So after payment history and the amounts owed on accounts, the third factor looks more at how long a person has been creditworthy.  15% OF YOUR CREDIT SCORE  IS DETERMINED BY HOW LONG YOU'VE HAD CREDIT ESTABLISHED.  This doesn't mean how long you've had an actual credit report on file with the bureaus.  The majority of people have had some kind of credit file since they were 18, so that would effectively amount to age discrimination if it were that simple.  This factor looks at two main sub-factors: The average age of your accounts and also the age of your oldest account on your credit report. The age of the oldest open account is something that people often overlook as being an important part of their credit score, and is also something that people can easily sabotage without ever real... 07/31/2009

The next most important factor in credit scoring is the balances on your accounts.  ACCOUNT BALANCES MAKE UP 30% OF YOUR CREDIT SCORE.  And as with payment history, there are many different facets to this factor.  For example. the total amount owed on all accounts is considered, but so are the individual account balances relative to their credit limits, or the "high balance" on each account.  This is particularly important on revolving accounts, such as credit cards.  The scoring model compares your account balances to the credit limits.  Whenever the balance exceeds 50% of the credit limit, this can lower the score, often by quite a bit.  You might be surprised how much your score would increase if you just paid down all of your credit cards to 50% or below their respective credit limi... 07/31/2009

Every consumer should be aware of what factors determine their credit score.  Credit scores are determined by a complex mathematical formula, known as an "algorithm".  As complex as this formula may be, the important thing to understand is that the credit bureaus have told us there are FIVE MAIN FACTORS that determine credit scores.  Part 1 of this blog series will focus on the largest piece of the credit scoring pie - Payment History.  It only seems fitting that payment history is the #1 factor that determines credit scores since they are meant to predict the likelihood of a borrower repaying a loan.  PAYMENT HISTORY MAKES UP A TOTAL OF 35% OF THE CREDIT SCORE. The payment history on accounts is kept for a total of seven years.  There are three main "sub factors" within the factor of p... 07/31/2009

Many people have an irrational fear of having their credit pulled to pre-qualify for a loan, whether it be a mortgage, auto loan or any other type of consumer loan that requires a credit check.  This fear mostly comes from the widespread belief that credit inquiries can dramatically lower their credit score.  While this WAS TRUE once upon a time, the credit bureaus have since changed the rules for certain types of inquiries.  Nowadays, consumers should mostly be concerned about credit inquiries that are for loans OTHER THAN mortgages, car loans or student loans.  These three types of inquiries are granted a special exception with regards to how both single and multiple inquiries affect their credit score.   Fair Isaac and Company, the company that created the FICO® credit scoring model ... 07/31/2009

As unemployment and home foreclosures continue to rise and threaten the economic recovery, the mortgage insurance industry is stepping up its ongoing efforts to keep families in their homes. The industry has been at the forefront in developing systems and procedures to support the U.S. Treasury's Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP). Since the release of the details of the HARP and HAMP programs earlier this year, mortgage insurers, lenders and servicers have been working together to implement this important initiative. While these programs are in their early stages, initial results have been encouraging. In partnership with Fannie Mae and Freddie Mac (GSEs), the mortgage insurance industry is working alongside servicers to modify or r... 07/31/2009

Walnut Hill Paint Company, located in North Dallas is, without a doubt, the best place to visit if you are embarking on a home decorating project, for your Dallas home. The large showroom includes displays of custom finishes designed by professional painters. Some of the paint brands carried in the store are: Benjamin Moore Premium Paints   Benjamin Moore NATURA Zero V.O.C.  Coatings Pratt & Lambert Pittsburgh Paints    Martin Senour Cabot Stain Olympic Stain Cook's Oil Glazing Liquid You can sign up for wall glazing classes, color theory classes and more!  I have spent many hours learning techniques from some of the area's well known faux finishers.  Working as a designer, for many years, I depended upon the talented people at Walnut Hill Paint to guide me in my product choices and col... 07/30/2009

Recent Data released this week....the market is turning.....while we are not out of the woods yet, and we will bump along the bottom for the remainder of 2009, the days of the 'buyer's market' are numbered......     Sales of newly constructed single-family homes rose 11% over last month - CNN Money Houston and Dallas-Fort Worth are the TOP markets in the country for building permits for single-family homes, based on numbers for the 12-month period ending in May. And Texas had more homebuilding permits than California and Florida combined.  Houston had almost 22,000 permits, and more than 15,000 were recorded in the Dallas-Fort Worth area. - California-based John Burns Real Estate Consulting Existing-home sales rose for the third consecutive month with inventory easing and home prices d... 07/30/2009

If you have mold in an area less  than 10 feet wide you may be able to remove it yourself. You can take the following steps if it seems like it a small area particularly in a bathroom or a kitchen area. 1) Wear a face mask, goggles, and rubber gloves. (do not touch the mold) 2) Seal off the area and open windows and seal off the all ac and heating vents. 3) Wash it with regular soap then add some bleach and re-wash it again. 4) After it dried you can wash it again with borate based cleaning solution. If you have mold that covers a larger area or need to have it identified or cleaned by a professional or would like more information you can go to: www.epa.gov/mold. 07/29/2009

Federal Reserve governors unanimously proposed tough new consumer-friendly disclosure rules for mortgages and home equity loans last week, tackling one of the less-appreciated causes of the nation's deep financial crisis. After 18 months of study and consumer testing, the Fed's division of consumer affairs proposed, and governors accepted, a change to how finance charges and the annual percentage rate would be calculated. They also proposed restricting some bonus compensation from lenders to those who originate loans. The action by the Fed's Board of Governors, which requires a four-month comment period before becoming final, came as Congress is weighing an Obama administration proposal to strip the central bank of some of its regulatory authority over consumer credit products such as m... 07/29/2009

New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades. The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000. It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000. Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May. The report is another encouraging sign tha... 07/28/2009

lynn911.com "...I refuse to sign the listing agreement however like for you as my Realtor list my home..." POINT OF LISTING AGREEMENT FOR EITHER SALE OR LEASE: a)  Agreement allows Realtor legal authority list your home b)  Details all information discussed between listing agent broker office and property owner all parties are legally held accountable terms and conditions of executed contract signed c)  Includes Realtors fees details obligations of both parties (property owner and real estate agent) d)  Special provisions further customizes the listing property owners specifications e)  MLS will not allow any listing posted unless executed listing agreement on file with brokers office any change in list price MUST have amendment terminate listing, price reduction, term of agreement. f) ... 07/28/2009

Tune in live to on Monday, July 27th at 4:40pm for the Wall Street Shuffle. You can listen on the internet or tune into 1190am Dallas local channel. Click on the link below. The Harrison Group has launched a new division, the DFW Foreclosure Group, designed to help homeowners facing foreclosure hardship in the Dallas real estate market. Mary Beth Harrison, a Dallas real estate specialist who founded The Harrison Group in 1995, has developed a marketing strategy and website that is focused on assisting distressed homeowners with finding information and investigating options to avoid the foreclosure process. Harrison is an expert in short sales, a real estate transaction option that banks will consider instead of foreclosure with specific guidelines, DFW Foreclosure Group is determined to... 07/27/2009

lynn911.com Dallas homes for lease how avoid a major problem I was involved with a Dallas home for lease transaction this week listing agent refused refused forward lease agreement till the tenants pulled up in their truck and "ready unload" If you are going to lease a Dallas home, apartment or any Dallas property including commercial you need stand firm that you refuse to pay deposits and etc. till you have had chance to review lease agreement, have an executed copy prior move in. Listing agent kept contacting my clients (tenants) stating that was standard practice in Dallas rental market.  NOTE;  My client non practicing Realtor from Florida. Needless state my tenants refused to participate in this activity and NEITHER would I allow my client to do so.   07/26/2009

lynn911.com SCAM ALERT:  Dallas homes for lease ~ USE DALLAS REALTOR REPRESENT YOU  We have read in newspaper and heard on radio be careful when you are leasing a Dallas property through a ASSUMED HOME OWNER.  As professional Realtors we have to confirm and validate information prior to taking listing on any property, over past 3 weeks I have had Five families state did not use a Realtor met a person on property Paid $x,xxx dollars to lease property Have never seen or spoken to that person again.  Thief now has every dime family had lease Dallas home.  CLOSING STATEMENT In lieu of financial loss of this nature Contact a Dallas Realtor represent you.   07/25/2009

The answer is YES! For the first time in 5 years Pre-owned homes sales  are up and the number of newly listed homes are down according National Association of Realtors. We are recovering from the slowest housing market that we have seen in the last 70 years.   07/24/2009

The federal tax credit for first-time home buyers is now half way to its Dec. 1, 2009, expiration date, and it seems fair to ask just how much it is helping real estate markets. The RE/MAX network in northern Illinois did just that, interviewing 40 RE/MAX agents from across the region about how the tax credit is impacting the first-time buyers with whom they work. "The overall conclusions we draw from the survey are twofold," said Jim Merrion, regional director of the RE/MAX northern Illinois real estate network. "First, buyers are generally aware of the fact that there is a tax credit available. However, a majority of them understand only a few, if any, of the program's details. "Second, the tax credit has a stimulative impact, but the effect is primarily psychological. Buyers want to ... 07/22/2009

Be it the real estate market in 2009 or any other real estate market for that matter, the structure of a real estate purchase contract offer can be the difference in it being accepted or rejected. No, the offering price is not the only factor in negotiating a contract to purchase a home. Regardless of the number of pages in the sales contract, a contract offer can be broken down into 3 separate parts which can be important to the seller: Price, Terms and Conditions. Each has to be satisfactory in order to obtain seller acceptance. In some situations, full price offers are not acceptable due to the buyer's terms and conditions in the contract offer. In other instances, contracts get accepted and signed even though the offer was much lower in price than other competing offers, but was mor... 07/21/2009

lynn911.com Over past week I have received a number of calls across the country about wanting use Realtor forms !  CALLER or EMAIL:  I don't need a Realtor I just need use your forms when submitting a sales offer, OR non reality item, OR submit money into escrow.  ... YOU DON'T mind sending me a form, OR can I just use TREC form I found MY RESPONSE:  Only an authorized licensed Realtor can use a form on behalf of buyer OR seller . If any non licensed person found using any form you can be sued by either seller/buyer, State, and etc.  PRIOR POST DIRECT LINKS: 05/23/2009 Home buyer question " when will home prices drop in value ?" 05/05/2009 Dallas home buyers " I would like take delivery " of my new home tomorrow 05/09/2009 #1 Question from Dallas home buyers this week         Twitter Ly... 07/20/2009

Click on a area below for a more detailed list of cities:Houston - Dallas - San Antonio - Austin - Fort Worth - El Paso Texas is in the south-central part of the United States of America. It is considered to form part of the U.S. South and also part of the U.S. Southwest. Some regions of Texas are associated with the South more than the Southwest, (primarily East Texas), while other regions share more similarities with the Southwest than the south (primarily West Texas and South Texas). Texas is so large in its east-west expanse that El Paso, in the western corner of the state, is closer to San Diego, California than to Beaumont, near the Louisiana state line; Beaumont, in turn, is closer to Jacksonville, Florida than it is to El Paso. Also, Texarkana, in the northeastern corner of the... 07/20/2009

Title insurance is insurance that protects the title of a home against any defects or claims that occured on the property prior to the closing date.  It is required by virtually all lenders in order to secure a loan as well.  Payment of the owner's title insurance policy is negotiable in the State Of Texas.  The owner's policy is customarily paid by the seller in the state of Texas, but may be paid by either party.  Part 6 of the TREC Promulgated Contract (One To Four Family Contract) indicates whether the buyer or seller will pay the owner's title policy.  The U.S. Department of Housing and Urban Development does not automatically pay the title policy on HUD homes.  Furthermore, many lenders do not require an owner's title policy on a HUD home if the buyer is using FHA financing, but a... 07/20/2009