Raising the Score

There are a lot of numbers involved when you are looking to buy a home. Perhaps one of the most important is your credit score. Also referred to as a FICO score, this number tells a lender how likely you are to pay back your debt. The higher your score, the more likely you are to make good on your commitment.

Clearly it is in your best interest to manage your credit wisely because it can boost your ability to borrow. Start by finding out your score. Each person is entitled to one free credit report annually. If the number is lower than you would like, here are four tips for raising your score.

1. Start by paying your bills, from credit cards to utilities, on time. Delinquent payments pull down your rating. And the later your payments, the more negative the affect.
2. Do not automatically close accounts, even if they are old or paid-off. You want creditors to see that you have a history of meeting your debt obligations.
3. Don’t open unnecessary new accounts or add accounts too quickly. While it is true that lenders like to see a mix of credit, they also consider the length of the relationship. Too many new accounts can lower your average account age, which can also lower your overall score.
4. If you are very concerned about your score and need to make more sweeping changes, consult a credit counselor. These professionals can formulate a plan that can help you consolidate debt and create more manageable payments.

Please don’t hesitate to call CENTURY 21 Top Sale Realty
for all of your real estate needs.
You can reach us at (800) 362-2954 or visit www.topsalerealty.com.

Courtesy of the CENTURY 21 Life @ Home Newsletter.

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We wish you and yours a very merry holiday season and a prosperous new year!

Please don’t hesitate to call CENTURY 21 Top Sale Realty
for all of your real estate needs.
You can reach us at (800) 362-2954 or visit www.topsalerealty.com.

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NAR Housing Report: 2007 Ranks as the Fifth Best Year on Record

Places like Houston, the Kansas City area, Indianapolis, and the vast middle section of the United States offer affordable prices and continued job growth. On either coast, Seattle and Raleigh, N.C., remain solid. And markets that experienced recent growth declines – like Boston, Denver, and Washington, D.C. – have already shown signs of recovery.

For buyers who qualify for conventional financing, mortgages are available at favorable rates. Major FHA reform will also help first-time home buyers enter the market and will provide safer alternatives for many subprime buyers.

Buying a home is not a quick-in, quick-out investment, like buying a stock. Homeownership builds wealth over the long-term.

Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, “NAR Puts Housing Market in Perspective: 2007 Will be the Fifth Best Year on Record,” Realtor.org, Nov. 13, 2007.

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