Virginia Mortgage Blog

 

There are 3 reasons to check your credit report at least once a year:

  1. Look for mistakes and fix the ones that could hurt your credit score
  2.  Ensure that your credit information is up to date
  3.  Guard against identity theft

Here are some of the most common errors you may find:

  •  Loans or credit card accounts that you never opened
  • Misspelled names, social security numbers, wrong addresses or phone numbers
  • Accounts with late payments that are in error
  • Incorrect loan balances
  • Incorrect credit limits
  •  Incorrect open or closed accounts
  •  Incorrect delinquency dates
  • Duplicate accounts listed

What to do about the mistakes you find:

  • Send a letter to both the credit bureau and the creditor explaining why you think the information is in error.
  • Explain what you think is wrong and why. Provide backup documents if you have them.
  • If you have a copy of your credit report, include a copy of just the relevant account that you are disputing.
  • Ask that the information be corrected.
  • Never send your original documents.
  • Keep a copy of your dispute letter.
  • Mail with “delivery confirmation” receipt.

Creditors and credit bureaus have a certain time period to respond to your dispute. The delivery confirmation receipt is an option offered by the post office. This will help you prove the date they received your dispute letter in case they exceed the response period. If the creditor does not resolve your complaint, you can ask that your letter of dispute be included as part of your credit file.

Get your free annual copy of your credit report at www.AnnualCreditReport.com


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Posted in:General
Posted by Chris Nassief on March 1st, 2013 4:52 PM

There is no doubt that buying a home can be a stressful and challenging undertaking. However, with the professional expertise of a realtor you can have peace of mind that you have someone on your side who understands the ins and outs of this oftentimes confusing industry. There are a ton of myths about what a realtor can do for you and information that leads home buyers to approach this purchase on their own. The simple fact is that a realtor offers insight and knowledge that the average buyer does not have. Discover some of the ways that a realtor can help you on your journey to home ownership.

Myth #1: If you approach a listing agent directly you will receive a better deal.

The fact is that the listing agent has a signed contract with the seller of the home you are interested in. This means that they are looking out for the seller's best interest, not yours. They are going to negotiate to receive the best possible deal for their seller. However, if you hire a realtor you will have a contractual obligation for this person to look out for your best interests and help you receive the best deal possible. They understand how to negotiate for you in these situations.

Myth #2: The cost to hire a realtor is high and not reasonably affordable for the average buyer.

Most home buyers do not realize that these costs will be covered by the seller of the home. When a seller signs the contract with an agent to sell their home there is a clause that states the seller will pay the commission to both the listing agent as well as the buyer's real estate agent. Typically this is six to seven percent, which will be split between both of the representing realtors.

Myth #3: Signing a contract with a realtor is not a smart move for home buyers.

By signing a contract with the agent who represents you, you will have peace of mind that they are contractually obligated to look out for your best interests. A contract is meant to protect you and make your interests top priority for the agent who represents you. Without a contract you are simply a customer that may not receive the attention you need for a successful home buying process.

Myth #4: You can find out everything you need to know about home buying on the Internet.

While the Internet is an excellent source of information if you are unsure about the source you may be led in the wrong direction. Talking directly to a realtor will not only provide you will accurate and dependable information, it will also give you access to years of experience and knowledge in the actual real estate field. This
first-hand information is a truly invaluable asset when you are attempting to purchase a new home.

Buying a home is typically the single largest investment a person will ever make. Having the proper representation can ensure that you receive the best deal possible for the home you are interested in. A realtor is your lifeline in this important purchase and can help you achieve the best possible deal.

If you would like to work with one of my experienced realtors, give me a call @ 703-255-5810 and I will give you the names of three or four realtors who will do an excellent job helping you find the right home.


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Posted in:General
Posted by Chris Nassief on February 27th, 2013 3:56 PM

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