Corona first time home buyers has your credit been hacked?

 First time home buyers in today's Corona real estate market have to be very conscious of their credit. Simply put the better your credit score, the better chance you will have of getting your first time home buyer loan at a good interest rate.

Unfortunately many Corona first time home buyers are using some of the online sites, like AnnualCreditReport.com and CreditReport.com. According to a report by MSNBC, if you're a Corona first time home buyer using one of these sites, your credit may have been hacked and is being sold.

"Well trafficked websites like AnnualCreditReport.com, Equifax.com, or CreditReport.com are being hacked and consumer data stolen from them."
"The credit profiles of individuals with strong credit scores (750+) are being pilfered and sold for as much as $80 in underground, online black markets."
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Riverside first time home buyers credit should you close that account?

First time home buyers in the Riverside real estate market, among other things, have to pay close attention to how they manage their credit.
Unfortunately combining internet misinformation and advice from well meaning friends and family can have disastrous results on your first time home buyer credit and ultimately keep you from buying your first home in Riverside.

It would seem like common sense that if you have an account on your credit report that you're no longer using, the prudent thing to do would be to close that account.

But common sense and FICO "score sense" can be very different and not knowing the difference can have "unanticipated consequences" on otherwise good first time home buyers credit score.

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Corona first time home buyers have two words for the fence sitters

First time home buyers in Corona have two words for all the “fence sitters” who are still trying to decide if buying their first home in Corona is the right decision.

Buying a first home in Corona is NOT the right decision for everyone

You shouldn’t buy if renting better fits your lifestyle, if you haven’t made the commitment to owning or are focusing more on short term prices than long term investment.

There are thousands of families in Corona who decided that owning their first home in Corona was the right decision and they have two words for those of you still sitting on the fence.

The two words?
Read on...

Riverside first time home buyers what does Warren Buffett say about buying a home?

There's so much information for first time home buyers to digest when it comes to deciding whether now is the time to buy their first home, it can be very hard to know what would be the best decision for you and your family.

There are plenty of experts and "fakexperts" out there with opinions on buying your first home, but one of the richest men in the world would buy hundreds of them.


We have helped hundreds of first time home buyers in Riverside and San Diego Counties make the right Buy v Rent decision. They all have one thing in common, they took the first step and contacted us.

Temecula first time home buyers best educated or most mis-educated?

First time home buyers in Temecula entering today’s housing market are considered by many to be the best educated first time home buyers in history. The internet has given them access to more information than any generation of first time home buyers.

Unfortunately today’s Temecula first time home buyers may also be the most “mis-educated” first time home buyers in history. According to Thefreedictionary.com: mis-educate means To educate improperly.
Maybe a better definition would be to educate with misinformation?

“It must be true, I read it on the internet”, is intended to be a tongue in cheek statement but when that information agrees with something you’ve already been told, especially by friends and family members, it tends to become true in your mind and may be creating unrealistic expectations for you or mis-education.
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Temecula first time home buyers buying your first home is a road trip

If your first time home buyer resolution for 2012 is to become a first time home owner, then it's important to realize an important fact: Buying your first home is a "road trip" not an event.
On this road trip you're going places you've never been before and Google Maps can't help you get there.

There are hundreds, maybe thousands of real estate websites that will tell you the first step on the path to homeownership is to contact a real estate agent or get pre-qualified for your first time home buyer loan.

Good advice, but it's like starting on your road trip about one-third of the way through and you may not even be sure why you're there, whether or not your car will even make it, or what your final destination really looks like.

Read the complete article

 If you're looking for help to map out your road trip, contact us. We've helped thousands of first time home buyers and their families reach the destination that was right for them.

Is real estate a good investment for Temecula first time home buyers?

Is real estate a good investment for Temecula first time home buyers?
If you’re a Temecula first time home buyer and asking yourself that question, it’s almost impossible to get an answer that means anything to you and your family.

The disconnected national media (on-line and offline) is no help. Their view from 30,000 feet is no help to first time home buyers who are looking at it from ground level.

How does a first time home buyer evaluate the investment side of buying their first home? First, let’s define “real estate investment”

A real estate ownership interest, whether a personal residence or rental property, that increases one’s net wealth by a fair rate of return on their invested cash equity; for the corresponding amount of risk they are taking by owning a relatively high risk asset.
What that means is that if you are going to put your invested cash equity into real estate, your net worth should improve by a greater amount than if you invested in a similarly risky asset. 

Read the complete article


For more information about real estate investment for first time home buyers, click here

Thanks to Leonard Baron, for the for some of the content. You can see more at Professor Baron.com

Rent to own the right move for Riverside first time home buyers?

If you’re a first time home buyer who isn’t quite ready to make that commitment. Then maybe one of the many homes available as “rent to own” might be an option for you.

It will give you an opportunity to “test drive” the lifestyle and find out if homeownership is the right thing for you and your family.

Before you do, however, it’s critical that you know what you’re signing up for. Rent to own, also called a "lease purchase", is just a euphemism for “lease with an option to buy”. The owner of the home agrees to sell you the home at some time in the future at an agreed upon price. As consideration, you will pay him an agreed upon amount (option money and it’s generally non-refundable) to “hold” the property for you.

Sounds simple enough, but as potential first time home buyers you need to focus on the “own” and “purchase” terms. At some time in the future you’re going to have to purchase this home or risk losing your option money and it’s important to do it right!

You should look at this opportunity from two perspectives: Personal and Property

Personal - If you’re not ready to buy now because of credit, income or down payment problems. Will you be able to improve your situation by the time the option needs to be exercised?
If you’ve put off getting your credit in order, if you’re not going to start now, then rent to own is not a solution.
Sitting down with a mortgage professional or credit repair specialist now might seem premature but there’s no one better equipped to give you a detailed plan on how to prepare yourself to buy your first home when the time comes.

You’ll be purchasing this home and that means qualifying for a loan, so your income, credit and assets will have to meet the qualifying criteria in effect at that time.

Property - The location and everything else about the home are perfect for you and your family. You can picture yourself living there a long time BUT unless you’re a “smart first time buyer” now, this might end up being just another rental home when the option comes due.
NO ONE knows where housing prices will be in two or three years, so it’s critically important that you “buy right” now.
Who’s determining the option price? If it’s the owner and the price is too high now, chances are in a year or two it will still be too high and you’ll only be able to get financing if you can re-negotiate the price or bring in a bigger down payment.

Rent to Own can be an opportunity to “dip your toes in the water” for first time home buyers but you still have to be smart and have a good “exit strategy” when it comes time to exercise your option.

For more information on rent to own, contact us.

First time home buyers credit-divorce and your credit-part 2

If you're a first time home buyer facing the prospect of divorce, taking the right steps now will ensure that when the time comes to buy your first home your credit won't be a stumbling block.

In our first post we recommended  getting a clear picture of your credit by creating a spread sheet of all your accounts (joint and separate).  Your credit consists of two types of accounts unsecured (credit cards) and secured (installment loans) and each needs to be evaluated differently.

Thanks to Linda Ferrari, President of Credit Resource Corporation for this game plan.

STEP 2: ACTING ON THE INFORMATION

Read the complete article

First time home buyers credit divorce and your credit

1 out of every 2 marriages ends in divorce today and unfortunately many first time home buyers see their chances of homeownership go up in smoke because they weren’t aware of the ramifications that divorce might have on their credit scores.
Today most divorces are handled in an almost boiler plate style and based on the settlement agreements we’ve seen, very little consideration was given to how the division of credit obligations would affect our client’s future credit and their ability to buy their first home.
This is the first in a series of posts to help those of you facing divorce handle your credit in such a way that once the dust settles you’ll still be in the market as a first time home buyer..
While a divorce is easy enough to obtain and can be done in a fairly short period of time, the financial and credit issues emanating from the dissolution can linger for years to follow. Confusion or disagreement about who is to pay what bills and who is using specific credit cards can wreak havoc on your credit score. Late pays, no pays and insufficient funds can quickly cause the very best credit scores to plummet--it doesn't have to be that way. By proactively taking just a few simple steps, individuals who are starting over can ensure that they are doing everything possible to start over with their good credit intact.
Following is an example of a proactive action plan that will help you protect your credit during and after a divorce.
STEP 1: GETTING A CLEAR PICTURE
• Get copies of your credit reports:
Request copies of your credit report from each of the 3 major credit bureaus, Equifax, Experian and Trans Union so you will have full disclosure of your situation.
• Get all of your information into one place:
Make a list of all OPEN accounts and accounts with balances. Then create a spreadsheet with columns for the following information:
? Creditor Name
? Creditor Contact Number (if it's not listed on the credit report, you can find the customer service number on the back of your statement, or you can always search for it on the internet. Where there's a will, there's a way.)
? Account Number (sometimes credit reports do not list the full account number, so you may have to dig up some paperwork, but it will be well worth it.)
? Type of Account (i.e. auto loan, mortgage, credit card)
? Current status of the account (i.e. current, past due, collection, etc.)
? Total amount due
? Monthly Payment Amount
? Vesting of Account (i.e. Joint/Individual/Authorized Signer)

Thanks to Linda Ferarri, President of CRC, for this great information.

If you would like a free credit repair consultation Click Here

For more information on how to strategically manage your credit so you can get the best interest rate on your first time home buyer loan, Click Here

5 Tips to improving your credit score fast

Step Two for Murrieta First Time Home Buyers

If you’re a first time home buyer or are thinking that 2012 is the year you would like to become a first time home buyer then it’s important to get on the path to homeownership in such a way that you will achieve your goal with a minimal amount of angst (an intense feeling of apprehension, anxiety).

In a previous post, we talked about making the commitment to becoming a first time home buyer.
This is the most important financial decision you will likely make, so it should be treated as such.

Once you’ve made the commitment, step two on the path to homeownership is to keep your expectations realistic.

You may not be old enough to remember the “Wish Book” (ask your parents or older brothers and sisters) that was published each year by Sears. In many ways it was the unofficial start of the Christmas season. When it arrived in the mail we knew it was time to start making our Christmas lists.

Fast forward to today and property searches on the internet are the new “Wish Book” for first time home buyers. You have virtual access to almost every home in the United States that’s listed for sale and therein lies the problem.

When we looked at the “Wish Book” our parent’s budget was never a consideration. We wanted what we wanted and it was up to Santa to figure it out.
When it comes to your first time home “Wish Book”, it’s your budget that will determine what your first home will look like. With the thousands of foreclosed homes on the market selling for less than half of what they did just a few years ago, it’s easy to get caught up in the “bargain hunting” and to forget you still have to have a way to pay for it.

So, even though that 3000 square foot home on half an acre with a pool and spa may be your “dream home”, if it’s not in your budget today it’s not a realistic expectation and should remain just that, “your dream home”.
There are hundreds of homes available today that can be your first step to your dream home, but to get there you have to set realistic expectations and dog ear or circle (that’s Wish Book speak for bookmark) those homes you can pay for.

For help in determining your “Wish Book” budget, Click Here

First time home buyers credit the best kept secrets to managing your credit score

If you're a first time home buyer or would like to become one, then having credit that is good enough to qualify for a first time home buyer program is essential.

Many first time home buyers think they are at the mercy of the credit bureaus and there's nothing that can be done to improve their scores. Unfortunately, too many first time home buyers listen to friends or family members and as a result their credit scores actually suffer.
Credit scores are like any other financial strategy. You get the best results when you understand your first time home buyer credit and how to effectively manage it. In this video, Linda Ferrari shares some of the best kept secrets on strategically managing your credit score.


For more information on how to better manage your credit, contact us and we'll arrange a complimentary credit analysis with a credit repair professional.

Other videos in the series:

Setting your goal

Don't be afraid of the monster under the bed

Setting your action plan

Know your options

To Dispute or not to Dispute

Make sure you have the right mix

How first time home buyers can avoid real estate scams

The state of the current real estate market has brought out a number of real estate scams that have targeted first time home buyers and renters.
First time home buyers are especially susceptible to scams, because they've never been through the process and it makes it easy for scam artists to separate them from their hard earned money.
Here are some tips from the Better Business Bureau on how to avoid scams.

• The email addresses they use usually are from yahoo, ymail, rocketmail, fastermail, live, hotmail and gmail, 
• They also post ads under anonymous craigslist addresses. 
• They frequently change their aliases.

Read the complete article

First time home buyers creating an action plan

Buying your first home requires acommitment to do what's necessary to quit putting money in your landlord's pocket and putting more of it in yours.

Making sure your first time home buyer credit requires an equal commitment.

Fact: The better your credit the less your first time home buyer loan will cost, which could save you thousands of dollars over the life of the loan.

This video will show you how to create an action plan that will get your credit scores to a level that will take the stress out of qualifying for your first time home buyer loan.

Watch Video

If putting together an action plan is more than you want to tackle, then contact us and we'll get you a FREE consultation with a credit repair professional, who can help you get on the path to homeownership.

To contact a first time home buyer specialist - Click Here

Other videos in this series:

Setting you score goal

Fighting the monster under the bed

First time home buyers credit don't be afraid of the monster under the bed

Having a complete picture of your credit is crucial BEFORE you apply for your first time home buyer loan.

Unfortunately, many first time home buyers like you are afraid of what they might find. Like the "monster under the bed" we worried about as kids, the results usually aren't any where near what our imagination has concocted.

This video explains how to get "a complete picture of your credit report" and avoid those sites that promise (for a fee!) a lot more than they deliver.



Other videos in this series:

Setting your score goal

Are Temecula first time home buyers bringing a knife to a gunfight?

First time home buyers in today’s real estate market are facing challenges unlike any other past housing market and if you’re going to buy your first home you need to be equipped with the right “weapons”.
 

Apologies to Sean Connery in The Untouchables but if you’re not represented by the best possible Realtor and Lender, you could very well be bringing a “knife to a gunfight”.

If you’re a first time home buyer in Temecula, Murrieta, North County San Diego or any market where foreclosures dominate you will be in a “business negotiation” with a bank and their representative (the listing agent) and to the bank this is not a real estate transaction but a debt settlement and they’re only interested in one thing: protecting their interest.

 

Read the complete article

Shopping smart for first time home buyer loans in Temecula

Shopping smart

First time home buyers in today's market have a great opportunity, home prices are affordable and interest rates are the lowest in 50 years.But how can you know you'll get the best rate for you?
Here are some tips for smart shopping for first time home buyer loans.
But first a reality check:

1. There are some very low interest rates being advertised but the TRUTH is that unless the lender knows 6 key items, those adds are only loss leaders.

Read the complete article

The first step for first time home buyers

Taking the first step

“I want to buy my first home, how do I get started?”
Without a doubt that is the number one question we’re asked at first time home buyers network.com


If you can make a rent payment each month, then you can make a mortgage payment each month. It’s just writing a check or making an electronic transfer but it takes a conscious decision on your part to do what’s necessary to make it happen.

The FIRST STEP in buying your first home is to make the commitment to home ownership.

Read the complete article

Government bails out first time home buyers

First the automakers got the money. Next it was the banks who got “bailed out”, then AIG.First time home buyers just got that same preferential treatment.
On October 1, one of the most popular first time home buyer programs, USDA,  ran out of funds. This happens every year and the program gets refunded when the new budget is passed. This year circumstances are dramatically different, and there was no guarantee the program would get funding.

If you’re not familiar with the program, USDA has become one of the most popular programs for first time home buyers. It’s 100% financing (that’s right) with only one loan and a relatively small MI premium. They will consider credit scores as low as 580 and have many of the same guidelines as FHA when it comes to approving you for your first time home buyer loan. Not all properties qualify for this program, but those that are in the eligible areas can be a foreclosed home, a short sale, standard sale and even new homes.

Bank of America was the servicing lender for the loans in the past and their exit from that market left everyone in a state of “limbo” in regard to the future of the program.

Make a long story short, the government backed secondary market investor, GNMA, has reached agreement with many lenders to continue funding the program while budget issues are still being resolved.

For more information on the USDA first time home buyer program, Click Here

Buying your first home like applying for your dream job?

In many ways buying your first home is like applying for your dream job.

The decisions you make will affect your family for years to come, so being prepared and putting “your best foot forward” is as important in the home buying process as it is in preparing a resume’ for your dream job.

As your future employer reviews your resume he/she will determine, based on current and past performance your ability and willingness to be the perfect employee and your first time home buyer lender will be evaluating your home loan application to determine your ability and willingness to repay them and repay them on time.

The most important question you have to answer is: Do I really want this job?

Like your dream job your first home is one of the most important decisions you will make.

A good decision provides a solid foundation for a promising financial future.

A decision made without careful consideration can lead to major financial problems including bankruptcy and/or foreclosure.

Here are 5 things we advised last year to get your family ready to buy your first home. Think of this as your undergraduate work. Now we’re going to show you some practical steps that will get you started down the path to homeownership.
Read the complete article