Ready to buy a house, but need to boost your credit?

Thinking about applying for a mortgage? Need to work on your credit? No activity is guaranteed to improve your credit within a short timeframe, but there are quick, simple actions you can take to try for fast results.

Correct errors on your credit reports

Request free copies of your complete credit reports from the three major credit bureaus on the site annualcreditreport.com. Look for items that aren’t yours, balances that have been paid, items that have been reported multiple times, and other mistakes. Most credit report disputes must be resolved in 30 days. You can learn more about disputing errors on your credit report here.

Make strategic payments

Your payment history contributes the most to your credit score. Late payments generally stay on your credit report for seven years. To make all your payments on time, try putting all your bills on automatic payment. Pay any outstanding bills that haven’t been sent to collection first. Then pay off bills sent to collections. If the bill has been charged off, make sure you can pay it in full before paying on it at all. Otherwise, the clock starts ticking on the collections process again and the item will stay on your account for another seven years.

Decrease your credit utilization rate

Pay down balances so your credit utilization is less than 30 percent. You can also ask your credit card providers to increase the limits on the cards you own. If you have a good history of payments with your credit card, there’s a good chance they will negotiate. A request for a credit limit increase may result in a hard inquiry on your credit report, which can ding your credit scores, so use this strategy carefully.

Have someone with great credit add you as an authorized user to a card that they’ve had for a long time. Authorized users benefit from responsibly managed accounts because these accounts will be listed on the user’s credit report. Another idea is to open up a new credit card, which can  increase your total credit line and your utilization should improve. If you apply for a card every time you’re asked whether you want 10% off your purchase today, you’ll take a hit on the number of recent inquiries.

If you are within striking distance of a certain credit score needed to accomplish your goals, taking some or all of the steps listed above may help put you over the finish line. Learn more about purchasing a home and find a REALTOR® to help by visiting Three Rivers Association of REALTORS® website.

The Spring Selling Season May Be “NOW”!

If selling your home is in the plans for 2017, it may be in your best interest to start now. Normally, sellers tend to wait until spring to put their home on the market when it is believed that most buyers start looking for a home to purchase. With the current low inventory of homes available for sale, this housing market is anything but normal. It may be to your advantage to list your home right now. There are many unpredictable factors which can affect the real estate market whether it is interest rates, the general economic climate…even the weather. The one factor that is affecting it right now is inventory. Supply and demand is what drives the price of homes. With a good supply of homes for sale and steady demand, prices stabilize. When the supply is low and demand is high, as is the circumstance we face today, prices tend to rise. If you list your home now, chances are that there will be much less competition with similar homes for sale in the area than there will be in a couple of months. This also may mean getting top dollar for your home. Of course, as always condition and location will directly affect what the home eventually sells for.  Another factor in your favor is that more Americans are showing optimism toward their personal finances and the housing market, a reversal to a five-month decline. The National Association of REALTORS® web site reported that according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 Americans in January about their attitudes toward housing, Americans are more upbeat about home prices, home selling, their rising household incomes and they are less scared about losing their jobs.

When considering the sale of your home, members of the Three Rivers Association of REALTORS® are here to help. Meet with your agent TODAY to discuss listing your home for sale. You can also find a REALTOR® by visiting the Three Rivers Association of Realtors web site…www.trarealtors.net.

New Year, New Property Market

Are you thinking of buying or selling your home or asset, but don’t know if 2017 is an optimal time to do so? Between the uncertainty produced by the 2016 Presidential election and the high number of baby boomers and millennials projected to invest in the market, experts are expecting an interesting year. What does this mean for you?  

If you are attempting to make sense of the changes expected to occur in 2017, the Three Rivers Association of Realtors is here to help. Bearing this in mind, we would like to present some insight as to what the average buyer or seller can expect to experience next year.

·        Slow but steady wins the race: The real estate market is expected to remain steady through the upcoming year across the nation, but slight slowdowns are projected to occur with growth dropping by 1%.

·       Bigger is Not Always Better: Smaller homes have experienced a significant price rise in comparison to larger houses due to the lifestyle changes that many are experiencing. Millennials are moving out and babyboomers are newly empty nested parents are downsizing. Urban areas are also appreciating quickly

·      
        It’s all Good: In general, markets are currently doing very well and interest rates remain lower than average. Expert Rick Sharga estimates that Trump’s presidency will provide some credit relief to the average home buyer, consequently making it more readily available to home buyers.

·       Making Room for the New: Not only is millennial home buying expected to increase but experts are already beginning to think about generation Z (born 1995-2012). Although this generation will primarily consist of teenagers in 2017, it is foreseen that they will begin saturating the market within the next several years.

The trends of 2017 have a plethora of implications for a new direction in the real estate market and for our economy in general. Whether buying or selling, the Three Rivers Association of Realtors will ensure that you are never left in the dark, and we are here to assist you in making the most out of your housing experience. Visit our website today for more helpful tips and information.

How To Get A Mortgage With Student Loan Debt

Time Magazine reports that the Student Loan Crisis is worse than ever.  More than 25% of students are graduating with too much student debt and the overall debt number has exceeded the $1 trillion mark.  While this issue may not seem related to being a homeowner, it is affecting the housing market in surprising ways.

When you apply for a mortgage, student loans can be the make or break factor for getting approved.  If you have student loans and are looking to buy a home, you’re in luck! Follow our advice for affording a mortgage while balancing student loans:

Managing Loans

If you are paying a high interest rate on your student debt, it may be time to look into refinancing and consolidating.  Refinancing your student loan reduces your debt-to-income ratio, lowers your monthly payment, locks in low interest rates and improves your chances of being approved for a mortgage.

Elevating Credit Score

How can you build good credit?  If you have student debt, one of the most effective ways to improve your credit score is by paying off loans.  Start by paying your student loans on time each month and make sure you keep your monthly balances low.  If you avoid paying off your balance each month, you might be faced with a fee.  

Reduce Your Debt

Lessening your total debt sounds harder than it is.  If you are ready to purchase your first home, cutting back on monthly expenses is a great place to start.  Reduce your living expenses by eating out less, avoiding online shopping or even taking on a part-time job for some extra cash.  All it takes is some money management and you can be a homeowner!

Don’t let student loans affect your ability to buy a home.  Contact the professionals at Three Rivers Association of REALTORS® for professional advice!  It is our goal to provide real estate solutions for those in Will & Grundy County.  For more information, head over to our website or give us a call at 815-744-4520!