Everyone wants the best deal they can - on a home, on a car, even on a gallon of milk. But, did you know that by waiting for the 'bottom to drop out' of the market you can actually be doing more damage to your financial life then you think you're bettering it? Here's why:

• Interest rates are on their way back up. If you wait for home prices to decline another 10% but interest rates go up 1% in that timeframe the payment would be the same as if you had purchased today. 
• Waiting for the right time to buy can be expensive. Some buyers would still have more equity in their home today (even with the falling prices) if they have purchased when they were first considering it - instead of continuing to pay rent.
• Financing criteria is a fickle world. Even if you were a prime candidate for a mortgage a year ago you may not be today (and if you are today who knows about tomorrow). The slightest change in lending laws or your personal financial situation can greatly affect your ability to qualify for the loan.  

If you're looking to get a mortgage be ready to spend some time (and maybe headache) in the process. There are lots of options but really three main catagories of lenders: local banks, direct banks, and broker. 

• Local Banks: Think credit union or KC's Cap Fed,  they lend their own money (using their own rates and terms) so there is no 'middleman'. These loans are normally a little more conservative then the 'average' loan but there is the opportunity to receive preferential rates ro discount if you are already a customer of the bank. 
• Direct Banks: Think national bank, these banks often lend in such high quantities that they have low overhead and may be able to offer lower rates. The normally offer a little better information online and you can make payments there. More often then not, they sell your loan to another bank (or Fannie Mae or Freddie Mac).
• Brokers: Work with several different banks to find you the best deal. They don't lend their own money (like the banks do) but find you a bank that will. Brokers work best when you have complicated mortgage financing needs. Since the broker isn't lending their own money they are not making money through the interest you pay, they make their money in the form of a commission - make sure you know how they are getting paid.

With more and more people looking to buy a new home the topic of a down payment comes up pretty frequently - especially with first time home buyers.

Even with the programs out there that offer low down payments and even down payment assistance doesn't mean you can come to the closing table empty handed.

Bankrate.com has provide a nice article (even though it was written a year ago) showing ways to save money; and you might not even feel it! Click here to view the full article.

The last tip is my favorite and probably the most important one. Move your low earning savings account to a high yeild online savings account. You could be earning 2-3 times (or more) the interest that you are now by moving. Moving your savings does 2 things:

1. You are making more money-and really not doing anything for it or even realizing it!
2. By moving your savings online it takes a couple of days to get the money from one account to the other meaning you are making it just that much more difficult for you to dip into your savings without thinking - causing you to keep more in your savings account. I've been doing it for years and on more then one occation it has stopped me from buying those 'must have' shoes...

 Make your money work as hard for you as you do for it! 

Ok, maybe that’s a fib. There is no real ‘quick fix’ for a poor credit score but this little trick might help you to boost your credit score; especially if your score is right on the cusp of average and excellent (or poor and average).

Every time you receive a pre-approved credit card application in the mail your credit score is pulled to verify that you should receive the ‘great offer’. Although these small hits to your report are not detrimental, if you receive many of these types of applications in a short period of time they can add up – and even reduce your credit score by several points.

There’s a quick and easy way to remove yourself from these pre-approved application lists.

Step 1:

Go to www.optoutprescreen.com and scroll to the bottom to click on the ‘Click Here to Opt-In or Opt-Out’ Button.

Step 2:

Chose between the following options:

• Opting-In will put you back on the list if you have previously removed yourself.
• Opting-Out for 5 years is a quick (about 15 minutes) online form. Personal information such as social security number and date of birth is needed for both Opting-Out forms.
• Opting-Out forever requires you to print out the form, fill it out, and mail it in.

Step 3:

Complete the form.

See - super easy!

It will take a little bit of time for this to show any improvement to your credit history and score, the current offers need to have time to cycle of your credit history – and like I said before, it won’t move your credit from poor to excellent – but it may be just that extra little push you need to get a better interest rate on your next home.

Another upside to opting out: Less junk mail!

Congress has approved a new first time home buyers tax credit. All it needs now is a signature from the President.

The credit has been increased to a maximum of $8,000 and is now a true credit with no repayment plan.

This website will continue to be updated once the President has signed the bill into law.

With interest rates the lowest they've been in quite some time people everywhere are looking to refinance their homes to get better rates, extend their repayment period, and reduce their monthly payment.

Lenders have tightened up their lending requirements. Even if you were able to qualify for the loan a year ago you may not be able to qualify for the same type of loan today. Bankrate has given us a very nice article providing some solutions to common refinancing dilemmas.

Click here to view the article.

Did you get an economic stimulus payment from the Internal Revenue Service in 2008?

If you didn't receive a payment from the IRS or you didn't receive the full $600 per person ($1,200 per married filing jointly, $300 for each qualifying child) there is still the chance to do so.

Click here for a link to the IRS website.

For more information on how to receive this credit check the instuctions of the 1040 form you file.

If you're still doing some last minute holiday shopping or looking for a place to meet with friends and family while in town don't forget about Legends at Village West.

Once again, they have posted a great coupon listing. Just click here, print out the sheet, and take it with you next time you head out that way.

If you're still doing some last minute holiday shopping or looking for a place to meet with friends and family while in town don't forget about Legends at Village West.

Once again, they have posted a great coupon listing. Just click here, print out the sheet, and take it with you next time you head out that way.

How about super low interest rates? 

The Washington Post is reporting that the Treasury Department is  strongly considering getting involved with the mortgage industry to drastically push down interest rates to stimulate the market.

Click here to view the full article.

These lower interest rates would only be for a short period of time so be ready to act.  Call The Heritage Home Team to set up an appointment and have us start looking for your perfect home!