Home Loans – Identity Theft Protection Could Hurt Home SalesWritten by Charles Essmeier
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a simple transaction on Internet. The problem, according to those in real estate industry, is that this simple security precaution may make it difficult for a consumer who has blocked their credit to buy a home. In many markets, homes put up for sale sell in a few hours or days, and process of unfreezing a credit report can take longer than that. If a home seller or lender cannot assess a potential buyer’s credit rating, then home sale may be lost to another buyer. True, it is a simple process to unfreeze a credit report, but some consumers may forget that they froze their reports in first place, or they may forget or misplace their username or password for Website that allows them to unfreeze their report.
On surface, new laws to protect consumers seem to be a good idea, and those in real estate industry who are concerned may find that their worries are unjustified. This is a case where all parties would benefit from taking time to see if laws are effective, and whether or not they actually hurt real estate industry. In meantime, anyone considering purchasing a home should be made aware of ramifications of freezing their credit, as doing so may make it more difficult to purchase house of his or her dreams.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.
| | Home Equity – Let the Market Eliminate Your Private Mortgage InsuranceWritten by Charles Essmeier
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to avoid monthly PMI payments.
The exploding real estate market has driven home prices higher than ever. Not only are prices high, but rate at which they are increasing is astonishing. In some parts of country, home prices have doubled or even tripled in last five years alone. The savvy homeowner should keep an eye on price of housing in their local market, as equity in his or her home may rise above 20% through market appreciation alone. In most markets, this is often happening quickly enough that homeowners may be able to eliminate PMI less than two years after purchase, even if they put a minimum amount of money down on home.
A home appraisal is required to establish equity to debt ratio of loan, and this typically costs several hundred dollars. As that figure represents only a few months’ PMI payments, most everyone would be glad to pay for an appraisal. Before doing so, contact your lender, as some lenders require PMI for a specific length of time before it can be dropped. No one likes to pay for private mortgage insurance, and thanks to an unusually aggressive real estate market, few homebuyers today should have to pay it for very long.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.
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