August 2, 2006

There are many factors that determine your credit score. And all three major credit bureaus do not publish their criteria in how they calculate your credit score. However, here are some steps you can take to improve your score:

Pay your bills on time

Keep your credit card balance below 30% of the available credit limit

Keep your credit card accounts open and active even if it is just to buy food or gas, and then pay the balance in full

Review your credit report for errors at least once a year

You can get a free credit report at the following web site:

http://www.annualcreditreport.com

July 23, 2006

There was an interesting table in the Tampa Tribune yesterday showing some of the average prices for South Tampa housing. They broke it out according to whether the home is located north of Gandy, or south of Gandy. Here are the results:

South of Gandy

2000 - $110,156
2005 - $231,424
2006 - $237,504


North of Gandy


2000 - $271,330
2005 - $497,880
2006 - $530,468

The data for 2006 is through the first six months of the year. What the data shows is that prices are still rising. So much for the so-called "Real Estate Bubble".

July 21, 2006

Freddie Mac, chartered by Congress in 1970 to help the flow of money in the secondary mortgage market, recently reported that mortgage rates are at their highest level since May 2002.

Here are how some of the averages compare today versus 1 year ago:

30 year fixed
6.80 vs. 5.73

15 year fixed
6.41 vs. 5.32

5 year ARM
6.36 vs. 5.26

As you can see, mortgage rates have risen considerably.

The release of the June core Consumer Price Index (CPI), created some concern in the financial markets that the Fed would be more inclined to raise rates later this year. And the tension and uncertainty in the Middle East is not helping the situation.

If you have a mortgage that you are thinking of refinancing, don’t procrastinate. As the old saying goes, "if you snooze you lose". You could be losing significant money over the long-run by even just a quarter point increase in rates. Call me for a free consultation to discuss your current situation.