Las Vegas Real Estate

 American Realty & Property Management, LLC 
  Marilyn A. Lukas, ABR, GRI, RRG
 REALTOR® 
 

Need a Loan Officer in Las Vegas, Nevada?

Are you thinking about buying a home or refinancing your current home?  Are you confused and have questions? 

Ask Becky!

Becky Liston -  Sr. Loan Officer ▪ Five Star Mortgage ▪ Cell 702-303-0253 ▪ Fax 702-947-7843

"I Can Make your Dream To Become a Homeowner Come True!"

January 7, 2008
FHA 30 year fixed loan 5.75%. 

Types of Loans that are offered at Five Star Mortgage:
Full Documentation
Stated/Verified Assets
FHA
VA
Conventional
Interest Only

Step 1:  Know What You Can Afford

Get pre-approved for a mortgage so you know in advance exactly how much you can afford.  Also, it gives you negotiating power as a buyer.  Many buyers make the mistake of trying to find the home that they want first.  This can only lead to disappointment if you find that you cannot afford the house that you would like to buy.

Loan application - Supply your loan officer with as much information as possible to insure the process goes as smoothly as possible.

Documentation - Paperwork supporting the application must also be submitted.  Information most frequently sought includes: pay stubs, two years tax returns, and account statements verifying the source of the down payment, funds to close and reserves.  This loan  is called FULL DOCUMENTATION.

Shop for a house - Choose a REALTOR®  to find your home - Just as it is important to know what you can afford, you should find an agent that you would like to work with, and stay with that person.  Many buyers make the mistake of working with many agents at the same time.  Real estate agents are more likely to work harder to find you a home, if they know that you are committed to working with them alone. 

After you find your home, there are various steps required to complete the loan process. Your Loan Officer and REALTOR® will make sure that all this is handled in a timely manner.

Appraisal - This is required by all lenders to determine the true value of the home.

Title Search - This is required to find out if any liens are on the property you are purchasing which must be cleared prior to the close of escrow.  These liens are paid by the seller.

Termite Inspection - Most conventional purchase loans do not require this, but if you are acquiring an FHA Loan (Federal Housing Authority) government is required.

Processors Review - All pertinent information will be packaged by your mortgage professional and sent to the lending underwriter: including any explanations that may be needed.

Mortgage Insurance & Home Owner Insurance - If a borrower puts down less than 20%,  mortgage insurance is required by the lender.  Home owner insurance is required on all loans, i.e. fire and hazard insurance.  If you are in a flood zone you must get flood insurance.

Signing - At this step, final loan and escrow documents are signed.

Funding - The lender will send a wire or check for the amount of the loan to the title company.

Closing - Documents transferring title will now be officially be recorded by the County Recorder.

CONGRATULATIONS YOU ARE NOW A HOMEOWNER!!!!

Contact me today!  Becky Liston  Sr. Loan Officer ▪ Five Star Mortgage ▪ Cell 702-303-0253 ▪ Fax 702-947-7843

Top 10 ways to repair credit, boost score

Why pay for help when you can do it for free?

Wednesday, January 23, 2008

By Ilyce R. Glink
Inman News

When it comes to repairing your credit, you're the best person for the job.

Credit repair scam artists will charge you anywhere from $500 to $1,500 or more upfront, and promise you everything from a new Social Security card to perfect credit.

But these companies can't do anything for you that you can't do for yourself -- for free -- and they might ultimately do more harm than good.

What should you do if you have bad credit? Here are 10 tips that are designed to improve your credit history and raise your credit score:

1. Pull a copy of your credit history from AnnualCreditReport.com. Sponsored by the three credit-reporting bureaus, Equifax, Experian and TransUnion, AnnualCreditReport.com is the only place you can go to get a truly free copy of your credit history. Each credit-reporting bureau is required to give you one copy once a year. You should pull copies from each of the bureaus, since they sometimes collect different data.

2. While you're there, buy a copy of your credit score from Equifax.com. Equifax offers a FICO score, also known as a Beacon score, which is from Fair Isaac, the company that created the concept of credit scoring. Most creditors will pull a FICO score, so you should see what they're seeing. Your credit score will give you a snapshot of what your credit information means to your creditors. The FICO score runs from 350 to 850. The higher the number, the better. Your target should be to have a credit score of at least 720.

3. Check your credit history thoroughly. You're looking for errors, misinformation and negative information that might count against you. File a dispute with the three credit-reporting bureaus if you spot any errors. Some credit reports have serious errors in them, so fixing these will boost your score.

4. Understand what kind of debt you're facing. Make a list of everything you owe, the interest rate each debt carries, and the minimum payment due each month. Then, prioritize your debt: mortgage, real estate taxes, credit cards and medical bills should be paid in that order.

5. Negotiate with your creditors for a lower interest rate. Paying less in interest means more of your payment each month goes toward paying down your balance. If you have a good credit score (over 720 is a starting point), you should be able to find other credit cards featuring zero percent to 5 percent in interest for the first year, or for the life of a balance transfer (check out sites like CardRatings.com and CardTrak.com to compare credit-card offers.) Just be sure you read the fine print: Some credit cards require you to charge on the new account each month or face a stiff fee.

6. Pay down the debt with the highest interest rate first. Pay your mortgage and home equity loan and lines of credit in full each month. Then, make sure you have enough cash to make all of the minimum payments due on your debt each month. Then, throw any spare cash at the debt that carries the highest interest rate first. Once you've paid down that debt, transfer all of the extra cash you're paying each month to the debt with the next-highest interest rate, and so on.

7. Pay everything on time, even if you can make only the minimum payment. The most crucial component of your credit history and credit score is your ability to pay your bills on time each month. Paying on time shows your creditors that you take your debts and obligations seriously. Even one late payment can seriously damage your credit history and credit score, even though it can take a year's worth of on-time payments to start to heal your credit history and raise your credit score. It doesn't seem fair, but that's how the credit industry works.

8. Don't charge more than 25 percent of your maximum available credit limit. If you carry a credit-card balance that is a higher percentage of your available credit limit, your credit score will go down. Why? Because creditors believe if you charge the maximum on your credit cards, it means you can't properly manage your credit. You're better off spreading out your debt between three or four different cards than having it all piled on one card.

9. Don't open and close a lot of accounts. Again, a credit score tells current and future creditors how likely it is that you won't pay back your debts. It assesses how risky a borrower you are today. Every time you apply for a new credit card, that creditor pulls a copy of your credit history from the credit-reporting bureaus. That "inquiry" gets reported on your credit history. Too many inquiries in a short period of time signals that you may be getting low on your available credit and need more cash. Even though you might be interested in getting 10 percent off your first purchase for opening a new account, it looks different to a prospective creditor.

10. Don't share credit (except with a spouse). It's easy to tell someone that you'll "co-sign" a credit card, student loan or a mortgage loan application, especially if it's someone you've known for a long time. But it's also easy to wind up in a situation where that friend or relative stops paying his or her bills (for whatever reason) and your credit will take a big hit. Once you're a co-signer for a loan, you're legally obligated to make those payments -- whether or not you can afford them. So think carefully before you agree to co-sign a loan, and nip the problem of bad credit before it begins.

Stop Home Foreclosure - The home is a family's most valuable possession. A bank wants to see you keep it, as they are not in the business of selling homes. We will help you deal with the bank, the lender and others.

Mortgage Resource Guide
........for all types of Mortgage Resources on the net

Adverse and Bad Credit Mortgage
If you have adverse or bad credit we can help, specialist bad credit mortgage brokers.

Bring your payments current and keep your home and stop foreclosure.
Also offer rent to own, for sale by owner, FSBO, debt, loan, lender, payments, mortgage, Equifree.com

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