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By ELIZABETH A. HARRIS
Published: March 11, 2010
THESE days, lenders have a long list of what they want to see in a building and in a prospective borrower. One potential obstacle is your credit history. Here are a few things you should know about your credit:
• To get a good rate on a mortgage in this market, you’ll generally need a credit score of 720 or higher. Many banks will also want to see that you have at least four sources of credit — two credit cards, a mortgage and a car loan, for example.
• One major factor in determining your credit score is your debtto-credit ratio. If you have $25,000 of credit available and $5,000 of debt, it will hurt your credit if the larger number falls to $15,000. This might happen if a bank lowered your limit. If you are not carrying any debt, a lower limit will not change the ratio, so it shouldn’t hurt your score.
• One way to bolster your credit is to become an authorized user on a card belonging to someone else, like a parent or a spouse. This will increase your debt-to-credit ratio without affecting the other user’s credit. The arrangement, however, can be risky. If you don’t make a payment, you’ll harm the other person’s credit. If he or she misses a payment, your score will drop, too.
• You can check your own credit without affecting it, but generally, when other people check, your score takes a small hit. If, however, the checking takes place within a 30-day window, several checks can occur with no problem. This allows you to shop for a mortgage.
• The most recent 12 months carry the most weight. So if you are hoping to buy a home, be sure to stay on top of your payments.
Here are questions to help determine how tricky it could be to get financing in a given building:
• Does any one person or entity own more than 10 percent of the units?
• Is more than 20 percent of the building used as commercial space, as in a hotel or a doctor’s office?
• Is there enough money in the reserve fund?
• How much insurance does the building have and what kind? It may need to have fidelity bond insurance, which protects against theft by employees and management, as well as hazard insurance.
BrookHampton Realty’s new office!
BrookHampton Realty has relocated to 400 Main Street, Center Moriches.
Offered at $599,000 ~ Price Reduced
New construction! Four bedroom Victorian home situated on a large treed property with 75’ of water frontage on Old Neck Creek. This custom home features a full 9’ basement with 6’ patio doors that open to the backyard. The 42’ deck is easily accessible through 3 sets of doors. The open floor plan offers hardwood floors, a formal dining room and living room, main level laundry and more. An extra room off the living room would make a great den or office. The luxurious master suite is complete with a custom bath and walk-in closet. Call for more information and to schedule an appointment.
Listed by Steven Monzeglio, you can find out more information and view additional photographs by clicking here: 51 Crystal Beach Boulevard
Offered at $529,000 ~ Price Reduced
Pristine creek front Victorian home located in Crystal Beach. Beach and Boating Rights. The creek is perfect for a canoe or kayak. The home offers a Master Suite on the first floor, soaring ceilings, wood floors, eat-in kitchen and a fireplace. There’s 3 additional bedrooms upstairs with an unfinished bonus room! This home has plenty to offer and must be seen!
Listed by Mary Brantmeyer, you can find out more information and view additional photographs by clicking here: 31 Crystal Beach Boulevard
Offered at $429,000 ~ Price Reduced!
This beautiful Colonial home is situated on an acre of property. Features include a formal dining room, family room, living room with fireplace, wood floors cover the majority of the first floor. Upstairs you’ll find the spacious Master Suite. The 4th bedroom would make a great office. The full basement is finished and not only creates extra living space but would be a perfect playroom. You’ll enjoy the in-ground pool and the 44 x 14 deck is perfect for entertaining. Heated 2 car attached garage.
For more information and to view additional photographs, click here: 10 Cedar Street
