Valentine’s Day is just around the corner. Are you wondering what to get your loved one? Buying Orlando foreclosures may not be on the top of your list, but maybe it should be. Do you need some extra room? Is it time to spread out? Are you a repeat buyer?
You’ve probably heard the term “buyer’s market” more often than you care to, but if you want to expand your living quarters, you might want to pay attention.
What is a buyer’s market?
The typical reply might be something like, “A buyer’s market is where the supply is greater than the demand; the heavier the supply, the stronger the buyer’s market.” What you really need to know is that a buyer’s market is heavily tipped in your favor. Mortgage rates, housing supply and negotiations are all pointed towards helping you find – and buy - the home of your dreams.
What’s so great about buying Orlando foreclosures or other homes for sale now?
Whether you’re a first-time buyer or currently own a home and want to upgrade, there are plenty of reasons to get into the action now:
• Home prices are lower than they’ve been in 12 years.
• Foreclosures are going for rock-bottom prices as lenders try to make up their losses.
• The number of programs to help buyers get into a new home is higher than it’s ever been.
• Between government programs, lenders’ programs and private programs, the chances of getting into a home you can afford are high.
• Many sellers are eager to find qualified buyers. If you’ve been pre-approved for a mortgage, you have a better stance in negotiations.
• Mortgage rates are lower than they’ve been in a long time, but are slowly starting to rise again.
These are just a few of the reasons.
Why buy foreclosures?
Foreclosures are selling at much lower prices than other homes. In fact, many expect to save at least 30% when buying foreclosed property and that percentage isn’t unrealistic.
If you’ve been trying to figure out what to buy your Valentine, and you’ve been thinking about buying a home, look around at Orlando foreclosures. Not only can you find a fantastic deal, but you’ll also be able to celebrate Valentine’s Day in a new home!
Tuesday, January 5, 2010
Was Your Orlando Real Estate Financing Declined?
If you’ve recently applied for credit to finance a Orlando real estate purchase, and were declined, you might be wondering why a lender would deny you credit. Most lenders have a checklist of qualifications necessary to get approval for a home loan, and some don’t have anything to do with what your credit score is. Here are the basic reasons a lender may deny a mortgage loan:
• Little or no credit. You may be under the mistaken impression that no credit is better than bad credit, but you’d be wrong. A blank credit history is not something a mortgage lender wants to see. A lender needs some idea of how you make payments. You can build your credit history by getting a department store credit card, and only using thirty percent of your available credit to make a purchase. Making regular payments will soon add up to good credit, and lenders will look more favorably at your loan application.
• Bad Credit. It'll be difficult to find a lender that will approve a person with bad credit. It’s not the end of the road. You can improve your credit score with a little hard work and still buy that Orlando real estate you want. You’ll want to get a copy of your credit report from all three of the major credit bureaus. If you have frequent late charges or many items in collections, you’ll need to call each company and arrange to get your accounts current. You’ll be surprised at the difference each timely payment makes on your credit score.
• Credit-to-Debt Ratio. Most mortgage lenders will decline a loan application if your credit to debt ratio is too high. The ratio is figured by dividing the amount of credit available to you by the amount that you are actually using. Using all or a high percentage of the credit available to you may leave the impression that you are short on money and will have trouble making loan payments.
Let us help you get on the road to a Orlando real estate loan. Call us at 407-876-5771 for more information.
• Little or no credit. You may be under the mistaken impression that no credit is better than bad credit, but you’d be wrong. A blank credit history is not something a mortgage lender wants to see. A lender needs some idea of how you make payments. You can build your credit history by getting a department store credit card, and only using thirty percent of your available credit to make a purchase. Making regular payments will soon add up to good credit, and lenders will look more favorably at your loan application.
• Bad Credit. It'll be difficult to find a lender that will approve a person with bad credit. It’s not the end of the road. You can improve your credit score with a little hard work and still buy that Orlando real estate you want. You’ll want to get a copy of your credit report from all three of the major credit bureaus. If you have frequent late charges or many items in collections, you’ll need to call each company and arrange to get your accounts current. You’ll be surprised at the difference each timely payment makes on your credit score.
• Credit-to-Debt Ratio. Most mortgage lenders will decline a loan application if your credit to debt ratio is too high. The ratio is figured by dividing the amount of credit available to you by the amount that you are actually using. Using all or a high percentage of the credit available to you may leave the impression that you are short on money and will have trouble making loan payments.
Let us help you get on the road to a Orlando real estate loan. Call us at 407-876-5771 for more information.
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