March 27th, 2008
The credit scoring system used by banks, employers, insurance companies and countless other people to check up on you is very much a mystery to most consumers. I am frequently asked by people what they can do to boost their score. Here are a few tips…
1. Pay on time - This is the most important component of the formula that is used to calculate your credit score. If you have had recent late payments, your score has likely gone down but will gradually return to its previous level as long as you do not have any more late payments.
2. Do not use all of your available credit - Be sure to keep your credit card balances at about 40% of the total available credit. Your score is likely to go down if you have a credit card with a $10,000 limit and you have a balance of $7500. If at all possible, try to get that balance under $4000.
3. Do not close old accounts - Most of us have old credit accounts that show up on our reports that we have long since stopped using. If this account is reporting accurately (no balance, no late payments, etc.) then there is no need to close it. Strangely enough, closing an account resets the “Date of Last Activity” on the account and may actually cause your score to go down.
Do you have questions about credit, credit scores, or how to improve your credit? Call Andy Holloman at 919.439.3904 or email andy@carolinamortgageconsultants.com. Andy is a part of the Michelle & Associates team and is a specialist in credit and mortgage lending.
Posted by Andy Holloman, Carolina Mortgage Consultants
March 20th, 2008
Beginning this past Monday (3/17), Raleigh was one of the first cities in the nation to ban garbage disposals. What this means to you the consumer is they have banned new or replacement installation. If caught, the fine is $25,000 per day.
Raleigh Mayor Charles Meeker states that the disposals have a big environmental impact in a negative direction on the systems in terms of the water they use and grease.
Putting food and grease down the drain causes backups in the sewer lines. This practice has caused 99 sewer overflows since 2005, and the overfloows can send raw sewage into nearby streams. The state Division of Water Quality has threatened to fine the city for each overflow.
Leaders have banned new disposals . Existing devices can stay, but owners cannot replace them when they break down. The rule goes for all Raleigh water customers, including those in Knightdale, Wake Forest, Zebulon, Rolesville, Wendell and Garner.
Article compliments of www.wral.com/news/local/story/2587326/.
For all your real estate needs, contact Michelle with Michelle & Associates at 919-306-1639.
NEWS ALERT: Wake County is proposing to reevaluate residential properties every four years.
March 13th, 2008
What’s up with mortgage rates right now?
Well, things have been up and down lately in the mortgage rate world, literally. Fixed rates have ticked upwards since being at a low point about one month ago. In the Raleigh-Durham area, the 30 year fixed rate is currently 6% (subject to change).
There’s better news about adjustable rate mortgages which have been dropping drastically. For most of 2007, fixed rates and adjustable rates were almost identical which is unusual. Typically, ARM rates are 1/2 to 1% lower than fixed rates. During all of 2007, I rarely booked anyone into an ARM mortgage simply because there was no advantage. This is not the case now. Be sure to have your mortgage advisor provide you with advice and quotes on ARM rates that are fixed for 5 or 7 years. The savings in the rate is quite significant now.
Need advice on a mortgage for buying a new home or interested in finding out if you should refinance your current loan? Call Andy Holloman at 919-341-4919. Andy is part of the Michele & Associates team at Keller Williams Realty.
Posted by Andy Holloman, Carolina Mortgage Consultants
March 7th, 2008
Are you looking for a real estate professional to represent you? Michelle Edwards has taken the time to prepare herself as a professional obtaining her CRS certification as well as her GRI and ABR designation. What does that mean to you as a client? A lot! Recently the North Carolina Association of Realtors published an article about obtaining a Certified Residential Specialist designation. The courses provide an opportunity to learn the North Carolina real estate business from a different perspective. While Michelle Edwards is very active in today’s market and is always reading to stay informed, these classes provided an opportunity to learn material that is not taught anywhere else. There is no doubt that for Raleigh, NC real estate agents, there is a lot of competition out there. Agents need to work to distinguish themselves and it is important for clients to be informed about their agent’s training. A lot of agents do not take the time to attend these additional courses. For residential real estate agents, the CRS is the highest designation that can be obtained according to Chris Rhodes, director of professional development. Some of the topics that are included in the CRS classes are: business strategies and systems, listing, selling, pricing, technology, marketing, and many others! Contact Michelle Edwards if you would like information on homes in the Raleigh, North Carolina area.
March 5th, 2008
I had the pleasure of attending the After Shave Party for the Bald Entrepreneurs (7 adults and 5 children) on Saturday evening, March 1, 2008 at the Falls River Clubhouse. Earlier in the day about 100 guys (divided into separate groups) shaved their heads at the Hibernian Pub in downtown Raleigh for the St. Baldricks Foundation. The foundation is the world’s largest volunteer-driven organization for childhood cancer. I admire those guys and the children for shaving their heads. Shaving their head is nothing compared to what the children and families go through. If you’ve known a child who’s been diagnosed or died with cancer you can surely appreciate what the Bald Entrepreneurs did for kids! To find out more about the St. Baldricks Foundation, please visit their website at http://www.stbaldricks.org/# or 888-899-BALD. To find out more information about Falls River or surrounding neighborhoods in North Raleigh, contact Michelle Edwards, Your Realtor for Life!
March 1st, 2008
According to Peter Lynch, the famed money manager, ignore the headlines! As Lynch as observed over the years, “in spite of all the great and minor calamities that have occurred…all the thousands of reasons that the world might be coming to an end - owning stocks has continued to be twice as rewarding as owning bonds.” A top reason not to buy stocks in Lynch’s view is if you don’t own a home, that should be your first investment because an owner occupied home is nearly always profitable. When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger excel in the long run.
Buyers who wait to a year to buy, usually save nothing and spend a year living someplace they’d rather not. Let me explain…Buyer purchases a house for $218,900, they put 20% down and get a 30-year mortgage at 5.5% - their monthly payment (P&I) is $994.31. On the other hand, if they wait a year, the price of the home has dropped 10% to $197,010. They get a 30-year mortgage for 6% and their monthly payment (P&I) is $994.94. So what have they saved?
If you’re thinking about buying property now is a great time while the interest rates are still low. Contact Michelle for find out what’s available in the market. She can also put you in touch with her preferred lender. Michelle can be reached at 919-306-1639 or michelle@cmetobuy.com (Information provided by Time magazine article -February 25, 2008- “Right on Your Money” - Dan Kadlec).
Raleigh NC Real Estate Mortgage Tips
