How Is Your Credit Score Calculated and What Does it Mean?

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Your credit score is probably one of the most important numbers in your life. It affects family planning because it determines your risk to lenders, merchants, and vendors. Indeed, if you need a loan for any reason, your credit score will come into play.

3 credit bureaus determine your FICO score. They calculate it using a combination of your financial records: 35% payment history, 30% amount you currently owe, 15% length of your credit history, 10% new credit inquiries, and 10% types of credit (includes loans, credit cards, retail accounts, etc.). 

If you have a great score and a substantial amount of money, give us a call. We can help you diversify your investments by adding real estate to your portfolio. 

If you are struggling in the credit department, we can help you as well. We have access to resources and people you can talk to that can help you get your financial situation on the right track. A lot of the solutions to your problems are DIY and completely free - so there is no need to stress. In fact, here are 3 things you can do right now:

1. Check your credit report: There are many free resources you can access online. Check your score once a year, go through it in detail, and get in contact with a credit bureau if you have any problems. 
2. Set up payment reminders: Call your bank and set up reminders so you get an email, a text, and a call to remind you to get your payments in on time. It's free!
3. Reduce the amount you owe: This is an obvious one and it sounds easier said than done. Pay off the smaller debts first to gain the momentum and confidence to follow through on the higher interest loans.

We hope you find this information helpful. As always, if you or anyone you know is interested in buying or selling real estate in the Glendale area, don't keep us a secret. We would love to make your real estate goals a reality. 

Save Yourself a lot of Headaches - get Your Home Pre-Inspected

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Most people associate home inspections with buyers, during the later phases of the real estate transaction. Here at the Altman Group, we suggest getting a home inspection before putting your home on the market. Here's 3 reasons:

1. Uncover problems
2. Fix problems
3. Know if the buyer's requested discounts are reasonable

Buyers often ask for a credit 3 to 4 times the actual amount it costs to correct a problem. The sooner your home is pre-inspected, the sooner you can start making repairs or, if your choose not to, figure out a reasonable cost for those fixes. This will prevent buyers from asking for large credits to cover the defects.

An inspector will take a look at your electrical, plumbing, roofing, and foundation, among other things. It's essentially an overall home diagnostic test that will give you a fair assessment of what condition your home is in. It typically costs anywhere from $300 to $500 but it may save you thousands down the road. Additionally, that cost can be factored in to your list price so you don't lose any money. 

The process is completely transparent - your inspector will speak with you personally about the issues discovered. All in all, a pre-inspection is an easy and inexpensive investment that gives you greater control of the home selling process. It will help you avoid potential deal-breakers down the road and save you time and aggravation. 

So, if you are thinking about selling your home, you should seriously consider getting your home inspected before putting it on the market. If you have questions about the process, or simply want to chat about the Phoenix real estate market, don't hesitate to give us a call or shoot us an email. We look forward to hearing from you.