Leslie Reisinger's Northern VA Real Estate Blog

What is a FICO Score

2007-04-15T07:52:00.000-04:00

Each of the three major credit bureaus uses a scoring method for rating their consumers. Equifax calls it a BEACON Score, Trans Union the EMPIRICA Score and Experian the FAIR ISAAC, or FICO.
These scores range from a low of 300 to a high of 850. Average borrower has a score from the mid-500 to the mid-600 level. Less than half a percent of the population has a score above 800. The following is a list of what the credit bureaus base a score on:

*35% Bill Paying Habits. A timely payment history will maintain a high score, but any late payments will subtract points. A string of 30-day late payments is worse than one 60¬day late.

*30% Amount owed vs. Available Credit Limit. Keep balances at or below 30% of the available credit limit for maximum points.

*15% Credit History. Keeping an old card even at a higher rate could help the score. Points are given to those who use credit cards actively and responsibly.

*10% Credit Blend. A good combination of installment and revolving debt gains the most points here.

*10% Pursuit of New Credit. Every time an industry pulls a person's score, the pull is lumped into a Standard Industry Classification (SIC). There is a 30 day window of time where all pulls inside a SIC count as one bureau (via the Acorn Act). Credit cards are not covered under the Acorn Act, being general credit grantors, so each pull counts as one bureau. This rule applies to installment loans.

Improving Credit Scores

*Minimize credit inquiries. Shop for cars and mortgages all within a 30-day time period. Do not over apply for general credit (credit cards).
*Pay bills early.
*Pay off revolving credit card balances each month.
*Never close a credit card account.
*Don't switch credit cards to get the best rate every few months.
*Keep the oldest credit account on the credit report.
*Never have more than two major bank cards in your own name.
*Never use over 50% of available credit on a card.

Rapid Re-scoring
Many rapid re-scores raise FICOs by 30, 50 or more points, depending upon the nature of the errors in the file. That jump in score can save thousands of dollars in interest in fees over the term of a mortgage.

Credit Inquiries
We already covered the Acorn Act, under which multiple auto or mortgage inquiries in any 30-day period count as just one inquiry. In addition, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. What this means is if the borrower finds a home loan within 30 days, their score will not be affected. Their score will, however, increase in the month following this time.

THESE TRICKS ARE VERY IMPORTANT, once you learn to make them a habit...and protect your credit....people in the sales industry will kiss your a***....and will give you a good deal....so it just makes sense to take advantage...

By David Pannell and Chad

Looking for a home on the internet!

2007-04-15T07:48:00.000-04:00

Looking at Homes for Sale

Looking at homes for sale via the internet is fun and exciting.

At first.

After a while, it gets a little frustrating, but you've learned a lot. You have a general idea of what homes look like in the area, prices, differences in costs for numbers of bedrooms and bathrooms and you have ideas about what community you want to search.

Looking at homes online helps provide a context for what comes next.

The "real" home hunt.

Who do you take with you?

If you're married, you take your spouse. There is always the chance you're going to find something perfect and you cannot make a decision without your spouse. Well, you can…but you'll probably pay for it later.

If you're a couple, then take your partner for the same reasons.

If you're single and buying on your own using your own money, then you can take a friend, but it isn't necessary. You will make the final decision on your own.

No matter how old (or young) you are, don't take a parent with you.

Apologies, and there are exceptions to the rule because parents really do want the best for you and want you to be successful. Buying a home is part of being successful and they wholeheartedly want you to buy a house, but…

…not this house, and…

…not that house.

Some psychological "thing" just does not allow your parents to totally let go (regardless of your age), and this trait exhibits itself by diluting their enthusiasm when you start getting specific about what home you want to buy.

Parents don't do it on purpose. They can't help it, and you can't blame them. Yet it happens.

Oh yes. There is one other person you take along with you (hint, hint) – your experienced, capable, professional, friendly neighborhood real estate agent.

Thumbs Up – Thumbs Down

The first thing you see when house hunting is the view from the street. "Curb Appeal." Do you like the house or don't you? That's an easy decision. If you don't like it, drive on. Don't waste your time because it is better spent looking at homes you do like.

If the home passes the "curb appeal" test, go inside and take a quick look around. Not a detailed look, just go from room to room and decide if you could imagine yourself living there. Does it meet your "wants and needs?" Don't worry too much about paint color, carpeting, window treatments, and so on. Not yet.

If there is something obviously wrong…

…can you fix it?

Do you want to?

If you don't like the home, then it is "thumbs down."

Tell your agent why. One of the most common frustrations about the house hunt is when agents continue to show you houses that you just aren't interested in. The major reason that happens is because your agent does not know enough about what you want.

They will ask, and often. It may be easier to articulate exactly what you like and don't like while you are out hunting for homes.

If you give the house a "thumbs up" on that first preview, it doesn't mean you are ready to make an offer.

It means the house deserves a "second look."

Get out your checklist, your notepad, your digital camera or your (even better) video camera and go back inside.

Your agent (another well-intentioned and humorous hint) will tell you what to look for.

And when you do find the ideal home, make an offer, and reach a deal...? Keep your agent's phone number handy.

You've just done the easy part.

A great article from RealEstateABC.com

Acting Auditions

2007-03-22T10:36:00.000-04:00

ACTING AUDITIONS

Sundial Theatre Company
Kin, The Trial of Carrie Buck
By Jeff Barker
Audition Dates:
Saturday, March 31, 10:30 a.m.-1:30 p.m.
Monday, April 2, 7:00 p.m.-10:00 p.m.

The play is based on a true story, drawn from the Supreme Court case of Buck vs. Bell. It involves the case of involuntary sterilization.

Sundial is seeking 7 men and 7 women, aged 18-60; 1 child, aged 3-4; 3 female singers to sing hymns a capella. Auditions will be held at the MCC. The performances are scheduled to be held June 8-10.

Auditions will consist of readings from the script. Also seeking to fill technical roles, lights, sound and stage management

Spring Break Camps

2007-03-22T10:32:00.000-04:00

SPRING BREAK CAMPS
Spring Break Camps
For ages 4-10

Guarantee your child has an enjoyable spring break! Children will participate in supervised games, arts & crafts, music and special events.

Half Day Camp
9 a.m. - noon daily
$42 day/$38 district residents

Full-Day Camp
9 a.m. - 4 p.m.
$85 day/$75 district residents

For more information, call the Center at 703-790- 0123.

OFTC Spring Break Camp:
For 7th and 8th graders

Join the Old Firehouse Teen Center for a fun filled week of spring break activities! In order to participate in the activities your child must be an OFTC member.

4/2/07: Washington Post Tour + International Spy Museum
4/3/07: Uno's Pizza Maker program and Movie at Fairfax Corner
4/4/07: Tour of Naval Academy in Annapolis
4/5/07: ESPN Zone
4/6/07: Hershey Park, PA

For additional information please call the OFTC at 703- 448-TEEN (8336). Prices and departure/arrival times vary according to each activity.

Words of Wisdom

2007-03-22T08:52:00.000-04:00

If you have difficulty remaining unaffected by someone's behavior, take a moment to breathe deeply and remind yourself that you didn't do anything wrong, and you aren't responsible for people's feelings. If you can see that this person is indirectly expressing a need to you-whether they are reaching out for help or wanting to be heard-you may be able to diffuse the attack by getting them to talk about what is really bothering them. You cannot control other people's emotions, but you can control your own. If you sense yourself responding to their negativity, try not to let yourself. Keep your heart open to them, and they may let go of their defensiveness and yield to your compassion and openness.

Coach Pickett
www.coachpickett.com

Confidence in a real estate market !

2007-03-20T17:25:00.000-04:00

Today, the Commerce Department reported that construction of new homes and apartments rose 9 percent in February.

With this kind of news we can be confident about the Spring Market.

The Magical Pied Piper

2007-03-20T09:43:00.000-04:00

The Mclean Community Center announces: The Magical Pied Piper

Friday-Sunday, March 16-25
Fri, 7:30 p.m.
Sat/Sun, 3 p.m.
$8/$6 district residents
For ages 6+

There is trouble in Hamelin Town! The village is overrun with rats! With the help of Peter and his magical pipe the town will be saved. This musical version of the classic tale features young actors from McLean.

Another listing SOLD by Leslie

2007-03-20T08:07:00.000-04:00

This townhouse on Big Yankee Lane in Centreville was sold for $314,000 using Leslie's Creative Marketing Plan. If you want more information on how Leslie markets and prices home to sell call 571-238-4714 for a no obligation consultation.

Rottweiler Puppies

2007-03-20T07:32:00.000-04:00

Rivendell Rottweilers has a new litter of Rottweiler puppies. They are 3 weeks old and sooo cute. If you are interested in purchasing a puppy contact Randy at 703-830-7892. You can view all of their Champion German line Rottweilers at www.rivendellrotts.com.

CREDIT INFORMATION EXTREMELY IMPORTANT!

2006-10-12T12:22:00.000-04:00

TOO HIGH

We have all seen this message countless times on credit reports…PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON REVOLVING ACCOUNTS.

But what does “too high” mean?

“Too high” means a lot of different things to people but here’s the scoop as it relates to credit scoring…

For an optimal credit score, revolving balances should be below 30% of the credit limit for each account. As soon as even one account has a balance of over 30% of the limit, then the damage to the score begins.

Once the balance reaches 50% the score is yet again wounded. Then again at 70% and the real carnage to the score occurs whenever the balance is at 90% or more.

Revolving accounts with “proportions too high” can and will hurt any person’s credit score significantly since account balances account for 30% of a credit score and mix of credit is another 10%.

This is the number one reason people with perfect credit can score in the low 600’s. But armed with this knowledge and tomorrows Insights factoids you can help yourself and many others avoid the pitfall of being “too high.”

To be continued…

Sent to me by:
Gabriele Huntsinger
Senior Mortgage Consultant
CTX Mortgage Company LLC

Pending Home Sales Index Shows Market Stabilizing

2006-10-09T20:34:00.000-04:00

Pending home sales are up, indicating a stabilization is taking place in the housing market, according to the National Association of Realtors® (NAR).

The index is a leading indicator for the housing sector. Based on pending sales of existing homes, it predicts the level of closed home sales in the following two months. This month’s numbers, based on contracts signed in August, rose 4.3 percent to a level of 110.1 from a reading of 105.6 last month.

David Lareah, NAR’s chief economist, said the rise in the index is a hopeful sign. “The Pending Home Sales Index shows home sales should be fairly stable over the next two months”.

Top 10 Tax Breaks for Homeowners

2006-10-08T14:38:00.000-04:00

Top 10 Tax Breaks for HomeownersHere are the top 10 Tax Breaks for homeowners. Read more about each one at the IRS’s website.
1. Mortgage Loan Interest
2. Home Improvement Loan Interest
3. Points
4. Property Taxes
5. Capital Gains Exclusions
6. Home-Based Business Deductions
7. Selling Costs and Capital Improvements
8. Moving Costs
9. Mortgage Tax Credit
10. Energy Tax Credits

Written by Catherine Wilborne on July 20th, 2006 with no comments.Read more articles on New News.

Welcome to Leslie Reisinger's Northern VA Real Estate Blog

2006-07-17T17:23:00.000-04:00

Watch this space for the new real estate information blog for Northern Virginia, Fairfax County, Springfield, Burke, Clifton, Fairfax, Fairfax Station, Lorton, Centreville, Alexandria, Annandale, Orange Hunt, Leewood, Manchester Lakes, Kingstowne, South Run and South Run Oaks from Leslie Reisinger. Look to us for timely news, market updates, hot new listings and more!