We have all heard ad's for "Free" credit reports only to visit a website to find out that the "Free" credit report is not so free.
With changes to Federal Law, all of the three major credit reporting agencies are required to provide a free annual copy of your credit report. You can get a free copy of your credit report by visiting www.annualcreditreport.com.
At www.annualcreditreport.com you can request a copy from each of the three main credit bureau's once a year. Because you can only get one report a year, I suggest you rotate credit bureaus and request one from each of the credit bureau's every 4 months. This allows you to monitor your credit report every 120 days at no cost. By the time you have hit all 3 credit bureau's, a year would have elapsed and you can start the process all over again. This allows you to monitor your credit without the cost of a credit monitoring service.
Credit monitoring is a growing business as identity theft continues to be one of the fastest growing white collar crimes in the US. For help on protecting yourself from Identity Theft visit this link provided by the FDIC.
Look for additional post on Identity theft and credit monitoring.
If you have a question about credit, credit scores and/or identity theft, send me an e-mail at dan@danmoralez.com. I will do my best to answer your question in future post.
What Is My House Worth?
Lately this is a question I have been getting a lot of. The truth is your home is worth what somebody is willing to pay for it. For some Homeowners, that is less than what they paid to purchase the property a couple of years ago.
The truth is the value of a property is dictated by what the market is willing to pay. The market price of a property can be greatly influenced by inventory. Economics 101 tells us supply and demand have a great impact on price.
In today's market, there is no shortage of inventory or options for home purchasers. What that means for home sellers is you have more competition for those potential buyers. If your home hits the market and is not priced accurately, you will sit and sit in hopes of selling your home. Homeowners who are quick to recognize the dynamics of the market and price appropriately are able to sell their home and move on to the next.
Nobody is excited to sell for less than what they paid for the property. However, the bright side is the new home you will purchase will cost you less. This means a smaller mortgage and a smaller mortgage payment.
If we were in a sellers market, you would be able to sell your home for more, faster. However, the flip side is true, you would pay more for your new home which would result in a larger mortgage and mortgage payment.
At the end of the day, even in today's market, it is still a great time to buy.
The truth is the value of a property is dictated by what the market is willing to pay. The market price of a property can be greatly influenced by inventory. Economics 101 tells us supply and demand have a great impact on price.
In today's market, there is no shortage of inventory or options for home purchasers. What that means for home sellers is you have more competition for those potential buyers. If your home hits the market and is not priced accurately, you will sit and sit in hopes of selling your home. Homeowners who are quick to recognize the dynamics of the market and price appropriately are able to sell their home and move on to the next.
Nobody is excited to sell for less than what they paid for the property. However, the bright side is the new home you will purchase will cost you less. This means a smaller mortgage and a smaller mortgage payment.
If we were in a sellers market, you would be able to sell your home for more, faster. However, the flip side is true, you would pay more for your new home which would result in a larger mortgage and mortgage payment.
At the end of the day, even in today's market, it is still a great time to buy.
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