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July 15th, 2013

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Why Home-Price Gains Will Slow Amid Higher Mortgage Rates

July 10th, 2013

Why Home-Price Gains Will Slow Amid Higher Mortgage Rates

 

Why Home-Price Gains Will Slow Amid Higher Mortgage Rates

 

Mortgage Rates Climbing

July 5th, 2013

Mortgage rates moved higher last week as markets sort out what the Federal Reserve will do. Freddie Mac reported last Thursday that the average 30-year fixed rate was 3.98 percent compared to 3.91 percent the week prior. Retail Sales and Industrial Production came in near expectations. There was some market chatter regarding inflationary pressures, however, they were only slightly below the Fed’s inflationary targets.

This week could be a very significant week for mortgage rates. The Federal Open Market Committee will meet on Tuesday and Wednesday, followed by a news conference by Fed Chairman Ben Bernanke. Bernanke had said on May 22 that the Fed could reduce the pace of QE in the “next few meetings,” sparking a global bond and stock selloff. Consensus is building that the time is soon approaching when the U.S. central bank will scale down its quantitative easing policy. If the Fed decides to begin tapering its monetary support, mortgage rates are sure to climb.

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mortgage rates

Fix This, Not That

June 12th, 2013

 

6 Tasks to Do (or Not to Do) Before You Sell

 

5 Mindset Management Musts for Real Estate’s Busiest Season

May 29th, 2013

5 Mindset Management Musts for Real Estate’s Busiest Season

My credit score just dropped — What happened?

May 28th, 2013

You’ve been working really hard to increase your credit score. You’ve done everything you thought you were supposed to do to present yourself as a creditworthy individual. So, why did you score suddenly drop? What happened?

The following are just a few examples of seemingly innocent actions that could cause your score to suddenly and dramatically drop.

I paid off my biggest credit card debt and closed the account, but my score dropped anyway. This is one of the most frustrating situations for many borrowers. You would think that paying off your biggest debt and closing your account would be a good thing-and it is. But, because of the five factors of credit we discussed in a previous article, this action could reflect poorly on your credit score because you chose to close the account. Depending on your situation, the account you closed could’ve been your oldest credit account with the highest credit limit, two major factors in calculating your score.

I maxed out my credit card, and even though I paid it off completely when I got my statement, my score still dropped. By maxing out your card, your overall credit ratios were adjusted. And even though you paid if off, your statement reflects your current status. In other words, your credit report shows that your account is maxed out, even if you pay if off the next day. The best thing you could’ve done here was to pay your bill before your statement arrived.

I was only one day late on my payment but still received a 30-day late on my credit report. Unfortunately, your creditors do not distinguish the difference between one day and 30 days late. You must pay your monthly bills on time every time to avoid this penalty. Depending on which credit cards you have, you could suffer an additional penalty for being late on your credit card payments, even just one time. It’s called the universal default clause, which could increase your interest rates on all your credit cards up to 28-30%, even if you’re in good standing with your other accounts!

I paid off an old collection and my score dropped significantly. While it might seem illogical or even unfair, sometimes paying off a collection account can actually cause more harm than good. Remember, credit scoring models typically lend more weight to your recent activity that to the mistakes you might’ve made in the past. By paying off this old account, you may have inadvertently added more weight to this mistake from the past by making this item current.

Don’t be shy about asking for help when it comes to your credit score. Remember, your credit is the most valuable financial tool you have at your disposal. Feel free to contact us with any credit questions you may have.

April 25th, 2013

5 Tips to Avoid Real Estate Regret

Spring has officially sprung, and signs of the the season are everywhere. Cooks are whipping up springtime recipes, garden flowers are in bloom — and if you’re watching the market, you’re likely seeing a seasonal change there, too. Real estate interest is picking up, and a hot market like today’s can create massive competition among buyers. But all that fervor can lead to hasty decision-making and regrets down the road. Let’s take a look at the most common real estate regrets revealed in a new Trulia survey and see what they can teach current home buyers about making real estate decisions they feel good about.

Rapidly Improving Housing Market!

April 17th, 2013

Mortgage rates began to move upward last week, only to be pulled back as it appeared that the economy is sputtering once again.We do have one factor that has been consistently positive, a rapidly improving housing market. Will this make a difference in the overall economy? Time will tell.

This week, if the stock market continues to climb, there will be some upward pressure on mortgage rates. But concerns over the economic shape of our trading partners, especially China, will likely keep rate increases in check.

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Lower Fairfield County Supply & Demand

March 21st, 2013

Single family housing inventory is at its lowest in over 2 years in Stamford and Norwalk, while buyers are very active and taking advantage of historical low mortgage rates. This graph shows the seasonality of the housing market, which means as there will be more units listed within the next few months, the time to market your home is now! With the demand so high prices are also ticking up!

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Stamford, CT Average Listing Price

March 19th, 2013

Stamford  average property price