BREAKING NEWS! First Time Home Buyer Tax Credit EXTENDED!
On Wednesday (11/05), the Senate voted 98-0 to pass the Unemployment Insurance bill which included the homebuyer tax credit. Today (11/06), the House passed the bill by a vote of 412-12. President Obama is expected to sign the legislation in short order. We will have a roll call vote list available shortly. Some of the main features of the tax credit include an extension of the first time homebuyer $8000 credit through April 30, 2010, a $6500 credit through April 30, 2010 for homebuyers selling properties in which they’ve lived for the last 5 consecutive years (closings on both situations must occur by June 30, 2010), and income limits of $125,000 single or $225,000 married. To see key provisions of the expansion and extension, please visit REALTOR.org:
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Click on "Good Neighbor" logo above to read the article naming Lei Barry one of the 2008 winners!
Welcome! Here You Can Find Great Information on Blue Bell, Montgomery County and Bucks County, Pennsylvania Real Estate |
Looking for homes? Search everything the web has to offer, right here! Don't miss our Feature Homes. Need local real estate information? We've summarized much of what is important about the Blue Bell, Montgomery County and Bucks County real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top real estate agent. Not even ours! This site is filled with ways that you can contact us for one-on-one expert help and advice. That's our job. Contact us with confidence! We guarantee your privacy will be respected. And we offer the services on this site for free and without obligation. Why? We want to be YOUR real estate agents. As your trusted, professional real estate partners, we will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As top Blue Bell, Montgomery County and Bucks County real estate agents, we have the experience and track record you are looking for. Please let us help. - The Lei Barry Team  |
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"Is Your Credit Score as High as You
Think?"
It is common to assume that paying bills on time
automatically means having a high credit score. Unfortunately, that's not
always the case. There are many misperceptions about how scores are calculated
-- and yours could be lower than you might expect.
Credit scores are used
by financial institutions to determine whether they should lend money to a
potential borrower and, if so, what interest rate should be charged. A higher
score means an applicant is statistically less likely to default on the loan so
they get a lower interest rate.
Ignoring your credit score could be a
costly mistake. As an example, let's say you bought a $400,000 house with a
30-year fixed-rate mortgage at a 6-percent interest rate. Over the term of the
loan, you would pay interest charges of $463,354. If, however, you had a lower
score and your bank bumped your interest rate up to 8 percent, you would pay
interest charges of $656,619. That's a hefty difference of $193,265.
There
are many credit scoring systems available to lenders, but FICO scores are by
far the most commonly used. The system was developed by the Fair Isaac
Corporation back in the 1960s. Technically, you have three different FICO
scores -- one for each of the three major credit reporting agencies.
Knowing how FICO scores are calculated can help you make better decisions about
your credit. At a minimum, you should be aware of some of the most common
misperceptions: I always pay my bills on time so I must have a high credit
score.
Paying your bills on time is clearly a critical factor, but it only
accounts for 35 percent of your overall FICO score. It also looks at four other
components: the amount of debt you owe (30 percent), the length of your credit
history (15 percent), the number of credit accounts you've recently opened (10
percent), and the types of credit you use (10 percent).
Consolidating
multiple credit cards will increase my score.
Consolidating credit cards
could make it easier to pay down debt, but your FICO score could actually
decrease if you consolidate to fewer accounts with balances that are closer to
the maximum available credit. FICO considers you a lower risk if you have
multiple credit accounts, keep the payments up-to-date, and maintain balances
between 25 percent and 35 percent of the available credit.
I don't have
any credit cards or other major debt so I can't have a low score.
Your
FICO score doesn't take into account your net worth or your income level -- it
only looks at your past borrowing history. Your FICO score will be lower if you
haven't established a long-term borrowing history with multiple creditors.
Closing a credit card is better for my score than keeping it open.
Closing
a credit card will not necessarily hurt your score in the short term, but you
will eventually lose the positive effects of the long-term credit history that
you've established with that lender.
I shouldn't shop around for a
mortgage or other large loan because credit inquiries hurt my score.
A
large number of credit inquiries will lower your score, but FICO is smart
enough to know when you are rate shopping. Inquiries for similar types of
credit are bundled if they're made within the same 14-day period.
I
shouldn't check my credit report more than once a year because credit inquiries
hurt my score.
Checking your own credit report does not affect your score,
so feel free to check it as many times as you'd like.
If you want to learn
more about how FICO scores are calculated, visit Fair Isaac's web site at
www.myfico.com. They offer a host of informational materials and credit score
tips. And while you're at it, you can also order your three scores for a small
fee.
Becoming more knowledgeable about FICO scores could help you to keep
those pesky interest rates at a minimum. With just a small investment of time,
you will be able to make smarter credit decisions and take proactive steps to
increase your score.
Written by Rick Salmeron
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- NUMBER1EXPERTS™ 
