8 Ways to Improve Your Credit
December 31, 2007
Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.
1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, “Knowing and Understanding Your Credit,” visit http://www.homebuyingguide.org.
5 Things to Do Before You Sell
December 30, 2007
1. Get estimates from a reliable repair person on items that need to be replaced soon, such as a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs.
2. Have a termite inspection to prove to buyers that the property is not infested.
3. Get a pre-sale home inspection so you’ll be able to make repairs before buyers become concerned and cancel a contract.
4. Gather together warranties and guarantees on the furnace, appliances, and other items that will remain with the house.
5. Fill out a disclosure form provided by your sales associate. Take the time to be sure that you don’t forget problems, however minor, that might create liability for you after the sale.
Home Prices Decline But Not In All Markets
December 28, 2007
| 12 Month Change By Top 30 CBSAs (Core Based Statistical Areas) | As of October 2007 |
| Honolulu, HI | 17.91% |
| Salt Lake City, UT | 11.63% |
| Austin-Round Rock, TX | 8.62% |
| San Antonio, TX | 7.89% |
| Raleigh-Cary, NC | 4.56% |
| Houston-Sugar Land-Baytown, TX | 4.52% |
| Charlotte-Gastonia-Concord, NC-SC | 4.47% |
| Dallas-Fort Worth-Arlington, TX | 3.92% |
| Seattle-Tacoma-Bellevue, WA | 2.18% |
| Portland-Vancouver-Beaverton, OR-WA | 1.73% |
| Chicago-Naperville-Joliet, IL-IN-WI | -0.22% |
| Philadelphia, PA | -0.61% |
| New York-Northern New Jersey-Long Island, NY-NJ-PA | -1.83% |
| Atlanta-Sandy Springs-Marietta, GA | -2.13% |
| St. Louis, MO-IL | -2.76% |
| Detroit-Warren-Livonia, MI | -3.16% |
| Minneapolis-St. Paul-Bloomington, MN-WI | -3.33% |
| New York-White Plains-Wayne, NY-NJ | -4.13% |
| Miami-Miami Beach-Kendall, FL | -4.85% |
| Boston-Quincy, MA | -6.01% |
| Cleveland-Elyria-Mentor, OH | -8.10% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -8.11% |
| Tampa-St. Petersburg-Clearwater, FL | -9.21% |
| Phoenix-Mesa-Scottsdale, AZ | -10.08% |
| Orlando-Kissimmee, FL | -10.16% |
| Los Angeles-Long Beach-Santa Ana, CA | -10.45% |
| Miami-Fort Lauderdale-Miami Beach, FL | -10.89% |
| Oakland-Fremont-Hayward, CA | -11.44% |
| Las Vegas-Paradise, NV | -11.65% |
| Cape Coral-Fort Myers, FL | -14.01% |
| Riverside-San Bernardino-Ontario, CA | -15.70% |
Data provided by First American LoanPeformance.
SAWS Special Service Fees Effective Jan. 1, 2008
December 26, 2007
San Antonio City Council recently approved the implementation of new San Antonio Water System special service fees. These new fees will become effective Jan. 1, 2008.
Many of these fees have not been updated in nearly a decade and fall short of covering the actual costs of the services provided. Increasing the fees will help make sure SAWS ratepayers do not subsidize the cost of services they do not use.
While most of the fees are industrial and commercial in nature, the meter trip fee and account deposit fee will affect some residential customers as well.
Among the fee adjustments are:
- Account-Related Fees, which cover costs for itemized statements and account deposits required to manage delinquent bills.
- Meter-Related Fees, which cover costs for special, non-routine trip requests to turn on and turn off meters.
- Industrial-Related Fees, which cover costs for industrial water discharge permits; discharge sample collection, analysis and laboratory testing; and liquid waste hauling permits.
- Development-Related Fees, which cover costs for lift station use and maintenance, fire flow testing, fire hydrant meter flow rates, well inspections, and right-of-way encroachment processing.
View a Summary of Special Service Fee Schedule.
5 Factors That Decide Your Credit Score
December 21, 2007
Credit scores range between 300 and 850. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.
1. Your payment history. Whether you paid credit card obligations on time.
2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
3. The length of your credit history. In general, the longer the better.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit—installment loans, credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, go to http://www.myfico.com.
10 Ways to Make Your House More Salable
December 20, 2007
1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.
2. Wash your windows and screens to let more light into the interior.
3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.
5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs.
6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained.
7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.
8. Patch holes in your driveway and reapply sealant, if applicable.
9. Clean your gutters.
10. Polish your front doorknob and door numbers.
Texas Homeowners Insurance Premiums still the highest in U.S.
December 19, 2007
Insurance Costs
Average premiums for the most common homeowners insurance policy, according to data from 2005:
| Top 5 States | Premium |
| Texas | $1,372 |
| Louisiana | $1,144 |
| Florida | $1,083 |
| Oklahoma | $996 |
| Mississippi | $939 |
| National Average | $764 |
Read the entire article at The Dallas Morning News.
