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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

New Blog Article on myFICO!

http://blog.myfico.com/2013/01/homebuyer-2-0-new-market-new-rules/

 

This is a great new article that talks about the market homebuyers are dealing with now and how it is different from how it was a few years ago.  We are doing exactly what the article suggest by stretching our budget slightly to afford our dream home now rather than later as when interest rise again, later may never come.

 

Curious what your thoughts are?

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
NewbieReed
Posts: 443
Registered: ‎12-05-2012
0

Re: New Blog Article on myFICO!

[ Edited ]

IDK  about others but the last sentence is quite a stretch to me.... I mean granted, I am not a homeowner, but still... I would think that the better recommendation would be to look at comps in the area to price ur offer, not "always pay the asking price".  

 

"She recommends moving fast with a full-price offer if you are purchasing in a market with low inventory."

 

Otherwise, it was pretty informative to me.

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: New Blog Article on myFICO!

I guess there whole point with that last sentence was that if you plan to buy a bigger home in the future, it may not be possible after interest rates rise. So if you can stretch your budget based on your plans in 5 years, it could get you locked in the home you want as your long term destination now as it may be unaffordable later.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: New Blog Article on myFICO!

We all need to hope the economy gets better for the many who are struggling now. We all may not be around in 5 years.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: New Blog Article on myFICO!

Yes. We are truly all very blessed to be able to get a home at this time.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: New Blog Article on myFICO!

I still hope you will get some good news MovingFoward in the next few days.

 

Everytime you start a new post I am looking for that POSITIVE we have the CLEAR TO CLOSE!

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: New Blog Article on myFICO!


JM-AM wrote:

I still hope you will get some good news MovingFoward in the next few days.

 

Everytime you start a new post I am looking for that POSITIVE we have the CLEAR TO CLOSE!


Me too!  No news today but hopefully tomorrow or Thursday.  You know it will be a big announcement when it happens LOL!  :smileyhappy:

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: New Blog Article on myFICO!

I am sure Im not the only one waiting! :smileyhappy:
Good Luck
May all your dreams and wishes become a reality!
Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

Re: New Blog Article on myFICO!

Yeah, we are stretching our budget just a little.  We qualified for a much more expensive home, but are only looking to buy for the size we need.  We can finish the basement later if we want extra living space, but the base price of the home we are looking to build has already gone up $5,000 in our area. I guess we got in at the right time.  We were actually going to wait another year, but the rates being where they are, and the deal we were able to make...it seemed like a good idea to give it a shot.  And if we're approved, we'll be there for a very long time as I'm not interested in going through all this again. lol

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: New Blog Article on myFICO!

+1, I am just like you! :-) We plan to be at this home long term too as we also don't want to go through this again LOL. We are stretching our budget to get the home we wanted in 5-10 years now. I actually truly hope to retire there but we will see. The homes are going up in our area very quickly as well and we were lucky to lock in the price that we did. Our home has a unfinished walkout basement too and we can't wait to finish it but it will be awhile.

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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