If you have electricity then you've undoubtedly heard, read or seen the stories about the financial crisis the mortgage industry is in. Major lenders from coast to coast are going bankrupt. Lenders are closing their doors more often than closing loans it seems! The impetus of the crunch is the non performance of the Sub Prime loan market. Let me tell you a secret, now is the best time to purchase a house.
Now, more than even 6 weeks ago, being a strong credit individual is a HUGE key to being able to thrive in today's marketplace. Why do you ask? Because it's a buyers market. Inventory is at near record highs, houses are sitting longer, sellers are anxious about whether or not they will be able to sell and are giving away cars, trips and other incentives to buy their homes. Meanwhile, foreclosures are soaring, further flooding the market with available houses.
Here's the rub, because the sub prime loans are the cause of the mortgage industry implosion, these loans are going away and going away quickly! Before long you're going to need a 640 credit score to be able to get a mortgage without putting 10%-20% down. It's imperative that you make wise credit decisions to ensure you don't get caught up in the crunch when you want to make the decision to purchase real estate.
Tips on how to establish and maintain a positive credit score are in my e-book, 'Control Your Credit Destiny' which will be available at the end of the month on my website http://www.johnalittle.com/. Check it out for more valuable tips for home ownership, credit and personal finance.
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2 comments:
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