an ongoing conversation place for everything real estate

The higher your credit score the better chance you have of getting a loan or credit card.  Higher credit scores even help with better interest rates on car loans and mortgages!

RISMedia.com recently published this informative article called 5 Tips to Raise Your Credit Score. We thought this information about credit was good to share.

1. Check Your Credit Report for Accuracy. You can receive a free credit report annually at annualcreditreport.com.  It’s a good idea to know your credit score before you apply for major credit.  You can also check your report for any errors.
2. Dispute Errors. If you report an error, the credit bureaus are required to investigate it and respond to you.  If there is an error make sure to report it.
3. Pay Your Bills on Time. Payment history makes up more than one-third of the typical credit score determination.
4. Pay Down Your Debts. Lenders look at how much available credit you have on cards, if you are maxed out, lenders may not loan you money.
5. Keep Credit Cards and Other Revolving Accounts Open. You may be tempted to close old accounts or accounts you are not using but this may actually hurt your credit score.

If you’d like to read the article in its entirety, you can click and view the 5 Tips to Raise Your Credit Score.

New data from the National Association of REALTORS® shows positive signs for the future.  The National Association of REALTORS® recently published an article, “10 Market Facts for Uncertain Times” that outlines important data and facts about purchasing a home in today’s economy.  A few main points include:

• The economy is growing, though slowly.
• The 30-year mortgage rate is at generational lows.
• The national median-home price is stabilizing.
• Economist expect price increases in upcoming years.

Read the entire “10 Market Facts for Uncertain Times” or contact a CBSHOME agent today!

Have you ever really read your credit report?  Chances are many haven’t, myself, Heather and Kristi included!  We know our credit scores and that’s about it.  What’s really in those tricky reports?  Why do creditors rely so heavily on them?   Are they that critical they can make or break your goal of home ownership?  Thankfully, there is help!  CBSHOME and Credit Advisors are hosting a free seminar to make sense of it all in “Understanding Your Credit.”  This workshop is a one hour crash course on how to understand a credit report, the importance of a budget and how to start planning today!  Find out more about these services and how to register for the FREE workshop by visiting Understanding Your Credit.

Whether you are looking to buy a home or make your current home more affordable, we have partnered with Credit Advisors® to help you.   At CBSHOME we understand that it is truly a privilege to be in real estate.  We are impacting the lives of our customers, providing satisfaction beyond measure when it comes to home ownership.  If you are looking to buy your first home, but need to “spruce” up your credit, we are here to help.  If your credit is fine, but you need a workable budget, we are here to help.   If you currently own a home and are struggling to make the payments, we are here to help.  We want homeowners to stay in their homes, it’s what is best for you and our community.  CBSHOME and Credit Advisors recognize this need and feel honored at the opportunity to guide you through the process.  Check out  cbshome.com/credit and learn more about our upcoming workshops today.  Move with the BEST!

CBSHome Oakview Mall

OK, well maybe you won’t actually be purchasing a house on your next shopping excursion but if your travels take you to the Oak View Mall, you can stop in at the CBSHome office for any and all of your real estate needs. We want to be your convenient real estate location.

The office is open whenever  Oak View Mall is. There is always a helpful friendly agent available to answer any of your real estate questions. Wondering about the tax credit? Is there a house you have always been meaning to ask about but never got around to it? We can help.

If you are thinking of selling your property, ask us how your house can be displayed on the 52 inch monitors to the public. Oak View Mall is Nebraska’s highest traffic mall with over 14 Million visits per year.  Our sellers’ properties are constantly on display whenever the mall is open at the most visible spot on the food court level.

We are open with hours that are convenient to you! Most of the real estate offices in Omaha are closed at 5 or 6 OClock at night.  The CBSHome Oak View Mall office is open from 10am until 9pm every day except Sunday (11-6). The phone number is (402) 330-0807. Give us a call, especially in the evenings if you have a question that can’t wait until the next day.

Free Book

Another convenient feature is our periodic seminars for the public. Our next seminar is scheduled for Tuesday, March 9th at 6:30 pm. We will be presenting the “Five Biggest Mistakes First Time Homebuyers Make“. We will also answer questions about the tax credits as well. Each person or couple in attendance will receive a free copy of  David Bach’s Book “The Automatic Millionaire Homeowner” Please RSVP via email to Bill.Swanson@CBSHome.com.

If you have any questions and can’t make it to the seminar, please stop in at the mall office anytime!

Everything is looking more promising that the extension and new provisions as noted below will be passed by the Senate and the House possibly by weeks end.  The President has stated that in its current form he will sign the legislation.  I assume the concession on the combined income from $300,000  then to $250,000, to now $225,000 was a concession made to insure this and that the combined income will be far enough away from that wealthy income definition of $250,000 as indicated in previous discussion by the administration. 

Please see the highlights of the amendment below as published in update from National Association of Realtors

Extending the Credit — Almost There

The extension and expansion of the home buyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carry-back rules, new requirements for some tax return preparers and noncontroversial provisions that “pay for” these changes.

The agreement on the extension and expansion of the credit is as follows:

• Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
• Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
• New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
• Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.

• New anti-fraud limitations are imposed.

Ok – we all know about it, we may even be tired of hearing and reading about it, but let’s face it, if you know someone who would benefit from the $8000 tax credit,  now is the time to act.  We have been chanting the mantra about  the tax credit since 2008 and now is the time to get louder about.  In case you haven’t heard – time is running out!  When you think of Mark Johnson, Nebraska Market Manager for HomeServices Lending,  you probably don’t think “loud,” but he was adamant with attendees at the UNMC Real Estate with Honors First Time Home Buyers Seminar on 9/22 about now being the time to act and buy their first home.   With a great selection of homes, some on the lowest interest rates in history, and the $8000 tax credit, why wouldn’t you buy?  Evidence shows that homeowners have approximately five times more personal wealth than renters. What  a great way to jumpstart your path to personal wealth by receiving $8000 from Uncle Sam to buy a home.  If you, or someone you know, could you use $8000 towards their future, contact CBSHOME today!

http://www.wowt.com/home/headlines/60415652.html

Why buy or list a home in 2009 compared to 2010?

As you can read from other blogs the importance of the first time homebuyer tax credit expiring Dec 1^st of 2009.  Many people do not realize what is going to happen to mortgage interest rates after December.  The Federal Reserve announced on November 25^th, 2008 and again on March 18^th they were going to buy Mortgage Backed Securities – these securities are backed by Fannie Mae, Freddie Mac and Ginnie Mae and allow mortgage companies like CBSHOME Mortgage and others to issue conventional, FHA and VA loans to borrowers.

The Federal Reserve has committed to buy $1.25 Trillion dollars by the end of the year.  With this weekly purchase of 20 to 30 Billion dollar’s a week has really helped subsidize mortgage interest rates.  What will happen to interest rates once a demand of $1.25 trillion dollars is out of the market?  Some economist’s have estimated that the Federal Reserve purchase of MBS has kept interest rate 1% below normal market.

With the opportunities of the tax credit, it is a great time to list your home if it is in the first time homebuyer’s price range and take advantage of these low interest rates to upgrade to another home.  We may never see interest rates these low again.

If you have not owned a home in the last 3 years- you will probably never see an incentive as strong as $8000 tax credit and these low of interest rates ever again.

Today’s big news is the new federal regulations regarding real estate mortgage closings.

The fours key elements you need to know:

1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact and will dictate the closing date.

2. Upfront fees cannot be collected by the lender (except for credit report fee) until initial disclosures are received.

3. The homebuyer must be provided with a copy of their appraisal a minimum of 3 business days prior to closing.

4. An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with their loan choice.

Potential impacts to the APR:

• Unlocked Rate
• Change in loan amount
• Product change
• Rate re-lock due to market improvement
• Change in closing date
• Changes to fees, inclusive of settlement agent fees

The combination of these items will make anything less than 30 days closing very difficult and 45 days is a more likely scenario. Now more than ever the buyer, lender, real estate agent and title agent will need to communicate and cooperate to ensure a successful and timely closing.

For those who may still want to take advantage of the $8,000 tax credit; it is imperative that you start your search for your new home as soon as possible. Remember, you have to close on your new home prior to December 1st to qualify.

For a more detailed handout outlining the new mortgage process, complete with a sample ’closing calendar’ email bill.swanson@cbshome.com.

Bill is an agent with over 20 years experience at CBSHome Real Estate; an affiliate of Berkshire Hathaway.