Is The Internet and Fuzzy Math Pricing Your Home?

Zillow, Trulia and other websites post estimates of home values. But as Alyssa Abkowitz explains on Lunch Break, these popular sites can be -- by their own admission -- wildly inaccurate

.Video Provided by the Wall Street Journal and Alyssa Abkowitz

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If you need more help figuring out what is REALLY going on in Real Estate and what a Buyer will pay for your home... Feel to contact me.. Neal Paskvan (Baird Warner) 

Click Here to Contact Neal Paskvan at Baird Warner

Your Credit Score and How It Affects Your Interest Rate

 

The number one thing that affects your interest rate is your credit score.

 
Mortgage rates determine your monthly payment for your home loan and the total amount that you'll be repaying. However, mortgage rates can be a fickle factor to estimate when figuring out your mortgage costs.
While the news may boast about low rates, you might not be able to obtain that exact rate. There are many factors that go into determining your mortgage interest rate such as your loan option, property type and down payment amount.
But the number one thing that affects your interest rate is your credit score.
 
What's My Credit Score?
Your credit score is a three-digit number generated from information in your credit report. It is designed to predict risk and the likelihood that you'll pay your credit obligations back on time. It's for this reason that lenders look to your credit score to make a more informed decision about you regarding your loan qualification. By acquiring your score through major credit bureaus (TransUnion, Experian and Equifax), lenders will look at your bill payment history, along with the number of outstanding debts you have, in comparison to your income to decide if you qualify for a home loan with them.

Keep in mind that the higher your credit score, the easier it is to obtain a mortgage and a lower interest rate:
Excellent Credit Score: 800 and higher
Very Good Credit Score: 700 – 799
Good Credit Score: 680 – 699
Ok or Fair Credit Score: 620 – 679
Poor Credit Score: 580 – 619
Bad Credit Score: 500 – 579
Very Bad Credit Score: 499 and lower

A bad score means you're a risk to the lender. For example, delinquency (whether you make regular credit payments on time) accounts for more than a third of your credit score, so if it shows you have issues paying regular credit payments on time, it'll be hard for the lender to trust you to pay them on time.
If you have a high credit score, you'll directly benefit by receiving a lower interest rate, ultimately meaning lower monthly payments and less cost overall. Someone with a score between 760 and 850 could be offered an interest rate as much as 25% lower than those with a score between 620 and 640!

If you're at the beginning of your home purchase process, check your credit score and try to improve it if it's low, before continuing on with your home purchase. If you're already in a position where you can't improve your score, you may be able to be more appealing to your lender by putting down a higher down payment.

Article Provided by Laura Delhey at Guaranteed Rate via Neal Paskvan  Baird and Warner (Downers Grove)

You can contact Laura via e-mail at  ldelhey@guarateedrate.com

Who are The First Time Home Buyers?

 Here are the Latest Statistics from the National Association of Realtors. InfoGraphic by KCM

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Purchasing your first home can be a scary thing.
( I know... I did it too)

Buying a home is one of the biggest investments you will ever make. If you are a first-time home buyer, you may be wondering if it is even the right thing for you to do. Generally, there are a few good reasons to buy that you should consider.

Home ownership is an investment in your future. It is the American Dream. Owning your home gives you a sense of pride, stability and security.

Click here to learn more

If you need some help, information or have questions on how to get started, Feel free to contact me.

My motto is... "I will not Sell you a home.. I WILL help you find find a home you can afford and take care of all the details"

 All my Best,  Neal Paskvan- Baird Warner                      neal.paskvan@bairdwarner.com

Dupage County Health Department > News

FOLLOW THESE PRECAUTIONS FOR FURNACE AND FIREPLACE SAFETY

Mon January 9, 2012

DUPAGE COUNTY- People rely on their furnaces and fireplaces to function properly year after year, often not remembering proper maintenance or cleaning. This is a dangerous practice resulting in thousands of injuries and deaths among Americans. The DuPage County Health Department recommends the following precautions to keep your family safe this winter:

Furnaces:

• Change or clean your furnace filter regularly.
• Have a professional check your furnace to be sure it is in good repair. Some furnace services can check to see if the furnace gets enough fresh air. Many homes are over-insulated and lack intake-air piping. This causes the furnace to burn improperly and can reduce the oxygen in your home to a dangerously low level.
• Move all materials that burn easily away from the furnace, including old rags, sawdust, wood scraps and flammable liquids such as gasoline and kerosene. (Because vapors from flammable liquids ignite easily, store these liquids in tightly capped containers.)
• Have a professional inspect your chimney and flue at least once a year and clean them if necessary. Carbon monoxide levels can become dangerous if smoke cannot escape from blocked flues or chimneys. Also, soot in flues and chimneys is highly combustible and can easily ignite, sending a ball of fire from the furnace or fireplace into the house.

Fireplaces:

• If you have a fireplace, be sure it was made to be used and is not just for decoration.
• Only burn materials designed for a fireplace. Coal and charcoal release carbon monoxide, and some products emit deadly gases. If using artificial logs, burn just one at a time. They may produce more heat than the fireplace can withstand.
• Always use a fireplace screen to prevent hot embers from popping out into the room.
• Do not go to bed or leave the house until you are sure the fire is completely out. Securely shut the fireplace screen or doors.
• Put ashes in a metal container and empty it after each time you clean the fireplace.
• Install smoke and carbon monoxide detectors on every level of the home. Test the alarms periodically and change the batteries at least once per year.

For more information on the DuPage County Health Department, follow us on Twitter @DuPageHD or become a fan on Facebook

Mortgage Rates Hold Near Record Low - WSJ.com

Fixed mortgage rates in the U.S. again held near record lows over the past week, according to Freddie Mac's weekly survey of mortgage rates.

For the latest week, the survey's results found the average rate for a 15-year fixed-rate mortgage fell to just above its all-time low of 3.26% hit in October.

The 30-year fixed-rate mortgage averaged 3.99% for the week ended Thursday, down a tick from 4% the previous week and below 4.61% recorded a year earlier. Rates on 15-year fixed-rate mortgages averaged 3.27%, down from 3.3% a week earlier and 3.96% recorded a year earlier

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