Clearwater Home Buyers – When They Say You Can Save 15% – Don't do it!
December 22nd, 2008 Categories: Clearwater Florida, Tampa Mortgage News
Clearwater Florida – Today we have the pleasure of welcoming guest blogger and Florida Mortgage Expert, Kevin Sandridge to share his timely Clearwater home buyer tips.
“Would you like to use your “Fancy-Schmantz Pantz Store Credit Card” with us today, ma’am? Oh, you don’t have one? Well… Do I have a Deal for You!”
STOP! Wait a beat… and read this first…
Don’t Open That Store Credit Card Account!
At least not if you’re in the market to buy or refinance a Clearwater Florida home. We’re in the holiday rush, and department stores and other retailers are raining down magical little store-brand “at the register” credit card offers on shoppers along with the “gift” of you saving 15% on your purchase. I know, I know… these offers tend to make our eyes light up bigger than Ralphie’s did in A Christmas Story when he finally got is Red Ranger BB Gun! However, for Florida home shoppers or those looking to refinance their Florida mortgage, taking advantage of these in-store savings could be a long-term bad idea.
The Christmas Story movie cover
You see, for folks looking to buy a Clearwater Home for retirement or a second home, a few points on their credit report can make a world of difference! Conforming mortgage lenders make rate adjustments for low credit scoring applicants. As an example, a home buyer with a 20 percent downpayment and a 715 credit score would face an interest rate adjustment of approximately 0.125%.
Once your credit score drops below 700, the adjustments on your Florida mortgage get even worse!
If you’re not in the market for a new Florida home or Florida mortgage refinance, then chances are that taking advantage of these “at the register” savings won’t pose any sort of difficulty for you. However, if you are considering a purchase or refinance, then please be aware of how these offers may impact your credit score. Consider this when the next store clerk with a sparkling smile and gleam in his eye offers you an easy way to save on your holiday gift spending…
“Is saving 15 percent on this $200 purchase worth the long-term cost of paying an extra 0.125 percent on my new mortgage?” Hopefully, you’ll answer yourself and that eager sales clerk with a HO, HO, HO, NO THANK YOU!
Happy holidays, folks. May you and your families receive all the joys and blessing this special season may afford!
Sincerely, your Florida Home Loan Specialist
Kevin Sandridge,
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About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
