Athens, Georgia
Hosted by Matt Thomas of Atlas Real Estate Adivsors, this site gives readers an inside look into the exciting world of real estate.
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August 2008
Aug. 26, 2008
As most of you know, credit scores range from 300 to 850, and lenders place a significant amount of weight on the score when making lending decisions. Consumers that score over 700 are typically charged lower rates than normal, while those under 600 are charged higher than normal rates.
If you haven't seen a copy of your credit report and score, you can obtain one free of charge once a year (email me for details).
If you do follow your credit closely, you'd probably be interested in the following tips for keeping your score at or above par, even if you're not in a position to pay off debt right now.
- pay bills on-time ... sounds simple, but it's not always. The credit bureaus allow you a "30-day grace period" to pay, but if your bills are more than 30 days late, your credit will be damaged
- keep balances low on credit cards ... even if you have to open a new card and "share" your total balance, lenders like to see that you have an outstanding balance at or below 30% of your limit
- don't open too many new accounts ... I know I just told you to open new ones, but you don't want to if you can help it. The "average account age" is important in proving to the credit bureaus that you're a seasoned borrower ... a new account will lower your average age
- don't ever close an account ... it's great to pay the balance down to $0, but don't close the account. If the account is closed, it's removed from your active record. But, if you have a $0 balance on a card with a $10,000 limit, your golden in the lenders eyes
If you would like more info on how to obtain your credit score, of if you'd like advice on how to raise your score, please email or call me anytime.
Aug. 22, 2008
"NO!" says a recent study by the University of Akron, Ohio.
A recent New York times story "What's Lurking In Your Countertop?" highlighted one purchaser that ripped out her granite countertops because her inspector suggested the levels of uranium in it were too high for her pregnant daughters health. This story angered many in granite/marble industry, such as the Marble Institute of America, who say the story "follows the playbook used by two of the largest synthetic stone manufacturers who seek to increase their own sales by raising fears about natural stones".
The facts are this:
While granite is known to contain uranium (which can produce radon) and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.
The frenzy created by this NY Times story helped sell their paper and create a buzz, which is exactly what they wanted to do ... but, I'll trust the academic and health researchers over a journalist seeking a shock-factor article.
Aug. 22, 2008
To spur activity in the real estate sales market, the federal government has once again stepped up to the plate ... and struck out, in my opinion.
In an attempt to help 1st-time homebuyers, the gov't is offering a $7500 tax credit for qualifying purchasers (call for details) ... it has to be paid back, so it's just a short-term loan of sorts ... but, given the state of our national debt, and the other more critical areas of need, is it really the government's responsibility to interject funds here?
We just don't get it, do we? One of the main reasons the housing market is slow now is due to the concept that everyone "deserves" to be a homeowner. Just a few years back, everyone with a heartbeat and a 500 credit score qualified to buy a home. Now, there are more foreclosures than ever. That very sense of entitlement is how we dug ourselves this hole to begin with ... and to fix it, the gov't has just picked up a larger shovel by throwing more money at the problem and encouraging more and more people to buy.
Now, don't get me wrong ... as a Realtor, I hope this program increases sales, and I would be happy to share the details of the program with anybody that has an interest ... but, as a tax-paying citizen with a sincere interest in the well-being of our economy as a whole, I just don't think this is the long-term answer.
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