About Bossier Parish, LA

BOO! Honestly, it is not that scary! It could not be a better time to purchase a home. With all the media about foreclosures, short sales, etc...a first time home buyer could get spooked! But don't let it. There are plenty of opportunities out there to purchase and the interest rates are averaging about 6.4% currently.

Between Barksdale AFB, casinos and various companies in our area, the real estate market is still thriving. There are many homes being LISTED and SOLD.

If you are looking in buying or selling a home in the Bossier City/Shreveport area. Please feel free to contact me to discuss futher!

To get to know me a little better - visit my web site: www.bossierandshreveporthomes.com.

I look forward to hearing from you!

Mortgage Rates are dropping fast...who knows how long this will last. Although you see some crazy stuff going on in the stock market and financial sector, it is still a great time to purchase a home or refinance your existing mortgage to get a lower payment or even leverage your equity to pay off debt that has a higher interest rate or to do necessary upgrades on your home.

OK, so maybe you already own a home and have an interest rate of 6.25% or better (by the way, you can get a better rate right now). What about the rate on your auto, or your department store credit cards, or your VISA/MasterCard? You can leverage the equity in your house to pay those things off, receive some tax breaks that you weren't receiving before, and pay your mortgage down quicker...or invest the difference (ok, the jury is still out on that one).

You don't own a home or you know someone who is looking to buy? Ok, now is a great time to buy. There are still 100% financing options out there and at the same time, due to some negative economic reports, our mortgage rates are dropping drastically. Ask to see my Cost of Waiting analysis.

Bottom Line: Call me today to set up a mortgage planning session (FREE) and receive an Equity Management Review as well as a Total Cost Analysis, focused on your values, crystallizing your goals, discovering dangers, opportunities, and strengths, planning and acting decisively.

I look forward to hearing from you and will anxiously await your call or email. Go to my website - www.bossier-mortgage.com

Whether you are in the process of purchasing a new home or thinking about it, think twice about going on a shopping spree using credit. Your mortgage pre-approval is subject to a final evaluation of your financial situation.

For example, every $100 you pay per month on a credit payment, could cost you about $10,000 in home equity.

Consider making any large purchases after you have left the closing table, even if you have a substantial amount of savings.

Seek a Qualified Mortgage Consultant to Ensure the Best Results

By Matt Rimmer, Mortgage Planner
CastleRock Mortgage Group

Bossier City, LA - Credit remediation is a subject consumers often face with fear and trepidation, and for good reason. With the exception of recognizing that the best score wins, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who are eager to move into A-Paper territory often find themselves at a loss when trying to find ways to upgrade their credit history. The good news is there are ways to improve less-than-perfect credit scores and obtain a loan for the home you really want.

The first step in the process is making sure that you have a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report annually. There are three major credit bureaus: Equifax, Experian, and Transunion. Since entries can vary across bureaus, you'll want to request a free report from each of the three companies. (Go to www.annualcreditreport.com)

It's also important to know just what a good credit score is. Most A-Paper scores generally begin around 680, although this number may differ slightly among lenders. Don't despair if you come up shy, there is always room for improvement. Increasing your score just 5 points can save a significant amount of money. For example, if your score is 698 and you increase it to 703, then you could save yourself thousands of dollars over time as a result of a slight improvement to your loan's interest rate.

While credit repair is necessary for some, it's not the only way to increase your credit score. Even if you have stellar credit, you can enhance your score through these steps:

•· Evenly distribute your credit card debt to change the ratio of debt to available credit. Let's say you have a credit score of 665. If you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move you closer, and possibly into, that ideal bracket.

•· Keep your existing accounts open and active. The average consumer is usually anxious to close credit card accounts that have zero balances, but doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!

•· Keep credit inquiries to a minimum. Each inquiry into your credit history can impact your score anywhere from 2-50 points. When it comes to mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry, so try and stay within that time frame.

Remember, credit scores don't change overnight. Improving them requires time and diligent effort on your part, so it's a good idea to get the ball rolling at least three to six months prior to submitting your application for home financing.

If credit repair is what you need, you can either begin the process yourself or seek out a repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don't sustain any self-inflicted wounds. A good place to start would be the Federal Trade Commission's website, which contains a wealth of helpful literature.

If you're facing severe or complicated credit issues, then you'll probably want to enlist the assistance of a professional credit repair company. Before you do, be sure to familiarize yourself with the FTC's regulations on credit repair. With over 1100 credit repair companies to choose from, it's important to be certain you are dealing with a reputable firm. Examine the FTC's information on fraudulent practices to avoid falling prey to credit repair scams.

Addressing credit issues can be uncomfortable to say the least. But by taking these steps now, you'll be that much closer to obtaining the home of your dreams.

Additional Resources:

To order your free credit report, go to:

www.annualcreditreport.com

To read the Fair Credit Reporting Act, go to:

www.ftc.gov/os/statutes/frca.htm

For the Federal Trade Commission's information on consumer credit, go to:

www.ftc.gov/bcp/conline/edcams/credit/index.html

Call today for more information on credit scoring, improvement, and repair.
Matt Rimmer - 318-549-0200 - www.bossier-mortgage.com

A Qualified Mortgage Consultant Can Outline Your Options

Renters Have Much to Gain by Pursuing Home Ownership

By Matt Rimmer, Mortgage Planner
CastleRock Mortgage Group

Bossier City, LA - Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won't benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

There are many different types of loan programs available, including "low" and "no" down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that "home" is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

To obtain a free copy of Matt Rimmer's Home Buyer Handbook, call 318-549-0200 or email him at matt@bossier-mortgage.com. Visit his website at www.bossier-mortgage.com