Archive for the ‘Can You Afford That House?’ Category
Latest Home Loans Rates!
May 24th, 2010
For buyers who qualify, mortgage rates are at historical lows! Just imagine, it’s been 45 years since we’ve seen rates at even 6%! Check out today’s rates and realize that opportunity simply doesn’t knock any louder! If you or anyone you know is even considering a move, do them a favor and pass this on!
| Loan Type | Rate | 1 Point Paid |
|---|---|---|
| Conventional 30 Year Fixed | 4.875% 4.971% APR |
4.625% 4.802% APR |
| Conventional 20 Year Fixed | 4.750% 4.880% APR |
4.500% 4.741% APR |
| Conventional 15 Year Fixed | 4.375% 4.540% APR |
4.250% 4.556% APR |
| FHA 30 Year Fixed | 4.750% 4.986% APR |
4.500% 4.813% APR |
| VA 30 Year Fixed | 4.750% 5.101% APR |
4.500% 4.846% APR |
| USDA 30 Year Fixed | 5.000% 5.266% APR |
4.750% 5.094% APR |
For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert without any obligation or cost. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)
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Posted in 5 Factors That Decide Your Credit Score
May 4th, 2010
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:
1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
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2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, visit www.myfico.com.
For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert without any obligation or cost. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)
6 Creative Ways to Afford a Home
April 28th, 2010
1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a bank mortgage.
3. Consider a shared-appreciation or shared-equity arrangement.Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
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4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.
The Next Big Thing From Mint.com
April 22nd, 2010
Credit can be a force for good or a force for evil. Used wisely, it can empower you to achieve your financial goals and live a rich life. Succumb to the dark side, though, by purchasing things you ultimately can’t afford, and you slide quickly down that slippery slope to a life of destitution. Bottom line, it’s a journey and one in which the journey itself can be its own reward but only if you follow a few simple financial principles. In this, the trailer for our forthcoming animation, The Quest for Credit, our hapless hero finds himself weighed down by a veritable mountain of debt. If you’ve also got more debt than you’d like you’ll probably want to check out the Intuit Town Hall
on April 28, where, not only will you get a look at part one of our two-part film (its like the Lord of the Rings but shorter), but you’ll also have the opportunity to hear from Aaron Patzer and Beth Kobliner with their tips on debt management. Aaron will be joined by his parents, who will talk about how important it was to them to give him a solid foundation in financial basics. You can be part of the conversation through a livestream here: http://intu.client.shareholder.com/townhall or by following @intuittownhall.
There’s more. Intuit will be providing stats on the recession economy at the event. Who’s saving and who’s spending? Anya Kamenetz will be there to talk about the true cost of college and we’ll be joined by East Harlem’s Coalition School for Social Change, who will discuss their feelings about entering adulthood in these uncertain times.
It’s all part of Intuit’s efforts to engage directly with customers and provide them with the money management tools and actionable financial information they need.
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Housing Warmer Than Weather!
December 17th, 2009
December 15, 2009 — Realty Times Article by Kenneth R. Harney
If new applications to buy homes are any gauge, the U.S. housing market is warming up, and that’s despite the fact that we’re now into the traditionally quiet holiday season.
Applications for home purchase loans soared 42 percent last week on a non-seasonally-adjusted basis compared with the week before, according to the Mortgage Bankers Association.
That burst of activity may have been influenced in part by the long Thanksgiving week layoff. Or it could have been an early reaction to the extension of the $8,000 tax credit or the start-up of the new $6,500 credit.