Bob Bonsante

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HOW TO ESTABLISH AND MANAGE YOUR CREDIT

A positive credit history isn't just a nice thing to have, it is a must in today's world. Whether you are trying to buy a cell phone or , rent an apartment or house, or even set up utilities for your home, knowing the information in your credit report is very important.

You can start by seeing what is currently on your credit report

So how do you do this.....By law you can request a free credit report every 12 months from each of the credit reporting companies: The three majot ones are Equifax,Experian, and Trans Union. You can request all three report at annualcreditreport.com Once you receive your reports, you can make sure the information is up-to-date and accurate. If it isn't you need to report the error to the credit bureau and make sure they correct it. Wrong and inaccurate information can cause problems for you and lower your credit score

Get up-to speed on how your credit is scored.

Your credit score is calculated using various criteria like length of your credit history, new credit, and types of credit. However the 2 most important criteria are........

1. Your paymemt Track Record. Simply put....do you pay your bills on time.

2. What you owe. what your overall outstanding balances are, plus how much of your available credit are you using.

note: If you are serious about establishing good credit, it is very important that you pay you bills on time.

HERE IS WHERE YOU CAN START

1. Get a gas card.

2. Apply for a credi card.(if you can't get one, get a secured Visa or Mastercard)

3. Become a co-borrower with someone who has good credit.(have them add you to their account.)

A FEW TIPS FOR IMPROVING YOU CREDIT.

1. Pay your bills on time

2. Keep your balances low

3. Do not open new accounts of credit that you don't need(this makes your debt ratio rise, and even if you owe nothing on the accounts, they (credit agencies) look at it as if you have more to spend.....

4.Pay off existing debt. This will lower your debt ratio.

5. If you have missed payments, try to get current and stay current.

WHAT IS YOUR SCORE?

760-850 EXCELLENT

700-759 VERY GOOD

600-699 OKAY

300-599 POOR

If you want to purchase a home, having good credit is very important

Factors That Affect Your Credit Score:

35% — Payment history

Lenders look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are any severe unpaid debts like bankruptcies or foreclosures; and the number and severity of delinquencies in your credit history.

30% — Amounts Owed

Too many credit accounts and a high ratio of credit balances to credit limits can affect your score. Also affecting your score is the amount of debt on each account and the level of debt paid off on term accounts.

15% — Length of Credit History

Longer credit histories result in higher scores. Important factors incorporated into credit scores are: length of credit history, length of time specific accounts have been open, and the duration of time since each account was last used.

10% — New Credit

Credit scores track consumers who suddenly take on new debt and potentially overextend themselves, by checking to see when the last time a consumer opened an account and how many accounts were opened and by looking at the number of inquires on the consumer's credit reports.

10% — Types of Credit Used

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Temecula/Murrieta Homes (951)334-6646

Welcome to Your source for Fine homes inTemecula, Murrieta, Menifee,Wildomar and all of Riverside County. Finding the right home, and for the right price is our #1 goal for our clients. In this ever changing market it is hard for the first time buyer and even the experienced buyer to know just what is the right value for a home. We recieve great satisfaction when we can find you your dream home and hand you the keys! We specialize in the cities of Temecula, Murrieta, Winchester, French Valley, Menifee, Wildomar. If you would like to be emailed the Latest New Listings, Please email me. Why not just call me! and give me some ideas of exactly what type of home you are looking for! My Direct line (951)334-6646 my EMAIL address is bobbonsante@dslextreme.com

CERTIFIED DISTRESSED PROPERTY EXPERT

If you have any questions about selling or buying Real Estate please don't hesitate to call us. Please browse our website for all your Real Estate information and remember we only a phone call away.

Sincerely,

Bob Bonsante "Bob Bonsante & Associates"

Dre. License # 01240397

HomeSmart Real Estate

Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

· A homeowner is 'short' when the amount owed on his/her property is higher than current market value.

· A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

· Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

· Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

· Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

DO YOU WANT TO BUY A SHORT SALE OR FORCLOSURE HOME, OR SHORT SALE YOUR HOME. CALL OR EMAIL ME TODAY. BANK FORECLOSURE AND SHORT SALES ARE MOST OF THE HOMES IN THIS MARKET. I CAN EMAIL YOU A LIST OF FORECLOSURE HOMES

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ATTENTION ! SELLERS, BUYERS, INVESTORS

We in a very different Real Estate Market and no one know when prices will go up again.The prices are starting to stablize but this may be temporary, because there are more Foreclosures and Short Sales coming down the road. If you are thinking that you might want to buy right now,you are in a good position. Prices have already dropped over 50% and in some areas they have fallen 60%. The tax credits that are available is a good motivation to buy also. The experts think that we should see a rise in prices in about 10 years, but who really knows.

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