Posts Tagged mortgages
10 Ways to Keep your Credit Rating AAA
Posted by Top Home Loans in Credit Information on September 3, 2010
Everyone wants to generate the best credit rating possible. They want to be able to do this with as little effort as possible. It is very easy to have a great credit rating. It just takes a bit of work, and you can have an amazing credit rating. Below are 10 ways to perfect your credit score.
1. Never miss a payment. Avoid missing payments on your credit cards, PLCs, loans, mortgages, etc. Don’t do it ever.
2. Never max out your credit or carry large balances on your credit products.
3. Never close credit accounts. By closing old accounts this causes your account life to be shortened.
4. Never co-sign on anything. Co-signing sounds like a nice thing to do, but it can destroy your credit rating.
5. Never declare bankruptcy or get a consumer proposal.
6. Never spend more than you make. This is a recipe for disaster if you do this.
7. Never pay credit with credit. The banks will never find out, but this is a really bad habit to start.
8. Never buy what you can’t afford. Instead of buying what you want, buy only what you can afford.
9. Don’t sign up for a credit card only for a ‘reward’. Make sure you pick and choose your credit cards carefully.
10. Never date someone with bad credit. Credit is a key indicator on someones life skills. If the person has bad credit, then everything else in that person’s life will be suffering as well.
Keep your credit AAA by following these simple rules for your credit rating.
What rules do you follow with your credit? How do you keep your credit high? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Welcome back!
Mortgage Professionals want to be Regulated; Banks don’t want this
Posted by Top Home Loans in General Business, Mortgage Advice on August 27, 2010
If you have been an avid reader of this resource, then you will know the value in having a seasoned Mortgage Professional working for you; however, many people do not know the difference. The banks would prefer to keep it this way.
Why does the banks want unskilled workers?
The bank has many reasons for not wanting to have skilled employees. The main reason is because of salaries. The bank would prefer to have 100s of unskilled employees that they can easily replace, and they want to be able to pay these employees a fraction that they would pay to a regulated professional. Banks want to teach their employees the bare minimum to get by, then have them sell as many mortgages as possible.
In this process, many borrowers will lose. They will lose by not being educated, not understanding the risks, and buying properties that are too expensive. The default rate of borrowers will be much higher than a mortgage professionals book of business. This is because the mortgage professionals clients are less likely to over spend, live beyond their means, and manage money improperly.
The mortgage industry doesn’t pay for customer service; however, with a commission income, it depends on bulk transactions which also puts the end client at a loss.
Can the Client fight back?
If you are tired of getting low quality service from the person you work with on your mortgage, then you need to get help from a mortgage professional. A Mortgage Professional acts similar to a doctor, you can get signed up with one anytime. You don’t need to have a mortgage issue to enlist a mortgage professional. The more people that turn to mortgage professionals, the greater the demand for their services.
Also, the government needs to hear your voice that you want to have a professional working on your mortgage, and not an unskilled employee. The training minimum for a mortgage professional should be a minimum of 5 years.
The biggest transaction of your life should not be taken lightly. Make sure that you have an experienced mortgage professional to help you with your transaction.
Did you use a mortgage professional? Why didn’t you use a mortgage professional with your mortgage? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
Mortgage Rates on the Slide along with Property Values
Posted by Top Home Loans in Economy, Mortgage Advice on August 17, 2010
For the first time rates and property values are not correlated. Instead of property values increasing as the mortgage rates decline, property values have been decreasing as well. Why is this? Borrowers are extended to their limit, and they do not have any savings, and they have borrowed as much money as possible. The mortgage rates are going down; however, more people are not buying. There is no one left to buy because everyone who can be approved has already been approved. Less younger people are able to get a job, nor would they want to buy a house.
Also, as the baby boomers begin to pass away, more and more houses will become vacant. This means that there will be a great increase in the supply of housing, while demand for that housing will remain constant or continue to decrease. The future of housing, for the first time in awhile, looks relatively bleak. People do need to have a place to live in, so they will continue to purchase up properties, and immigration will support the economy as well.
When will the Mortgage and Housing Market turn around?
The market goes up and down, and the same can be said for the mortgage and the housing market. There is a point when house prices will return back in line and demand will come back to the market. What price is that is yet to be determined. Also, as incomes increase, this will allow people to pay more for properties. At some point these two numbers will intersect and demand will return to the market. Most likely, the market will not boom for several years; however, the mortgage and housing market will remain stagnant. Once houses and mortgages get too cheap, then demand will return and the government will allow home buyers to continue to purchase property and they will be able to be approved for their mortgage.
Housing comes in peaks and valleys. If you are planning on buying to live in for the long-term, then you shouldn’t worry about it. However, if you are planning on buying to invest, then this may not be the right time for you.
What do you think the housing market will do over the next few years? Do you plan on buying a house? Leave your response in the comments below.