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Credit Inquiry Myths - 01/19/07 11:21 AM
Most of us have those dreaded words "I will have to pull your credit" when shopping for a new home or auto. We know, or have been told, that too many credit inquiries can lower our scores. What can we do to make sure that credit inquiries don't drag down our scores? Here are some tips on how inquiries work:
•Ø According to the new formula being used by Fair Isaac (the creators of the FICO credit scoring model), multiple inquiries in a 45-day period are treated as one inquiry. This means that if you are rate shopping on that new home … (11 comments)
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Home Equity Lines of Credit - The pros and cons - 01/19/07 11:19 AM
Home equity lines of credit, or Heloc's, have always been a popular way to access a home's equity and put that cash to use, whether to remodel and renovate the home, pay off other debts, or even put a child through college. But how do they work? A Heloc is basically a low interest credit card, a line of credit that acts like a second mortgage on your home. Like a credit card, normally a Heloc only requires that you pay towards interest every month, but normally has a lifespan of only 10 years. Heloc's work like a credit card as … (3 comments)
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What Determines your Credit Scores? - 01/19/07 11:18 AM
Your credit scores, or FICO scores, are put together by an array of information that the credit companies gather and then assess on five different categories and percentages. First is your payment history, and this counts for 35% of your FICO score. Paying accounts on time are a positive; late payments, bankruptcies, judgments, collections and defaulted payments can hurt your score in this area. Second is how much you owe on open accounts, and this counts for about 30% of your FICO score. If you owe a lot or have high balances and use a good deal of your available credit, … (2 comments)
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Interest only loans - The pros and cons - 01/19/07 11:16 AM
In the last few years, interest only loans have skyrocketed into popularity and borrowers are often confused at whether an interest only loan makes sense over the traditional principal and interest loan. Lets take a look at some of the features of an interest only loan, and weigh both their positives and negatives.
The simple truth is that an interest only loan is not for everyone. Making an interest only payment each month can drastically reduce the money that you "have" to pay towards your mortgage every month, freeing up cash that can be invested in other things like mutual funds, stocks, … (0 comments)
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Saving Money on those Energy Bills - 01/19/07 11:14 AM
This year these tidbits seem even more important. It has been cold and snowy not only here in Colorado, but across the country, from California to Maine. Here are a few ways to save on that sky high energy bill.
•1. Buy a $50 programmable thermostat, and you'll never have to remember to dial down the heat or AC. Reduce the heat by 4 degrees when you sleep, and you'll save 4%.
•2. Turn down your hot water heater. Every 10 degree reduction saves 3-5% on your hot water costs.
•3. Replace or clean your air filter monthly. When dirt blocks the filter, your … (3 comments)
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Tax Deductions for Homeowners - 01/16/07 10:41 AM
This was written by my wonderful CPA, Michele Knight!
Owning a home is commonly known as a great way to save money at tax time, but are you sure that you're taking advantage of all the benefits? It's important to know the ins and outs of the deductions available to you, so that you can maximize your deductions and your savings.
First, let's review the main deductions available to you on your 2006 tax return. Most homeowners file a Schedule A instead of using the standard deduction, so they can deduct real estate taxes and mortgage interest. Real estate taxes are … (1 comments)
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What to Look for in a Real Estate Agent - 01/12/07 09:22 AM
You have decided to put your home up for sale, and look for a new home better suited to fit your growing family. You flip open the Yellow Pages, to find hundreds of real estate agents, all seemingly the same. How do you whittle that number down to find someone who has all that you need to sell and buy real estate?
First, realize that to find someone who really fits what you want, you will have to conduct interviews, much like you would with an employee. Here is what you want to know from that real estate agent before you … (0 comments)
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Renovations that Pay - 01/11/07 11:02 AM
In my hometown of Denver, like most large metropolitan cities across the United States, homes are sitting on the market longer and longer because there is a glut of homes for sale. In a buyer's market then, how do you make your home more attractive, how do you make it stand out amongst the herd? One way is to add renovations to your home that set it apart from your neighbors' homes. Yes, renovations can be expensive, but sometimes you can not only recoup your investment, you can also recoup over what you paid for the renovation! According to Money magazine, … (0 comments)
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Mortgage Fees - 01/11/07 09:30 AM
I have seen enough puzzled looks when taking a loan application to know this column is needed. Unless you are in the mortgage industry or obtain home financing on a regular basis, mortgage fees and terms can be confusing, and downright frustrating. Mortgage and financing terms are like another language, much like the "legalese" used by lawyers, but the more you understand, the better deal you will get yourself into. Lets start by looking at mortgage fees or costs; what fees are legitimate, and what fees you should be wary of, with a few lessons of wise financing along the way.
The … (6 comments)
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Buying Investment Properties - 01/10/07 11:22 AM
As newspapers and real estate gurus tell us everyday, the housing bubble has deflated some as 2006 draws to a close (if not burst completely in some areas of the country). This has created a "buyer's market", where there is an over-supply of homes for sale, and because of that, prices are often below market value. Interest rates have held steady though, leading some to realize that now might be an opportune time to put their excess money into buying investment properties. As a mortgage broker and real estate agent, I agree that it is a great time to buy investment … (2 comments)
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Mistakes that Mortgage Shoppers Make - 01/09/07 02:29 PM
A friend in another state asked me the other day, "I am about to shop for a home loan, could you give me some tips on mistakes I need to avoid?" Whether you are purchasing or refinancing a home, here are the tips I recommended to her, and to you all as well.
•1. Picking a lender because they offer the best rate over the phone or in the newspaper
We have all seen it, the ads offering 2.99% on a fixed loan, or something equally outrageous. First, get all the facts, and get something in writing when you are quoted well below … (0 comments)
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Targeting your Market - 01/08/07 02:27 PM
Do you know who your target market is? Have you ever thought in depth about the best ways to reach your target market, and what idiosyncrasies that market might have that you need to tweak your marketing around? I have run into all different kinds of salespeople over the years, and the majority of them take a "one size fits all" approach to their marketing. They pitch their products, design their marketing materials, and try to make sales on their terms, the way they want to market and not necessarily what might appeal to their potential customers the most. Most marketing … (1 comments)
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Jeff Tompkins
Thornton,
CO
More about me…
Communitas Realty Partners
Cell Phone: (720) 334-0772
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