Tags: credit, credit reports, credit scores, interest rates, loans, mortgages, Real Estate
Thinking of buying a home next spring or summer? Now is the perfect time to check your credit and start getting it in order! A good credit score can make a big difference in the interest rate a lender will offer you…which can mean huge savings over the life of the loan.
First, you’ll want to review your credit report to check for accuracy and see what areas could use improvement. If you have charges you need to dispute, it can take 60-90 days for them to be resolved and have the change show up on your report (that’s why it’s a good idea to take care of it now!). Order a free annual credit report (if you haven’t already done so this year) at www.annualcreditreport.com. It’s a good idea to check your report from EACH of the three major reporting companies (Equifax, TransUnion, Experian), as they may not all be the same.
Once you’ve reviewed your credit reports it’s time to start improving those credit scores! The best way to find out what will improve your score is to meet with a mortgage professional who can review your report and make suggestions tailored to you. Here are some tips that anyone can use to improve credit scores:
1. Pay your bills on time and always pay at least the minimum amount due.
2. Keep balances on all credit accounts at least 30% below the credit limit.
3. Don’t credit surf (ie. transferring balances from card to card, opening and closing accounts as you go).
4. Making two payments per billing cycle that add up to at least the minimum amount due shows that you can budget your money and are responsible. Doing this regularly for 6-9 months can increase your credit score.
5. Find the right balance of number of accounts to keep open. If you’re going to close some accounts, keep your longest standing accounts open and close newer accounts. Established credit history is better for your score than new credit. This is where a mortgage professional could help you decide which accounts are best to keep open and which should be closed.
6. Major credit cards are better for your score than department store cards and accounts.
7. Opening too many accounts in a short period of time can greatly decrease your score.
If you’d like to find a qualified mortage broker to help you improve your credit so you can get a good mortgage, just let me know. I’d be happy to pass along some names.
Tags: home prices, portland, real estate statistics
According to the current market statistics from the RMLS, the average home sales price in Portland this September was $334,000 and the median price was $283,500. (Year-to-date prices through September 2007 are $342,600 average and $290,000 median.) The average sales price has appreciated 6.9% for the twelve months ending in September 2007, compared to the twelve months ending in September of 2006.
The average time on the market has also increased since September of last year from 41 to 60 days. The third quarter of 2007 has seen a 3.4% increase in the number of listings over the third quarter of 2006. This September, however, had a 25% decrease in the number of pending and closed sales when compared to September of last year. (This means we have a lot more inventory…which is great for buyers!)
From Market Action, a monthly review of RMLS area real estate statistics and trends compiled by RMLS.
Classic Mid-Century Bricker
Location: Irvington Heights
Classic Mid-Century duplex in Irvington Heights. Full of 50s fixtures & hardware for the mid-century purist! Features include lengthy mechanical upgrades (including electric), retro kitchen, oak floors, private yard w/ deck, loads of storage, huge basement with bonus room/studio, picture windows, 2 fireplaces, separate gas & electric, air conditioning and more. This is a dynamic property with excellent rentability close to Alberta Arts!
Unit 1: 1788 approx sf, 2 bed, 1.1 bath
Unit 2: 1250 approx sf, 2 bed, 1 bath
Eric Hagstette, Broker, Meadows Group Inc., Realtors
cell: 503.313.6476, office: 503.238.1700
Asking Price: $449,900.00
1112 NE Skidmore St.
Portland, OR 97211
Year Built: 1953
Subdivision: Sabin/Irvington Hts
Lot Size: 5000sf
Garage Size: 2 attached 1-car garages
Square Footage: 3296
Agent Name: Eric Hagstette
MLS #: 7099275, 7099276
Neighborhood: Irvington Heights
Lots of Storage
VFLYER ID: 1321387