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By Manisha Jain, Broker, Realtor | Broker in 97229
  • What US higher debt ceiling means to Housing Market?

    Posted Under: Financing in Portland, Foreclosure in Portland, Credit Score in Portland  |  September 1, 2011 7:08 AM  |  1,294 views  |  No comments

    What US higher debt ceiling means to Housing Market?

    The US debt-ceiling has officially been raised, ending a pretty stressful and contentious few days for the nation. But what exactly does that mean for the housing market specifically, as well as the overall financial picture for the general public? It’s not all great, but in some instances fast action will circumvent any big problems. Hit the jump for the full story.

    Among the most interesting for home buyers and sellers are mortgage rates. Lending standards will likely be even stricter, depressing the housing market a bit. With rates expected to climb .25% to 1%, anyone looking to refinance should lock in those rates now. Same for people buying new homes who have access to the currently-low rates. As US debt rating is revised down, interest rates could spike. Several experts believe housing market is near its bottom creating tremendous opportunity for long term investors looking for shelter away from stock market into real assets in addition to Gold (Gold is already at historical high prices & how high could it go – your guess is as good as mine).

    Likewise other facets of living style are affected as well such as, credit card rates in all probability will increase, up to 1%. Banks can’t retroactively increase your rate on current balances, but with 45 days’ notice they can raise your rate on new charges. (The national average sits at 14.08%.) Make sure you’re paying off new charges before the following billing cycle. A credit card is essentially a free 30-day loan, but once the interest rates set in it’s just not worth it. Car loans are headed north as well, between .25% and .50%. On average, that could be about an extra $144 per year.

    Finally, jobs will continue to be scarce. Higher borrowing costs for a company make the prospect of adding one more salary less enticing. (Of course the sooner consumer confidence recovers and spending increases, the sooner companies will increase revenue and be more liable to add jobs.)

    If you would like to schedule an appointment with me to discuss your real estate needs & plans, I’d be happy to schedule an appointment.


    Best Regards,

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Summa Real Estate Group
    1975 NW 167th pl, Beaverton, OR 97006
    http://ManishaJain.com * Equal housing opportunity

  • Seven ways to build up your credit score to be eligible for the best interest rates

    Posted Under: Financing in Portland, Credit Score in Portland  |  June 6, 2011 1:59 PM  |  823 views  |  2 comments

    Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today’s economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate. Here are seven ways to build up your credit score so you can enjoy the best interest rates available.

    1. Request your credit reports and assess the situation. Credit bureaus (www.experian.com, www.transunion.com, www.equifax.com) are required to provide you with a free credit report every year. Nationwide consumer reporting companies get their information from different sources, the data in your report from one company may not reflect the same data in your reports from the other two companies, so request all three.
    2. Check to verify all of the information is correct. If there are any errors, contact the bureaus immediately.
    3. Your payment history accounts for 35% of your score, so make sure payments are on time every month.
    4. The amount owed is 30% of your score. A good rule is to use less than 10% of your credit available on each individual card.
    5. The length of your credit history accounts for 15%, so maintain your accounts instead of closing them. You are not penalized for available credit.
    6. New credit is 10% of your score and every time you apply for credit an inquiry is added to your report, which drops your score.
    7. Types of credit used accounts for 10%. Installment loans like vehicle and personal loans demonstrate you can manage various long and short-term credits.

    Best regards,  

    Manisha Jain, MA
    Broker, REALTOR (R)*
    "A Name Friends Recommend"
    Phone 503.644.2560
    CENTURY 21Wright & Assoc., Inc.
    14025 SW Farmington Road, Suite 360
    Beaverton,  OR   97005

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