I had a buyer who was doing some hunting for mortgages this past week. She spoke with two mortgage brokers that I know personally. When I spoke with them they told me that her FICO score was 825 and both of these brokers were actually agressively competing for her business. They told me that the money lenders have cash piling up that they want to lend out. This apparently is happening because most lenders have either eliminated or cutback drastically the number of subprime and jumbo mortgages they are willing to underwrite. Their money does no good sitting around the vault, so they are looking for people with good credit that they can lend it to.
So for those of you who have protected your credit rating as if it were a valuable diamond, now may be the time to buy your next home. Not only will you probably get a better interest rate and other more attractive terms. But you will also be in the unusual situation where lenders are willing to compete against each other to get you to choose them. You will also find some of the lowest home prices that we have seen for many years!
For those of you who have let your credit rating drop lower and lower by making late payments, going into bankruptcy, etc., now is a perfect time to start getting your scores to climb again. Most of you already know the basic things you will have to do, borrow less, get rid of credit cards, and make your payments in a timely manner. For other ways to get back on track, you can find a lot of information on the internet concerning how to repair your credit.
For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com
I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com
John Elwell - REALTOR
CENTURY 21
Bill Nye Realty, Inc.
813-783-4444
Licensed in Florida
