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Digg it UP - In Today's Mortgage Market, Good Credit Is King
You’ve done your homework, invested in software, worked hard and now you have what you were after…leads—and plenty of them. But now what? You are so busy showing properties, getting feedback, and going to closings. And as your day-to-day tasks as a realtor begin to overwhelm you, your leads just sit in your database. You try to make contact with the prospects here and there but nothing is done with consistency. You even
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “
Austin, Texas, is the commercial heart of the state, located in the south central zone can be safely categorized as the educational hub. The unequalled combination of educational establishments in the area includes the main campus of the University of Texas, St. Edward's University, and Huston-Tillotson University and makes it a desirable target and a paradise for educationalists. Apart from rendering the obvious benefits of
The year - 2005,
The industry – Real Estate,
The mood – Light, Airy, Jovial, Confidence abounding…
Remember when practically anyone with a pulse could own a home for no money down? Or, refinance and take cash out to take a frivolous trip to Jamaica?
Yep, those sure were the good ol’ days. When rates were at historic lows & appreciation was through the roof. Home values soared seemingly never-ending. Heck, we could all retire on the equity built in our homes (before we took our trip to Jamaica of course.)!
Some of us refinanced into short term “band-aid” loans such as the 2 year fixed 28 year adjustable. We had hoped that we would improve our credit and that appreciation would allow us to refinance at the end of the 2 year period. Others utilized the loose air of market confidence and low rates to become investors and begin “flipping” houses.
Then came reality – the market cooled, home values dropped, rates rose and in many areas depreciation ran as rampant as the plague in medieval Europe. Those “band-aid” adjustable loans came to term and became unaffordable. Investors could no longer sell their undervalued and over priced “fixed-up” homes.
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “
You hear all the time about how people are making money on the Internet. I just knew that I was missing something and that there was some kind of secret solution to succeeding online. What were all these Internet marketers doing? In my quests to get the answers, I continued to purchase the next greatest ebook or software package that came out on the market. Soon I was in information overload. After a lot of frustration and
Yep, those sure were the good ol’ days. When rates were at historic lows & appreciation was through the roof. Home values soared seemingly never-ending. Heck, we could all retire on the equity built in our homes (before we took our trip to Jamaica of course.)!
Some of us refinanced into short term “band-aid” loans such as the 2 year fixed 28 year adjustable. We had hoped that we would improve our credit and that appreciation would allow us to refinance at the end of the 2 year period. Others utilized the loose air of market confidence and low rates to become investors and begin “flipping” houses.
Then came reality – the market cooled, home values dropped, rates rose and in many areas depreciation ran as rampant as the plague in medieval Europe. Those “band-aid” adjustable loans came to term and became unaffordable. Investors could no longer sell their undervalued and over priced “fixed-up” homes.
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “
I am finally reading “The 8th Habit” by Stephen Covey. It seems to be a great book so far. One of the nice things about this book is that it includes a website that has short videos about some of the topics, so you can watch the video and then go back to the book which makes the learning experience much better.One of the videos makes the comparison of how a leader “manages” his prize hunting dog and his new employee.
Then came reality – the market cooled, home values dropped, rates rose and in many areas depreciation ran as rampant as the plague in medieval Europe. Those “band-aid” adjustable loans came to term and became unaffordable. Investors could no longer sell their undervalued and over priced “fixed-up” homes.
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “
Products for sale need to be displayed in a manner which best presents them in the customers’ eyes. For example, clothing needs to be folded on shelves, hung from racks or displayed on mannequins. Books need to be displayed in shelves, spinning racks and organized bins. Videos need shelving and racks to properly display titles. All products lend themselves to some form of acceptable display. Even if you are an innovative deco
Then came reality – the market cooled, home values dropped, rates rose and in many areas depreciation ran as rampant as the plague in medieval Europe. Those “band-aid” adjustable loans came to term and became unaffordable. Investors could no longer sell their undervalued and over priced “fixed-up” homes.
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “
HOW YOU CAN PROTECT YOURSELF FROM PROPERTY HEARTACHEWhat at first may seem like a clear-cut bargain might end up costing you much more than you expected.The Title A review of the certificate of title of the property you are about to buy is essential prior to settlement. A solicitor can ensure that the property is delivered free of encumbrances to the purchaser at settlement as all encumbrances are
Mortgage defaults rose like a Las Vegas thermometer in mid-summer while foreclosure numbers topped all time highs. For many of us, this has been a truly sobering reality.
Talk about sobering reality, did you know that 82 mortgage lenders have gone bankrupt- “imploded” because of the market cool down?? (http://www.ml-implode.com) Even Big names such as New Century & Fremont General were not immune to the major turnaround in the market.
But truly, what does this all mean for us? Who can now qualify for a mortgage? What are the credit guidelines? How much money should one ‘bring to the table’? These are all excellent questions. The most pertinent of the bunch is ‘what are the credit guidelines’. To put it plainly, you have to have much better credit!
But how much better you ask?
Consider this: In 2005-2006, it was not uncommon for a home buyer to purchase a primary residence home with no money down on a STATED income with verified assets with a 580 FICO score.
WOW...what a dream those days were!
Today’s situation, June 2007, same scenario: Minimum FICO = 660!
Quite a change, huh? Truly, good credit is king & an absolute must for any type of real estate transaction in today’s market. Your credit will mean the difference between having to come to the table with cash down, between a 5.875% rate an 8.5% rate, between being able to purchase a 2nd home or not, between whether or not you can refinance
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