Surprising numbers of potential homebuyers are holding off on buying Orlando homes. They see the housing prices drop and are waiting for them to go lower. They see the mortgage rates and are waiting for them to drop further. If this is you, you might want to rethink your strategy and take a real look at potential Orlando homes.
Here are two crucial reasons why you might not want to wait any longer:
1. Interest Rates on the Rise - Thanks to the Federal Reserve buying $1.23 trillion worth of mortgages, interest rates have been kept somewhere between 4.93% and 5.09% for a 30-year fixed-rate loan. That’s about 0.4 % lower than it might be without the Fed’s help. However, by the end of 2009, the Federal Reserve had already started implementing a phase out of the mortgage program. With the Fed program closing at the beginning of this month, it’s not a question of whether mortgage rates will rise, but when, how much and how fast. The experts don’t expect them to climb very high, stopping somewhere between 5.5% and 6% by the end of 2010.
2. Lower Home Prices - Home prices, predicted to drop another 5% in 2010, will also make some difference in overall cost. Putting the falling home prices together with the currently low interest rates, you still have a chance to get a great home at a great deal – for a little while longer.
Instead of waiting for lower costs that may never come, consider where you are now:
• Do you have good credit?
• Are you pre-approved (not pre-qualified) for a mortgage loan?
• Do you know how much home you can afford?
• Are you certain (or as certain as you can be) of your job stability?
It’s very possible that the market will never be better than it is right now for buyers. It’s a buyers’ real estate market, with the scales tipped to make homeownership as cheap as it can get. If you can afford to buy now, but are waiting for things to get even better, reconsider – you might wait yourself into a market you can no longer afford!
Ready to take advantage of this buyers’ market and purchase one of the Orlando homes for sale? we can help. Call us today at 407-876-5771 for more information.
Wednesday, April 7, 2010
Introducing Buena Vista Development Services .com
BVDServices.com is headquartered in Orlando, Florida. It's owned and operated by a small group of seasoned entrepreneurs with decades of business and marketing experience. They specialize in business development, real estate marketing, business inovation, (SEO) search engine optimization, (SEM) search engine marketing, (SNM) social network marketing, lead conversion, lead generation and internet marketing.
Will Your Credit Stop You from Getting an Orlando Real Estate Loan?
Good credit is more important than ever, if you want to get an Orlando real estate loan. Knowing what’s on your credit report and how lenders view various aspects of your report is crucial.
First Things First
Get a copy of your credit report from all three of the credit reporting companies: Equifax, Experian, and TransUnion. You are entitled to one free report every year from each of the three credit reporting companies. Whether you’re considering getting a loan or not, you should always take advantage of that opportunity to make sure your credit reports are accurate.
Range
FICO® scores range from 365 to 840. While the standards for what lenders consider a “good” FICO® score changes constantly and varies by lender, here’s a general breakdown of today’s standards:
• Over 750 is excellent and should get you the best terms and rates.
• Under 600 might get you an Orlando real estate loan, but you’ll want to shop for the lender who’ll give you the best rates and terms.
• Under 500, you need to brace yourself for waiting until you get your credit in better condition.
What Determines Your Score
There are many things that can affect your score. Magically (or not), each of the three companies tend to view things just a little differently, which means your score will not be the exact same for all three. That’s why it's so important to get copies of your report from all of them. However, the two main things that all companies consider in rating your credit score are delinquencies and debt-to-income ratio.
What You Can Do To Immediately Improve Your Score
• Check the entries: Make sure any debts or delinquencies listed are true. Report any errors.
• Pay off debts: But do not close accounts. Having available credit is good as long as it doesn't look like you’re over-extended by having your credit maxed out. The lender may worry that you’re living off your credit and can't afford your bills.
If you would like more tips on how to improve your chances of getting an Orlando real estate loan, we can help. Call us today at 407-876-5771 for more information.
First Things First
Get a copy of your credit report from all three of the credit reporting companies: Equifax, Experian, and TransUnion. You are entitled to one free report every year from each of the three credit reporting companies. Whether you’re considering getting a loan or not, you should always take advantage of that opportunity to make sure your credit reports are accurate.
Range
FICO® scores range from 365 to 840. While the standards for what lenders consider a “good” FICO® score changes constantly and varies by lender, here’s a general breakdown of today’s standards:
• Over 750 is excellent and should get you the best terms and rates.
• Under 600 might get you an Orlando real estate loan, but you’ll want to shop for the lender who’ll give you the best rates and terms.
• Under 500, you need to brace yourself for waiting until you get your credit in better condition.
What Determines Your Score
There are many things that can affect your score. Magically (or not), each of the three companies tend to view things just a little differently, which means your score will not be the exact same for all three. That’s why it's so important to get copies of your report from all of them. However, the two main things that all companies consider in rating your credit score are delinquencies and debt-to-income ratio.
What You Can Do To Immediately Improve Your Score
• Check the entries: Make sure any debts or delinquencies listed are true. Report any errors.
• Pay off debts: But do not close accounts. Having available credit is good as long as it doesn't look like you’re over-extended by having your credit maxed out. The lender may worry that you’re living off your credit and can't afford your bills.
If you would like more tips on how to improve your chances of getting an Orlando real estate loan, we can help. Call us today at 407-876-5771 for more information.
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