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 Linscott Real Estate
 
Selling Your Home
Brian Linscott
Phone (207) 767-3366 Fax (207) 767-5738 Linscott Real Estate 22 Cottage Road South Portland, ME 04106 |
Brian’s Blog March 13, 2007 The real estate market seems to be warming up this spring along with the temperatures! Activity is on the upswing and interest rates are flexing from 5.78 to 6.125 percent. From all the research I do, reading dozens of real estate newsletters, papers and real estate magazines each week, I’m seeing more and more news about the huge increase in distressed properties and foreclosures. In the last few years, buyers have been getting into mortgage programs that seem to be right at the time, but after a few years the payments are catching up with them. Monthly payments become harder to make and many home owners are being forced to either refinance or sell their homes. There are some things we can all do to keep our credit in good standing and try to avoid overspending that will take us down the wrong road. To increase your credit scores the experts suggest we never pay in cash. Using a credit card will keep everything you purchase on a monthly statement that you should pay off and not carry a balance on. Try and avoid using a debit card! If you’re using a credit card and it is stolen, the chances are pretty good that you’re protected against fraudulent charges. If you’re using a debit card and it is stolen, the thief will have direct access to your bank account and if you’re using your credit card, you’re building your credit. The most important thing you can do when using your credit card is to pay off your balance! It may be a challenge at different times of the year but to maintain a great credit score you must keep paying your balances off. The recommended number of cards to have is two. It is not recommended that you close out your credit cards, as this will affect your scores. Find a card that is a good fit for you percentage wise and stick with it. Credit bureaus love to see good history of paying off your balances. To help out your credit score, you should request an increase on your limit. This doesn’t mean that you can go out and spend more though!! One of the factors that credit bureaus look at is the percentage of your credit that you are accessing. Try not to max out your credit limit. Sometimes banks also have more incentives for those that have higher credit limits. The last bit of information is: if you’re renting, save some money and buy! Once you buy a home, your credit score will raise an average of 50 points! If you’re thinking of buying a home and think your credit is not good enough, think again! We have worked with people that went through a bankruptcy 6 months prior to buying a home. We’ve also worked with people with scores in the 600’s that needed to write a few letters to creditors and pay off a few bills and within 6 months they were ready to buy a home! Your credit will follow you the rest of your life! Take care of it and if you need help fixing your credit there are many good organizations that will help.
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