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Can You Afford A House?
The time has come to buy a house. Questions buzz around in your head like a swarm of angry bees: “How much can I borrow? How much do I have to put down? How much will my payments be?” Well, let me suggest starting with the “How much can I borrow?”...
Freedom
In the land where "the sun always shines," the heavenly globe had not shone its bright face for many days. I drove into town during a torrential downpour. I had yet to see any golden, warming rays. In fact, three weeks had passed since I drove to...
Mortgage Tips From Me To You
At some point in your adult life, you are likely to purchase a house of your own. Whether you are sick of renting, or you have decided to settle down and start a family, purchasing your first home can be an exhilarating and nerve-wracking adventure....
Real Estate Investing Mogul Shares Insider Knowledge
There’s no doubt about it—the Orange County housing market today is a tough place to live. In fact, everyday we read headlines about people either a) seeking creative financing to purchase their Orange County dream home, or b) figuring out where to...
The Wireless Home
It was only a few years ago that Real Estate agents and Builders were promoting the “Wired” feature as a must have when buying a new home. Wired meant that the home not only had cable running throughout it, but also Cat-5 wire. Cat-5 wire consists...
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Good Credit Scores = ROI Profits For Real Estate Investors
Strong credit saves real estate investors money on mortgage finance costs. A good credit score, along with other credit and mortgage qualifications, means that investors can pay lower fees for financing, such as points and interest charges. Also, good credit scores help you avoid garbage fees associated with non-prime loans.
However, the real money making difference for real estate investors comes into play in the return on investment (ROI). When you build up your credit score over 720, you open the way to finance multiple investment properties using other people's money. Today, you can get investment property financing for as little as 5% down when you meet the qualifying credit requirements. This means that your ROI on your cash investment for the down payment can be significant.
For example, let's take a home I found in Bradenton, Florida. Built in 1999, this 3 bedroom, 2 bathroom, 1600 square foot home looks like a great buy for only $219,000. Assume that the property could be purchased for $215,000. With strong credit, the 5% down cash investment of $10,750 buys into the appreciation value
of $215,000. A lower credit score would mean that you'd have to put 10%-25% down or more, which lowers your return on investment. You would need $21,500-$53,750 down to buy into the same $215,000 appreciation investment. In this case, your ROI for your cash outlay would decrease significantly.
Of course, other factors like carrying costs affect your investment capabilities. The point, get your credit score over 720 so that when you're ready to buy investment property, you get the best return on your money.
Copyright © 2005 Jeanette J. Fisher. All rights reserved
About the Author: Jeanette Fisher, author of Credit Help! Get the Credit You Need to Buy Real Estate, and other books, has researched mortgage credit qualifications and credit scores to finance multiple investment properties. For free "Credit Tips for Mortgage Financing" report, see http://recredithelp.com/
Source: www.isnare.com
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