Good morning, North Carolina Real Estate Fans! Today's topic is what is going on with credit scores and loan rates. I am well aware that I cannot delve into all the details of this very complex issue, so I'll give the topline.
Credit scores: Many of my clients have been pleasantly surprised to find out that "blips" on their credit score can be fixed relatively easily. Some have cancelled all their credit cards believing that will up their score. Actually, in some cases the opposite may be true -- getting and using carefully & wisely a simple credit card may increase your score. Having one late medical bill or collection call can drop your score 100 points. I recommend you speak with a mortgage specialist to see how you may qualify. Let me know if you would like a recommendation. I have several very knowledgable & experienced experts who would be glad to speak with you at no charge. Rents continue to climb & housing prices are at historic lows. Is now the time for you to buy? Why not find out?
If you've been watching the news, you've been hearing that the fallout from our government debt situation will most likely result in interest rates rising. We all knew these historic rates will not last forever. Currently you can get a 30 year fixed rate of 4.25%. There are also other programs that are even lower -- a 15-year fixed at 3.75% and a 3.00% ARM. Amazing! You can lock in these low rates today while you continue your home search. Ask me about it.
Thanks for stopping by! Please share your opinion or ask any questions you would like me or my experts to answer for you.
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