March 19, 2009

What’s your credit score?

Posted to Janet Giovannetti

If you’re looking to finance your real estate purchase, one of the first things you need to know is your credit or FICO score.

According to Wikipedia,

“FICO is an acronym for Fair Isaac Corporation, founded in 1956 by engineer Bill Fair and mathematician Earl Isaac, to provide consulting services and enterprise decision management systems. They developed the FICO scores, a measure of credit risk, which are the most used credit scores in the world.”

The higher your score (on a scale of 400 to 900), the better your chances for qualifying for a mortgage, as well as getting the best rates.

But how is your FICO score determined?

35% - Payment History.
Make sure you pay your bills on time.

30% - Account Balances.
Some types of debt are better than others. In order of best to worst: Mortgage, student loan, installment loan, major credit cards, department store credit cards, finance company debt.

15% - Age of Credit.
Avoid opening several new accounts too quickly.

10% - New Credit.
Credit scores distinguish between search for a single loan and a search for multiple new loans. Multiple inquiries for a mortgage made within a 14 day window typically will not hurt your score.

10% - Mix of Credit.
Don’t open accounts just to have more credit available. Five open revolving accounts is probably optimal, indicating ability to get credit, while not being overextended.

Each of the three national credit bureaus provides your credit score, based upon their records, which may or may not be correct. Therefore, it is advisable to check your own scores; this will not hurt your score if requested directly through each bureau. The Fair Credit Reporting Act provides a process for disputing information you think is wrong.

The three reporting bureaus are:

Transunion
PO Box 2000
Chester, PA 19022
800-916-8800
www.transunion.com

Experian
PO Box 2104
Allen TX 75013
888-397-3742
www.experian.com

Equifax (CSC Credit Service)
PO Box 981221
El Paso, TX 79998-1221
800-759-5979
www.csc.com

For more information about credit scores, go to www.myfico.com.

For more information about buying or selling your home, contact me at jangio@keeferealestate.com, or 262/949-3570.

Let my expertise work for you!

Posted By: Janet Giovannetti



March 17, 2009

Woods School in Lake Geneva

Posted to Geneva Lake Area , Janet Giovannetti

It just wouldn’t be right to let St. Patrick’s Day pass without a tip ‘o the hat to an Irish connection in the Geneva Lake area. If you’ve driven between Lake Geneva and Williams Bay, you may have noticed Woods School at the corner of Highway 50 and Snake Road, approximately halfway between the two towns. Just 21 years after the first explorers, the Kinzie party, visited the area, the Wisconsin Central Railroad Company received a charter to build a railroad from the state line at Genoa Junction north through the villages of Geneva, Elkhorn and Whitewater, according to the school’s website. Many of the railroad construction workers were Irish immigrants who settled in this area with their families. The location became known as Irish Woods. In 1858 Woods School was established as part of the Geneva Village School system.

The land for the first school was donated on the condition that it always be used for school purposes. The original building was moved in 1886 in exchange for additional adjacent property, and a new brick building was erected in 1896. That structure is still used as the kindergarten classroom. A later addition in 1900 is the current art room. Woods School became an independent school district in 1929. Despite efforts to force consolidation, Woods School has remained intact, and additions in 1950, 1965, 1969, 1973 and 2000 brought it into the 21st century. Woods School celebrated its 150th anniversary in 2008.

For more information about Woods School, visit its website at woodsschool.com.

Posted By: Janet Giovannetti



March 13, 2009

Should you purchase investment property?

Posted to Janet Giovannetti

It’s a breath of fresh air to hear something positive about the current real estate market. Today Show real estate contributor Barbara Corcoran suggests that now is a good time to purchase investment real estate for both short- and long-term gains. She sites low prices, low interest rates and a larger renter pool as indicators in favor of purchasing investment property now.

Many of her suggestions apply to most purchases:

  1. Know your neighborhood
  2. Know your financial limits
  3. Do your homework

But rental properties bring their own set of circumstances. Ms. Corcoran advises starting small and perhaps working with a partner for your first venture. For example, a partner with purchasing power should team up with a contractor to manage the property. The ability to find the right tenants is crucial to the success of the investment, and factoring in vacancy, maintenance, management and other miscellaneous costs is the only way to decide if a particular investment property is right for you.

For more details, including tips for screening tenants and leveraging your cash, see Ms. Corcoran’s video here.

For information about residential, vacation, or investment property in the Geneva Lake area, contact me at 262/949-7911 or at jangio@keeferealestate.com. Let me help you achieve your dreams!

Posted By: Janet Giovannetti



March 05, 2009

Better than a poke in the eye…

Posted to Geneva Lake Area , Janet Giovannetti

Perhaps you’ve heard the expression “It’s better than a poke in the eye”. I can now tell you from experience that just about anything is.

Since I injured my eye a few days ago, I’ve come to appreciate, again, the many resources available here in the Geneva Lakes area. I was able to go directly to an urgent care enter, approximately 5 minutes from my home, to be seen immediately by a physician specializing in emergency medicine. Located at the intersection of Highways 50 and 67, just north of Williams Bay, Mercy Walworth Hospital and Medical Center has transitioned from an outpatient center, with the attendant specialists, to a licensed hospital facility. It is affiliated with the Mercy Health System which staffs fourteen clinics and two hospitals in southern Wisconsin. The closest facilities in the lakes area are Mercy Delavan Medical Center, Mercy Lake Geneva Medical Center, and Mercy Lakeside Orthapaedics.

Fortunately, my injury was minor (although an eye patch is not my idea of a fashion statement) and I was treated and referred to my ophthalmologist for follow-up. For more information regarding the Mercy Health System, go to www.mercyhealthsystem.org.

And try not to get poked in the eye.

Posted By: Janet Giovannetti