The Cromford Report, founded by Michael Orr, a mathematician and REALTOR®, offers the most up to date statistical information and commentary on home buying and home in the Valley real estate market. Unlike information from other sources which is at least a quarter behind, The Cromford Report is up to date assuring that no fresher data exists. What makes The Cromford Report unique is that its data is validated and corrected before it is incorporated into the analysis.
Click to view the current Luxury Market Trend Report
Within its own private gated estate, this wonderful home offers some of the most amazing views that the Valley has to offer. This custom Mike Foster home is designed with family and entertaining in mind and utilizes only the finest finishes throughout.
Whether it’s the two stoves, two sinks, two dishwashers or two washer and dryers, this is a home that even Noah himself would be proud of! The huge master suite has its own fireplace, sitting area, and magical views of the city lights.
The master bathroom, with Jacuzzi tub, shower big enough for the whole family, his and her closets, and an exercise room will have you feeling and looking good in no time! This home is offered at $2,750,000 and offers 5 bedrooms, 5.5 baths and 7,046 square feet.
We all know that short sales and foreclosures can hurt your credit, and bad credit hurts your chances of securing a mortgage. It makes sense. If you were unable to make your payments just last year, you’re a pretty risky candidate for a new loan today. But if you’ve come through the hard times and you’re ready to buy again, how long must you wait before banks will touch you?
There’s no hard and fast answer, but the general wisdom is “two to seven years.” Why the big spread? It depends on the type of loan and the circumstances of your default. A VA loan can be available as soon as two years after a foreclosure, providing you meet a minimum credit core (currently 620), while an FHA loan will take three years, with a 640 credit score. Fannie Mae may require a 7-year wait and a 660 credit score unless the borrower can meet additional criteria to reduce risk.
Bear in mind that these are minimum guidelines. Depending on your credit history or reasons for default, loan officers may judge you more harshly. For example, if you were perfectly able to pay your mortgage but opted for a short sale or foreclosure because dropping property values pushed you underwater, you might have to wait several years longer. You could be perfectly creditworthy, but your actions showed the bank that you had no qualms about walking away, and you might do so again.
Lockouts and loan programs change as often as interest rates, so the best place to start rebuilding is at a loan officer’s desk. He or she will help you build a plan to return to the home buying market from a position of strength. Meanwhile, while you’re cleaning up your credit, start saving. If you want to get back in the game, a large down payment is the strongest mitigating factor in your favor.
Despite recurring indicators to the contrary, interest rates remain near all-time lows. It’s impossible to avoid the constant press of ads encouraging you to take advantage of these rates by refinancing your home loan, and the math seems simple. A lower rate means lower payments, or a shorter loan payback with the same payments–either of which saves you money. Right?
Generally, yes. But remember–refinancing, like any financial transaction, requires time and effort, and that has a cost. To determine whether that cost is worth the benefit, first determine the total cost of refinancing, including points, credit checks, attorney’s fees, taxes, inspections, insurance, and any other local fees. Your loan officer will be able to give you a list. Refinancing becomes worth the trouble once you’ve saved more than this amount (plus a bit extra for your time).
If you plan to sell your home in the next two or three years, refinancing will generally not be worth it, unless you have a very high interest rate at the moment. You just won’t have enough time to earn back the up-front costs. Likewise, if you have a very small amount remaining on your mortgage, you might be better sitting put. Saving half a percent on a Continue reading →
The last few years have been rough on everyone. Bankruptcies, foreclosures, short sales, and unemployment have ravaged the savings and credit ratings of hard-working honest citizens, and their effects can linger. As our economy gets back to work, you may find yourself in an increasingly-common position: bad credit but good income.
Mountains of debt?
Is your credit score only hampered by past behavior, or are there current items weighing you down? If you have unpaid judgements or high revolving debt balances, you should almost always pay them down first. Doing so will increase your buying power and decrease your risk in the bank’s eyes, but it will also save you money right away. If you can hold off until you’ve paid off your most dangerous debt, do it.
How bad is “bad?”
Don’t assume you’re out of the running just because you were turned down for other kinds of loans in the past. A credit score as low as 580 can qualify for an FHA home loan if the borrower meets other criteria. If you’re below that cutoff, your options are limited, but in many cases, while a score in the 700s could take years, a few phone calls can bring you back toward 600 and get you where you need to be. If you’re not sure where you stand, your best bet is to visit a loan Continue reading →
Buyers only get one first look at a property, and they don’t want to use their imagination. They assume the house they see is as good as it’s going to get. If you want your home to sell, step out of your comfort zone and think like a buyer. Here are three ways to help you turn your house into the home of someone else’s dreams. We’ve broken down each category into low-cost, “Basic” tips and tricks, and an “All-Out” blow-the-budget transformation. How far you take it is up to you. Continue reading →
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum massa risus, condimentum sed pellentesque ut, venenatis in dolor. Duis vestibulum purus vel sem malesuada sed fermentum enim ultricies. Vestibulum consequat dignissim lacus, sit amet sodales augue dignissim ac. Nulla non iaculis massa. Donec in diam varius nibh interdum posuere non ac velit. Suspendisse potenti. Mauris quis vulputate sapien. Sed egestas posuere vestibulum. Pellentesque dui lacus, egestas a porta vel, lobortis sed nisl. Cras ac dui a tortor luctus elementum. Fusce augue nunc, ultricies quis commodo id, vulputate et risus. Nulla eros arcu, elementum vel ornare vitae, tincidunt vitae nulla. Phasellus tristique ipsum et nisi ultrices rhoncus. Curabitur aliquet erat et nibh ultricies tincidunt rutrum ligula adipiscing.
More Options
Buyers only get one first look at a property, and they don’t want to use their imagination. They assume the house they see is as good as it’s going to get. If you want your home to sell, step out of your comfort zone and think like a buyer. Here are three ways to help you turn your house into the home of someone else’s dreams. We’ve broken down each category into low-cost, “Basic” tips and tricks, and an “All-Out” blow-the-budget transformation. How far you take it is up to you.
What is This?
