Showing posts with label Prudential. Show all posts
Showing posts with label Prudential. Show all posts
Wednesday, October 24, 2012
IMPROVING YOUR CREDIT SCORE
Improve Your Credit Score
Those about to start house hunting should check their credit score before things get too serious. There is nothing quite as frightening in the mortgage process as learning that your credit report contains a late payment or other blemishes that can prevent you from buying a property.
The higher your credit score, the better your chances are of financing a home. A credit score of at least 620 will give consumers a fighting chance to secure a home loan; 720 should qualify in most cases.
However, a lower credit score doesn’t necessarily mean you can’t finance a home. Credit score repair begins with your credit report. You can request a free copy of your credit report annually from the Federal Trade Commission at AnnualCreditReport.com. Check the report for errors.
Don’t panic if your report contains blemishes. There are steps you can take to fix negative marks, regardless of whether the marks are in error or if you’ve missed a payment or two. The simplest thing to do if you’ve missed a payment is to call the creditor and ask them to erase the negative listing. You can also do this with a well-documented letter. There is no guarantee that a lender will do this, but if you’ve been a good customer through the years, this method has proven to be successful.
If you are one of the many who have defaulted on a student loan you can enter into a “rehab program,” which will get your account back on track after 12 months. This may not be the quick fix you need when buying a home but the sooner you do this the better.
For disputing a negative mark that was not your fault, you can try disputing the account with the credit bureaus as “not mine.”
One quick fix used by borrowers to boost their credit score is to have an older family member with a sound credit rating add you as an authorized user on a credit card. This can help increase your score and you wouldn’t even need the card in your possession.
With more loans requiring higher credit scores today, it’s never too early to start fixing credit challenges.
Prudential Brookfield
Wednesday, February 29, 2012
Beautiful Colonial in Hatboro Horsham Schools, Search for homes in MLS in Horsham Montgomery County, Hatboro, Colonial, Prudential Fox & Roach, Home Road. For Sale, Joanne Genesio, realtor
Wednesday, March 9, 2011
Why work with a Realtor for an Active Adult Community
Most prospective buyers do not know the answer to this and we need to get the word out to retired folks that are in the market. Finding the perfect retirement community is a process and the more knowledge you have the better your experience will be.
It is my experience, most prospective buyers are not aware of their options to work with a Realtor when purchasing a new home in an active adult community. They assume they have to work directly with a new home consultant who works for the builder. The new home consultant is going to get the highest price and best terms for the builder.
It is in the best interest for the buyer to work with an independent Realtor instead of dealing directly with the builder without an agent. An experienced agent knows the area and is able to keep up with the builder’s and their competitor's latest incentives. They are familiar with the purchase agreements and can help you understand what you are signing. Also, they can represent you if you are an out of town buyer and help you through the process. There is no out of pocket expense for the prospective buyer because the builder pays the commissions.
If you are in the market for new construction it is something that would be wise to consider.
It is my experience, most prospective buyers are not aware of their options to work with a Realtor when purchasing a new home in an active adult community. They assume they have to work directly with a new home consultant who works for the builder. The new home consultant is going to get the highest price and best terms for the builder.
It is in the best interest for the buyer to work with an independent Realtor instead of dealing directly with the builder without an agent. An experienced agent knows the area and is able to keep up with the builder’s and their competitor's latest incentives. They are familiar with the purchase agreements and can help you understand what you are signing. Also, they can represent you if you are an out of town buyer and help you through the process. There is no out of pocket expense for the prospective buyer because the builder pays the commissions.
If you are in the market for new construction it is something that would be wise to consider.
Friday, March 4, 2011
Good Faith Estimate Vs HUD-1
Good Faith Estimate Vs HUD-1
There are a couple of documents you will hear about when you are buying a home. One is the Good Faith Estimate and the other is the HUD-1 Settlement Statement. Aren't they the same thing you may ask? No they are not, although they are used for figuring the closing costs on the home you are about to buy. Let me explain the difference between these two documents.
The Good Faith Estimate
Very simply, the good faith estimate (also know as the GFE) is a list of estimated items and their fees to close on the mortgage. You use this to compare apples to apples in deciding which lender you want to go with. Once again it is just an estimate of the closing costs associated with the mortgage. You are to be given this estimate within three days of completing the loan application.
Now to compare apples to apples you will need another document. This document is called the Truth in Lending Disclosure Statement (TIL). This document discloses all the costs associated with making and closing the loan. This document is also to be given to you within three days of the loan application.
With both these documents you can now compare lenders to find the best deal for you.
The HUD-1 Settlement Statement
This is a form listing the FINAL settlement of those closing costs you will need to pay to close on your mortgage and buy that home you are looking forward to.
You should get a copy of this form a day prior to closing to inspect according to the Real Estate Settlement Procedures Act (RESPA). Now you can compare this final document with the estimate document and the TIL document. This gives you the opportunity to question your lender or broker about any differences you may find.
No one is perfect so errors do happen. That is why you want to look at this document closely. If you have any questions, ask the closing agent to explain the item to you. Unfortunately, you don't have a lot of time before the closing to do this. So ask away and be persistent to be sure your final settlement statement is accurate.
What items are on a HUD-1
You will find items like the commissions paid to the real estate agencies, your home closing costs, those items required by the lender, title charges, recording fees, the gross sale price of the home and the total amount due the lender to name just a few.
You will also see a section that lists the items paid outside of closing (POC). These particular fees can include what are sometimes called "junk fees." Take a close look at these charges to be sure they match what you agreed to on the Good Faith Estimate. Many times this is where you might find those "unnecessary" fees. Be sure you understand these.
Conclusion
Although both the Good Faith Estimate and the HUD-1 Settlement Statement are similar, their purposes are very different. Remember, one is an estimate of those fees you will need to pay to close on your loan and the other is a list of the actual final fees you must settle close on your mortgage.
Article Alley
There are a couple of documents you will hear about when you are buying a home. One is the Good Faith Estimate and the other is the HUD-1 Settlement Statement. Aren't they the same thing you may ask? No they are not, although they are used for figuring the closing costs on the home you are about to buy. Let me explain the difference between these two documents.
The Good Faith Estimate
Very simply, the good faith estimate (also know as the GFE) is a list of estimated items and their fees to close on the mortgage. You use this to compare apples to apples in deciding which lender you want to go with. Once again it is just an estimate of the closing costs associated with the mortgage. You are to be given this estimate within three days of completing the loan application.
Now to compare apples to apples you will need another document. This document is called the Truth in Lending Disclosure Statement (TIL). This document discloses all the costs associated with making and closing the loan. This document is also to be given to you within three days of the loan application.
With both these documents you can now compare lenders to find the best deal for you.
The HUD-1 Settlement Statement
This is a form listing the FINAL settlement of those closing costs you will need to pay to close on your mortgage and buy that home you are looking forward to.
You should get a copy of this form a day prior to closing to inspect according to the Real Estate Settlement Procedures Act (RESPA). Now you can compare this final document with the estimate document and the TIL document. This gives you the opportunity to question your lender or broker about any differences you may find.
No one is perfect so errors do happen. That is why you want to look at this document closely. If you have any questions, ask the closing agent to explain the item to you. Unfortunately, you don't have a lot of time before the closing to do this. So ask away and be persistent to be sure your final settlement statement is accurate.
What items are on a HUD-1
You will find items like the commissions paid to the real estate agencies, your home closing costs, those items required by the lender, title charges, recording fees, the gross sale price of the home and the total amount due the lender to name just a few.
You will also see a section that lists the items paid outside of closing (POC). These particular fees can include what are sometimes called "junk fees." Take a close look at these charges to be sure they match what you agreed to on the Good Faith Estimate. Many times this is where you might find those "unnecessary" fees. Be sure you understand these.
Conclusion
Although both the Good Faith Estimate and the HUD-1 Settlement Statement are similar, their purposes are very different. Remember, one is an estimate of those fees you will need to pay to close on your loan and the other is a list of the actual final fees you must settle close on your mortgage.
Article Alley
Subscribe to:
Posts (Atom)
