The Northwest Multiple Listing Service announced its 2011 year end statistics. There is good news: a positive trend has started for home sales in King County. For two months in a row, during 2011, home sales were up. We are starting to see a healthy marketplace emerge as the inventory level drops. Right now is the prime time to list a home before the housing inventory increases. Take Care.
Jeff Menday
From Ask Tara at Trulia
1. HAVING LOADS OF CASH, TONS OF EQUITY, AND A WELL PAYING JOB MAKE YOUR CREDIT SCORE IRRELEVANT…
Lenders will look at your credits score. No matter how much cash you have your lender will have FICO score guidelines that you will have to meet. The best predictor of whether you will default on a loan is how you’ve handled credit in the past. Assets do not necessarily diminish riskiness.
2. HAVING NO DEBT OR LATE PAYMENTS MEANS YOU HAVE GREAT CREDIT…
Financial responsibility and credit are two different things. Your FICO score is a measurement of how you’ve managed your debt. So if you have credit accounts, use them but do not abuse them. If you do not have any credit accounts, you do not have good credit, you have no credit.
3. CHECKING YOUR OWN CREDIT SCORE IN ADVANCE PREVENTS SURPRISES WHEN APPLYING FOR A MORTGAGE…
Your mortgagor or mortgage broker must pull their version of a credit report, which can be very different than the free one you get online. This is why it is very important to work with a professional as early as possible – so you can detect any errors or issues and get working on them.
4. IF YOU HAD A SHORT SALE OR FORECLOSURE, YOUR CREDIT SCORE WILL BE DAMAGED FOR 7 YEARS…
These will appear on your credit report for 7 years, but your credit score can be rehabilitated enough to perhaps buy another home in less time. This depends on what type of loan you are seeking.
5. SHORT SALES HAVE FAR LESS IMPACT ON YOUR CREDIT SCORE THAN FORECLOSURES…
According to the FICO folks themselves, short sales and foreclosures have the SAME impact on your credit score. What may make a difference are the number of missed payments before your home was lost to foreclosure or short sale.
Cute and cozy Loyal Heights Rambler in a great walkable neighborhood. Freshly painted, neat & clean.
This 2 bedroom, 1 bath home is high off the street for a private and secure feeling. It features newly refinished gleaming hardwoods and a period detailed fireplace.
Large yard with space for a garden. This is a perfect alternative to condo living.
Convenient to the Loyal Heights Community Center, shopping, dining, neighborhood parks, and public transportation. Don’t miss this gem!
For a private showing, call Jeff at 206-369-2818!