Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

So what does this mean?  Read on carefully for all the details but in a nutshell, if you are applying for a mortgage loan in Minnesota (or anywhere else) DO NOT buy a new car or take out ANY other type of consumer debt.  EVEN for furniture. 

1) Three months prior to securing your mortgage, DON’T apply for, close, or pay off any credit cards, loans, or other kinds of credit without speaking to your mortgage professional first. Any one of these actions, as innocent as they might seem, could seriously affect your credit score, adding significant costs to your mortgage should your score suddenly drop.

2) If you have a credit card account with an excellent credit history, DO use it – but use it strategically. In other words, use it only for small purchases that you can easily pay off completely at the end of the month. Remember, creditors like to see evidence of stability, so the goal here is to keep the good reports coming month to month without falling into the same financial traps that led to credit challenges in the past.

3) If you don’t have a credit card, DO get a secured credit card. This is a great way to rebuild or establish credit quickly. Because this account is secured by funds that you deposit (typically between $100 and $400) you’re not seen as a great risk to the card issuer because of your initial investment. Again, use this card strategically to build a strong credit history. Pay your bill on time every month, and it won’t be long before you qualify for an unsecured credit account.

4) Finally, DO monitor your credit. Ask your mortgage professional to refer you to a professional credit repair company you can trust. Having an experienced professional on your side will allow you to focus on your long-term credit goals without having to make reestablishing your credit a second career.

If you or anyone you know has any questions about credit scores or what can be done to repair them, please don’t hesitate to call me at 651.210.9593. We’ll be glad to review your credit and see what, if anything, needs to be done to help meet your financial goals and needs

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans

Let me tell you why I feel this 2nd half of 2010 is going to be a ROCK STAR time to buy your first home or even dip your toes into purchasing investment properties.  Ready?  Here goes.

With the tax credit expired, there will likely be LESS buyers to compete with.  Pretty cool, right?  If you talk to anyone who’s purchased a home, it’s not uncommon for them to have bid on multiple homes because of the increased competition.  In fact, the tax credit made it more of a “sellers market” than people will ever admit. 

Ok, so we have fewer buyers to compete with.  That’s good.  Now, how bout financing?  Even though the Fed has halted their mortgage buying, rates barely budged.  Why?  I guess you could say it’s a flight to “safety”.  You see, the stock market’s had huge gains and the international debt market (i.e. the PIGS you hear about on CNBC) in shambles, the market place is still digging owning mortgages yielding around 5% because their costs of funds are so low.

Ok, so less competition.  Good financing.  Last but not least?  There’s STILL ample supply of foreclosures and short sales coming down the pipeline INCREASING supply of homes.  So if I were a betting man I would bet that the 2nd half of 2010 is going to be a GREAT time to get into your first home or investment property whether it be a condo in DT Minneapolis or St Paul or a big shack out on Minnetonka or the St Croix. 

Got questions?  Give me a call at 651.210.9593. 

P.S.  Sorry for the delay in updating the blog…been busy helping those getting the tax credit with their financing

Technorati Tags: jay dacey, loan, mn homes, mn real estate, mortgage, twitter loans