In this weeks mortgage update see how the foreign markets are affecting home loan rates, also you will learn how to appeal your assessed value to help lower your property taxes.

Weekly mortgage update.

Credit scores are a very important factor when purchasing a home but many consumers are usure about what causes their score to up or down.

How is your Credit Score Determined? The typical score model for mortgages are FICO scores. They are determined by four main catagories:

1. 35% is based on your payment history, this includes all accounts
2. 30% is based on the amount owed to creditors, especially revolving accounts with high balances.
3. 10% is based on your application for new credit, if you are loading up on credit it may damage your score.
4. 10% is based on your mix of credit, numerous finance company accounts may lower your score.

How do you maintain a good credit score? There are key factors to maintaining a good FICO score:

1. Pay your bills on time, even on late payment in the past 12 months can do significant damage.
2. Keep balances low on revolving accounts, accounts with balances over 30% of the credit limit may lower your score.
3. Don't credit surf, frequent credit applications or balance transfers may lower your score.
4. Review your credit file at least once per year, this enables you to determine any errors.

In a summary- Credit scores are important to you, so be a good "Steward" of your finances!!!

In this weeks update we see once again how bond activity affects home loan rates, we also discover that collage graduates earn 75% more then those only with high school diplomas.

Weekly mortgage update for February 12, 2007. 

Mold seems to be the new alarm in Real Estate today. Recently I experienced this alarm hands on. We went from the discovery of the mold, to the myths, and finally to the actual affective removal. During the inspection of this property mold was discovered in the attic. We later found out that the mold was caused by blown insulation covering the baffles and eliminating ventilation. After the inspection report was given to the seller, the seller did what the majority of the public would do to solve this problem, use bleach or some type of bleach cleaner. Here is where the real education started. Using bleach or a type of bleach cleaner will actually make the situation worse. Here is why, Water is one of the main contributors to the growth of harmful bacteria and mold, bleach is 99% water. Bleach will evaporate faster than its base leaving moisture in the contaminated area, which could restart the contamination process immediately and to a greater degree. Also, bleach does not penetrate porous surfaces such as brick, block, carpet, WOOD, fiberglass insulation, and ceiling tile. In this case the OSB sheathing was covered with a black/white mold and the seller had a contractor come in to bleach the attic. Unfortunately what happened multiplied the problem. The attic turned into a “greenhouse”. The insulation and sheathing were wet to the touch for a week, if this would have happened in the summer months the mold would have thrived in this environment. After calling a mold removal professional the problem was finally fixed. EnirosShield then came in and did the mold removal and preventative treatment that comes with a 10 year warranty. When mold is encountered in the attic, crawl space, bathrooms, or other damp areas don’t take it lightly or rely on “myths”, get professional advice!

Here is this weeks post Super Bowl weekend mortgage update.

Mortgage update for the week of February 5, 2007.