Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:
Your payment history.
Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history.
How much you owe and where.
If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, spreading debt among several accounts can help you avoid approaching the maximum on any individual credit line.
The length of your credit history.In general, the longer an account has been open, the better.
How much new credit you have.New credit—whether in the form of installment plans or new credit cards—is considered more risky, even if you pay down the debt promptly.
The types of credit you use.
Generally, it’s desirable to have more than one type of credit—such as installment loans, credit cards, and a mortgage.
Lots of deals, lots of closings...Team Schuster is ending July on a high note!
Congrats to Andrew on the sale of his Indy condo, Jace and Jennifer on the sale of their Zionsville home, and Allison and Ben on the sale and purchase of Zionsville homes.
F.C. Tucker reports 0.1 percent decrease in housing sales as prices continue to rise
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that housing market activity is declining slightly. June 2018 pended sales decreased just 0.1 percent compared to June 2017 while the average year-to-date sale price for the 15-county Central Indiana region increased 8.5 percent to $213,339.
The number of homes for sale continues to decrease, and last month fewer buyers purchased homes as well. 3,802 Central Indiana homes were purchased in June 2018, a small decrease from 3,807 sold in June 2017. Specifically:
Despite fewer pended sales, on average homes sold much faster and for more money in June, meaning it’s still a strong seller’s market.
Listings continue to fall but at a slightly lower rate, decreasing 9.5 percent this month. In June 2018, inventory stood at 5,991 homes, a decrease of 629 compared to June 2017.
“We’re continuing to see the effects of nationwide low inventory here in central Indiana,” said Jim Litten, CEO of F.C. Tucker Company. “Low inventory affects affordability, however we’re optimistic the market will continue to offer homes of all price ranges to buyers while also providing competitive sale prices for sellers.”
Of the pended home sales in the region last month, two were priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 153 were priced $500,000 to $999,999; 520 were priced $300,000 to $499,999; 868 were priced $200,000 to $299,999; 1,663 were priced $100,000 to $199,999; and 578 were priced at $99,999 or less.
Big day for Vikki - 2 closings in Zionsville! Congrats to Mike and Sheila on the purchase of their Zionsville condo and Christopher and Cristina on the sale of their Zionsville house.
It was a pleasure working with you Laura to help you find your new home in Fishers - wishing you many years of happiness there!
Term -- Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.
Fixed vs. adjustable interest rates -- A fixed rate allows you to lock in a low interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.
Non-traditional mortgages -- Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.
Balloon mortgage -- This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years.
Government-backed loans -- These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, it can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.
However…As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.
Reprinted from REALTOR Magazine
6116 Wixshire Drive, Indianapolis, IN 46254
Just reduced! Now $84,500! 3 bedroom, 1 bath ranch with large eat-in kitchen and living room and fenced-in yard. All new paint and tile. Newer furnace. Convenient to everything!
4749 W County Road 144, Bargersville, IN 46106
Now $217,900! Looking for a country feel with no HOA + large outbuilding (24x48) w/ extra garage & heated workshop on .75 acres? Then you found it!
13957 Wimbleton Way, Fishers, IN 46037
Beautiful move-in ready townhouse close to HTC mall, restaurants, schools and I-69. Two-story entry with wood stairs, rod iron railing and updated light. Spacious Great Room with two archways into kitchen and breakfast bar for additional seating. Kitchen boasts granite counters, staggered cabinets with crown, tile backsplash, stainless appliances and laminate hardwood flooring. Awesome natural lighting through windows that overlook deck. New carpet throughout. All beds with overhead light or fans. Master with private bath and walk-in closet. Mud room bench and laundry room with storage.