Don't Close Your Credit Cards.
Pay them off and keep them active. Closing the account means cutting off a credit line that you may have had for several years. The longer you have established credit the better. I suggest putting a tank of gas on it a few times a year just to keep it active.
I am sure that most have heard the latest news, in regards to the goverment buyout of Fannie Mae and Freddie Mac. Without getting into much detail, I am happy to report that this is good news for the mortgage industry.
It will help to stabilize the market with respect to mortgages - We have already seen the tightening of the guidelines with respect to qualifying for loans, and this move will make it mandatory to put money down for purchases and you'll likely need to qualify with a lower debt ratio than the banks are allowing currently.
This may also affect the overall value of properties, but again it will stabilize the situation so that prediction for 2nd quarter next year we will be on an upswing rather than a continual downturn as we have been experiencing.
Hang in there, my advice is still the same, if you are looking to purchase a property, this is a great time to do so. The musts are--- money down, good credit and low debts---. If you are looking to refinance, you will need to have at least 20% equity and sometime 25% in your property to do so. There are still FHA loans for purchases and refinances available.
For more information, please call me or email me.
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Linda Hulberg Brokerage Firm: First Priority Financial |
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