Brian O'Neil - RE/MAX Advantage I



Posted by Brian O’Neil on 9/29/2019

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers aren’t aren’t sure about the exact relationship between credit scores and mortgages.

This doesn’t come as much of a surprise considering the many factors that go into your credit score and into your lender’s decision to approve you for a mortgage. So, in this article, we’re going to cover three commonly asked questions that homebuyers have about credit scores and how they’re used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If you’re thinking of buying a home in the near future, one of the first things you’ll want to do is check your credit. However, if you’ve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom you’ve applied for credit.

In short, checking your credit score online won’t affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if you’re young and don’t have a diverse history of credit payments, you’ll be starting from scratch to build your score.

If you’re hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesn’t mean you should always take a loan with a low credit score. When you don’t have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which you’ll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and won’t leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a home   homebuyers   FAQ  
Categories: Uncategorized  


Posted by Brian O’Neil on 7/7/2019

Trendy lofts evoke visions of converted warehouses filled with artists and musicians living and working in shared space, forgoing modern conveniences for Bohemian communal living. Modern lofts, however, have more to offer than exposed brick, industrial elevators, and visible pipes. In fact, the term “loft” might appear in marketing for anything from remodeled warehouses to revitalized historic apartment buildings and newly constructed high-rises in urban areas

The appeal of loft living

No one demographic has the corner on loft living. Young professionals look for proximity to work, nightlife, and recreation while empty-nesters want to reduce the requirements for upkeep, yard work, and maintenance. In both urban and smaller community downtown/uptown settings, loft-style housing offers easy access to shopping, medical care, theatres, and public transportation. When the distance from work to home to recreation and nightlife decreases, the opportunity to experience events and socialize with workmates and friends increases.

An advantage of live-work loft-style housing is the sense of camaraderie and shared interests with the other residents.

Choosing a loft style

With the growth in popularity of loft living, actual warehouse and commercial loft conversions cannot meet the demand. Industrial lofts no longer make up the bulk of loft offerings on the market. So-called “soft lofts”—new construction in the style of a converted loft—has all the modern amenities, energy-savings, and conveniences of other newly-built housing that replicates some features and atmosphere of traditional lofts. These newer buildings take advantage of lower cost utilities with energy-efficient windows, insulation, and heating and cooling systems. Many soft-lofts install surfaces made from recycled glass, wood, and plastic or use renewable resources.

Different from the completely open-concept industrial loft space, modern loft models have built-in closets and walled bedrooms but typically offer completely open living spaces, high windows, and even exposed ductwork to give the loft aesthetic.

Another type of “loft” is the revitalized historic building. Sometimes it’s a hotel past its glory days. It could be a former library or office building. Perhaps an aging residential building needed a new life. If living in a bit of history appeals to you, this type of loft should be on your list. Typically, much of the original architectural detail remains including marble columns with decorative capitals, soaring ceilings, marble or hardwood flooring, vintage elevators, leaded glass windows, and sweeping staircases. New to these buildings you’ll find upscale appliances set in gourmet kitchens, upgraded bathrooms, and secure entries. 

To learn about loft conversions or soft-loft buildings available in your area, contact a local real estate expert.




Tags: homebuyers   home trends  
Categories: Uncategorized