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Real Estate Blog
Viewing category: Mortgage & Finance
Saturday, 18 October 2008
Factors That Determine Your Credit Score
GreatWest GMAC Real Estate Professionals, are increasingly being asked how to determine whether they are credit worthy with the recent more strict guidelines required to qualify for home loans.
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. Here are 5 factors that decide your credit score.
1. Your payment history. Whether you paid credit card obligations on time.
2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
3. The length of your c... Read more
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Friday, 31 October 2008
Open - Open - Open
Fighting your inner demons may be difficult, BUT don’t be afraid to open the envelope.
Recently a GreatWest GMAC Real Estate Professional recalled that she had gone to the home of a client to perform a listing presentation for a possible short sale.
During the presentation and while looking at paperwork the client had, the agent noticed there were several recent envelopes the client had from the mortgage company. Most of the envelopes were not opened.
When the agent asked why they had not opened the envelopes, the client stated they knew they didn’t have ... Read more
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Wednesday, 7 January 2009
It happened again this week
It happened again this week. A GreatWest GMAC Professional received a call from an old friend, to say she and her husband were having difficulties with their mortgage(s), and were a little upside down on their home. They didn’t quite know what to do about it.
Real Estate Agents have increasingly seen this scenario - Homeowners who are in deep trouble because they either are in homes with mortgages, which are due to have their interest rate reset, or are in homes which are now worth considerably less than the amount owed on the mortgage(s). Some folks no longer have their job ... Read more
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Thursday, 2 April 2009
Are You Wondering If You Are Able To Refinance?
Recently GreatWest GMAC Professionals, are hearing from many homeowners who have found themseves in a situation they would never have dreamed of a few years ago. They had purchased their homes in good faith, and had stayed current on payments, and they managed to keep their jobs. BUT, because of declining home values brought on by the current housing crisis, they are unable to refinance and take advantage of current lower interest rates, because their homes are worth less than what is now owing on them.
The government has just come out with a new plan, to try to allow many who don&r... Read more
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Sunday, 17 May 2009
Navigating These Economic Times
The other morning a GreatWest GMAC Real Estate professional was brainstorming with another Realtor. Both agreed that in addition to helping buyers purchase property, and sellers to sell their homes, they had voluntarily taken up the shield, for helping past clients, friends and family, to stay in their economically challenged homes during these difficult times.
Currently, they were averaging one or two calls a day, running the gamut consisting of the following:
(1) A friend, who bought a house in the 1990s, built up equity, then put on a second mortgage to finance an improve... Read more
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Tuesday, 9 June 2009
Don’t Push the Envelope!
Fighting your inner demons may be difficult, BUT don’t be afraid to open the envelope.
Not long ago a GreatWest GMAC Real Estate Professional recalled that she had gone to the home of a client to perform a listing presentation for a possible short sale.
During the presentation and while looking at paperwork the client had, the agent noticed there were several recent envelopes the client had from the mortgage company. Most of the envelopes were not opened.
When the agent asked why they had not opened the envelopes, the client stated they knew they didn’t have the m... Read more
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Tuesday, 8 December 2009
The Foreclosure Story
It is everyone’s dream in Sacramento to own a home. As home loans are made easily affordable, almost every family has a home of their own. Home loans with low mortgage rates are provided by the government for low income and bad credit people. These loans have interest rates as less as three percent. Consolidation of loans by the government has made repayment much easier. In spite of all these, foreclosures are on the rise.
The major factors that contribute to foreclosures are fall in real estate prices, abundance of unsold homes, inert home sales and mortgage loans going into default... Read more
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Posted by Cheryl Webb at 8:01 AM
Category: Mortgage & Finance
Thursday, 14 January 2010
Never Sell Your House To A Lender!!
A depression in the economy can cause many home owners to throw up their arms and sell their homes in order to get rid of financial difficulties. But does that mean they can give away their property to a lender only because they cannot afford it anymore! Also those in financial crisis cannot treat their homes as easy to dispose consumer goods. I agree that a real estate investment can also be termed as an illiquid investment. But real estate history has known that selling a home takes much planning and patience for months before a suitable buyer turns up.
The early 1990s saw homes se... Read more
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Posted by Cheryl Webb at 6:45 AM
Category: Mortgage & Finance
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