Making The Right Investment
Homes come with far more emotional weight than any other investment we make. A home is expected to be a safe haven, a place to create memories and, often, a place to raise a family. For some people, a home is an investment they hope will bring them a good chunk of money sooner or later (especially in California). With so much riding on such an expensive and emotional decision, choosing an agent that will shepherd you through the process is important.
Smarter Home Buying Selling The Right Way
Top 10 Signs You're Being Scammed
Mortgage fraud is on the rise. Be alert to any individuals or companies that:
- Want money up front for mortgage assistance
- Offer to fill out paperwork for you
- Claim to be doing a "forensic audit"
- Ask that payment be made directly to them, rather than to your bank
- Promise to modify a mortgage or prevent foreclosure, no matter the circumstances
- Advise you to stop making mortgage payments
- Suggest you leave you house and buy it back over time
- REquire payments in form of cash, cashier's check , or wire transfer
- Advise you to transfer your property deed or title to them
- Ask you to give them power of attorney
Get FICO Savvy
Knowing your credit score is a very important step when buying your home. Bank loan interest rates can vary widely from provider to provider. Shop around, get FICO score savvy and know what your lender should be offering you by way of a sweet mortgage interest rate.
Some benefits of educating yourself about your credit score:
- Better interest rates on loans...Yep, mortgage loans, too, of course.
- The best credit card rewards...Believe me, this can be more lucrative and add up to more fun than you know...think free airfare upgrades, free rental cars and even cash back.
- You'll understand how scores respond to your borrowing habits. This is more complicated than it sounds. For instance, got a card that you haven't used in awhile? Don't close it, just let it sit with a zero balance. Why? Because closing your card affects your "credit utilization rate" When you close a card you reduce your overall available credit. If you don't scale back on your spending (pay off other cards, loans, etc.) this will negatively affect your credit utilization rate, which is one of the main factors used in calculating your credit score. Strange but true!
BTW, never, ever pay to learn your score. It's available for free: FICO ACCESS.
Yes, it's possible in the right market to make some good money on the sale of your house. But, remember, there ARE fees involved, like county and city transfer taxes, repairing anything agreed to and moving expenses. Discuss what your "take home" will be with your lender, so that you aren't broadsided by a lower figure than anticipated.