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Prime time to step into the real estate market?
"... People who want to buy a home should take a few basic steps, said Greg Rielly, a mortgage planner for the Mortgage Advisory Group in Everett. His recommendations: Get a mortgage-quality credit report, one that's more detailed than the free one provided at annualcreditreport.com. Meet with a local lender and a real estate agent, who can provide solid information about the market in the local area.Research not just interest rates but loan advisers and choose one with an established track record and professional connections in the community. Buyers can improve their credit scores by paying off debt, Rielly added. "Stop consuming and start conserving," Rielly said. And when it's time to buy the house, don't buy a house you can't afford, he added. "Don't look at it as your dream home," he said. "Look at it as a stepping stone."
Date: 02/03/08 | Business
Should you panic over the stock market?
Here's some advice, ... On the other hand, the (Fed) rate cut doesn't mean mortgage rates are automatically headed lower, said Greg Rielly, a mortgage planner at Mortgage Advisory Group in Everett. "Historically, mortgage rates most often will move in the opposite direction of the federal funds rate," he said. "The rates are extremely low right now," Rielly said.
Date: 01/23/08 | Local News
Less of a mess locally
The responsibility doesn't rest solely on the mortgage industry, said Greg Rielly, a certified mortgage planner at Mortgage Advisory Group in Everett. Many borrowers defaulted on loans because their spending increased after they applied for a loan. In some cases, borrowers didn't save and then encountered unforeseen pitfalls such as divorces or job losses. "If they go out after the home loan and buy Wave Runners, boats, cars and other unnecessary items, their debt to income ratio changes. When they come in to refinance, their credit profile has changed," Rielly said. "There needs to be some sense of personal responsibility on the part of the consumer here." Even so, Rielly said real estate is still one of the best investments. "The economy here is stable, and we have a lot of jobs," he said.
Date: 09/16/07 | Business
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