lender

Your Realtor will work hard to help you find the perfect real estate purchase for your family.  Make sure you do everything you can to get that real estate sale to a closing by following the list above.  When in doubt, talk with your Realtor or lender.  The loan application is the first step in getting a mortgage – there is a lot that your loan officer will do after that point to get the transaction closed for you.  If you are looking for a Realtor or a Lender, call RREA today to get started 281.288.3500.

Ever been fooled by the Free Credit Report online? They do send you a free credit report, but you have to pay to get your FICO score. If you are interested in purchasing a real estate property before the end of 2013, please call me for your FREE Credit Report and it will include your FICO Score. I want to help you with your next mortgage. I am available 24/7 online and you can apply from the RREA.com website. Go online to apply or call me today to get your Free Credit Report with your current FICO Score – 281.288.3500 and ask for Terry. Getting your credit score has never been this easy!

If you are thinking about purchasing real estate and know you have some spooky credit, call RREA’s in house lender, Terry Traylor today!  He can help move you in the direction of better credit so that you will be able to purchase a home by next Halloween!  Give us a call today at 281.288.3500 and ask for Terry.  Don’t let bad credit haunt you!

Did you know that according to credit reporting agency Experian, that the average credit score in the Houston area is 664? That is more than 20 points below the national average and dangerously close to the point at which a borrower cannot qualify for a home loan.
If you need to do some work to bring up your credit score to qualify for a mortgage, please call Terry Traylor at 281.288.3500 to get started today!

The Associated Press released all time record low mortgage rates last week according to Freddie Mac.  Now is definitely the time to buy!

The average rate on a 30-year fixed-rate mortgage was 4.01 percent for the week ending Sept. 29. That’s the lowest rate since the mortgage
buyer started keeping records in the 1970′s.

The rate is down from 4.09 percent last week and 4.32 percent a year ago. The lowest rates were in the nation’s West region, which recorded an
average rate of 3.95 percent for the week.

Even lower was the average fixed rate on a 15-year mortgage, which was 3.28 percent. Economists say that’s the lowest rate ever for
the loan. That’s just under last week’s 3.29 percent average, but well below 3.75 percent a year ago.

If you are contemplating an investment property, you’re a first time home buyer, or an empty nester, now is the BEST time to buy a new home!  You can get a quality home for a great price with an all time low interest rate.  Call 281.288.3500 today to speak to an agent that can help you find a mortgage and a house!

Mortgage interest rates are at all time lows, so for some homwowners, this is a very good time to refinance. Anyone with an interest rate higher than 5.88% should consider refinancing right now if there are no plans to move. If your interest rate is lower than 5.88%, it might not be worth doing a refinance. You already have a competitive interest rate. If you decide to do a refinance, make sure you are not paying any points, origination fees, escrow waiver fees, or a discount rate. It’s not a good idea to refinance if you are contemplating a move or think you might move in the next two years. Also not a good idea to do a re-fi if you have less than 20% equity in your home. You should have more than 20% equity before doing a refinance. Sometimes cash from a refinance is tax free, so check with your loan officer and accountant to verify whether your cash out money qualifies as tax free. The best recoup period is two years when you do a refinance. The goal should be to not only lower the interest rate, but also the monthly payment. If you can reduce the years (term of the loan) to 25, 20, 15, or a 10 year mortgage and still reduce the rate and monthly payments you are the perfect candidate for a re-fi! Remember that if you refinance your home in September, your next payment will be in November. Refinancing past October gets complicated if you have an escrow account (which most consumers have.) The escrow account collects your twelth tax payment in October. County taxing authorities take months to log paid taxes.

If you are contemplating a refinance, please contact our in-house lender, Terry Traylor, today! He can help you decide if refinancing is a good option for you. You can call our office at 281.288.3500 to speak with Terry. If you would like to apply for a mortgage, you can apply at RREA.com under our mortgage section.

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!

I had a chance to sit down with Terry Traylor, RREA’s in-house lender, to ask him some questions about the mortgage process and get his take on what lenders are looking for to lend. Enjoy!