Danger Signs that your Finances are in Trouble!

Reblogger
Mortgage and Lending with Liberty One Lending

I encourage my clients to get a quarterly financial check-up by reviewing their credit report

Original content by James Wexler

As real estate prices continue to slide in greater Phoenix and the surrounding towns including Scottsdale, Fountain Hills, Peoria, Tempe, there has been a flurry of activity of an again emerging class of buyers, First-Time home buyers.danger signs of financial problems

Prices have fallen back into affordability levels. Interest rates are still historically very low. And with Federal legislation allowing incentives and exceptions in Fannie Mae and Freddie Mac financing,

...these buyers are who had been for many years, priced out of entry level housing are now the lone winner of they housing crisis sweepstakes.

However, if you are in the market to buy a home using FHA financing, keep an eye out for  danger signs of your personal finances before you buy as financing and purchasing home using FHA loans is now more than ever credit score driven.

  • Know your FICO score and what it means
  • Review your credit report with a lender sooner than later
  • Report mistakes or outdated information
  • pay down debt
  • do not make an large purchases
  • Dont' fall for credit repair scams
  • Pay your bills on-time

these may be signs that your finances are in trouble.  If you find yourself ,

  • maxing out credit cards
  • paying late on debt
  • borrowing on cards to pay other cards
  • tapping into home equity to pay other debt
  • receiving notices that credit lines are being reduced
  • HELOC or credit card rates are  being increased

If this might be the case, I encourage you to address the situation sooner than later. And,...

...definitely do not add more debt and leverage and

don't purchase a home before your financial foundation is firmly on the ground.

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©  James Wexler, *Danger Signs that your Finances are in Trouble! *

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

Comments (1)

James Wexler
wexzilla.com - Scottsdale, AZ

hey buddy, hope all is well and business is great for you , I am sure 2009 will be a banner year for you and your company

Mar 02, 2009 02:19 PM