Las Vegas Real Estate Info

Looking for a Luxury Home in Las Vegas? Check out these beauties. This information brought to you by Luxury Las Vegas Homes and Real Estate.

What a lot of first time homeowners do not know or realize is that you do not have to roll your property taxes into your mortgage payments. In fact, it’s best to not do it unless required to by an FHA, VA or PMI mortgage. There are mortgage lending services that will overcharge to handle the escrow. This is essentially free money that you are giving to a loan service for taking care of the property taxes in an escrow account. Some lenders collect as much 1/12 of the property taxes each month, but many collect more and stock the interest. They can then refund the ‘overpayment’ at the end of the year, but pocket the interest.

Imagine how much free money this is? So if you can afford to do it and have the wherewithal to store the money in a savings account, do it. You can bank your own interest then. This information brought to you by Las Vegas Homes and Real Estate.

A questionable FICO score is not a guarantee that a potential homeowner cannot get a loan, however there is some basis of foreclosure rates versus the score on the FICO.

Loans with FICO’s of 661 and higher had a less than 1% foreclosures.
Loans with FICOS of 620 to 660 had just over 2% foreclosures.
619 or less had over 8% foreclosures.

It’s worth mentioning that there is a broad range of scores below 619. But during the house hunting process, it may be a good time to investigate your own credit scores to begin any repairs that are needed.

Begin your research by ordering a credit report from ALL THREE of the reporting bureaus below:

Equifax Credit Information Services
Atlanta, GA (800) 685-1111

Trans Union Corporation
Springfield, PA (800) 851-2674

TRW Information Services
Chatsworth , CA (800) 682-7654

If there are errors on the report, you can take the time to correct them. It’s worth knowing that credit bureaus are required to respond to all written requests within 30 days of receiving them. Bear in mind it can take 60 to 90 days to impact your FICO score with either positive or negative remarks. Avoid ‘credit repair companies’ because like you, they can only correct errors on the report and not erase poor credit history. Accurate information stays where it is for 7 to 10 years.

This information brought to you by Henderson Homes.

Why does your FICO count when you’re househunting and what is a FICO? It’s your credit history score. That credit history is defined by three simple digits and it’s important to know what those digits are and what they represent. The FICO stands for Fair Isaac and Co. The program to determine what the score is uses 30 separate and nonpublished elements in determining risk.

What is known about FICO is that it considers:

Credit Deliquencies
Amount of Outstanding Debt
Credit History
Credit Inquiries

Those items will help determine the FICO score. When trying to determine the value of the score, it’s worth knowing that a FICO in the 500s is a high risk and unlikely to get a loan. One that is 600 to 700 is a medium risk and payment history will be scrutinized. They will also want written explanations with regard to derogatory credit reports. A score over 680 is ideal and translates to lower risk for the lending agent as well as better rates for the borrower.

Check out your scores and there will be more information here on credit repair over the next few days.

This information brought to you by Homes in the Las Vegas area.

Looking for a family home in the Las Vegas area? Check out some of these coming in around $250,000 and ideal for the starter family that is planning to relocate or settle together in the Las Vegas area.