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Freeze it and opt-out!

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One of the most important assets often overlooked and not properly protected by many is their credit score.  The single most important thing you can do to protect your credit and not fall victim to identity theft is a credit freeze …the second most important thing to do is to opt-out of pre-screening. 

…there is no guarantees that a freeze will protect you 100% of the time.  One may still steal your non public private information or maybe one may hack into one of your existing open accounts  however it is my opinion, the credit freeze combined with opting out of unwanted credit solicitation is the most reliable defense you have in your arsenal to prevent identity fraud.

kevin martini best raleigh mortgage broker

Kevin Martini

Certified Mortgage Advisor & Raleigh Mortgage Broker

Martini Mortgage Podcast | Episode 167 | Freeze it and opt-out

Resources discussed in episode 167 of the Martini Mortgage Podcast

OptOutPreScreen.com

A free a centralized service which is a joint venture between Equifax Information Services, LLC, Experian Information Solutions, Inc., Innovis Data Solutions, Inc., and TransUnion, LLC  (a.k.a. Consumer Credit Reporting Companies) to accept and process requests from consumers to “Opt-Out” of firm offers of credit.

WEBSITE: www.OptOutPreScreen.com

PHONE: 888-5-OPT-OUT (888-567-8688)

How to Freeze YOUR Credit

The process to freeze your credit is free but the benefits are priceless. The fastest way is online however you can also request a credit freeze by phone or mail. Below is the contact information of each of the credit repositories.

Experian 

Experian Credit Freeze Pagehttps://www.experian.com/freeze/center.html
Experian Phone Number 888.397.3742
Experian Mailing Address Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

Equifax

Equifax Credit Freeze Pagehttps://www.equifax.com/personal/credit-report-services/credit-freeze/
Equifax Phone Number 888.298.0045
Equifax Mailing Address Equifax Information Services 
P.O. Box 105788
Atlanta, GA 30348

TransUnion

TransUnion Credit Freeze Pagehttps://www.transunion.com/credit-freeze
TransUnion Phone Number 888.909.8872
TransUnion Mailing Address TransUnion
P.O. Box 160
Woodlyn, PA 19094

What is an appraisal and how do you read it? 

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Comparables (a.k.a. comps), adjustments, appraiser’s estimate of value – OH MY!

What is an appraisal?

The Uniform Residential Apprisal Report often referred to as an appraisal provides an estimate of your home’s value. It provides a professional appraiser’s opinion of what he/she thinks your home may be worth. An appraisal must comply with the Uniform Standards of Professional Appraisal Practice and all regulatory requirements. Raleigh mortgage lenders base your home loan amount on the lesser of the appraised value or the purchase price.

What are the keywords to know in Uniform Residential Apprisal Report?

Subject Property – the real estate being appraised 

Comparable Sales – similar properties located in the Subject Property market area

Adjustments – a line-item addition/subtraction from the value of a Comparable Sale 

How does an appraiser determine a value? 

Appraisers are usually required by the lending guidelines to compare your home with similar homes that have sold within the past 6 months. The appraiser then makes adjustments based on the differences in comparable sales. For illustration ONLY:

Your Purchase Price: Let’s say you sign a contract to purchase a home for $800,000.  Oh by the way, the home you are purchasing is the Subject Property.

Comparable Sale # 1 sold for $730,000: However, it doesn’t have a finished basement compared to Subject Property which does. So, the appraiser adjusts the sales price up by $80,000 to $810,000. This means the appraiser thinks Comparable Sale # 1 could have sold for $810,000 if it was more like the Subject Property.

Comparable Sale # 2 sold for $720,000: However, it only has a 1-car garage, compared to the Subject Property which has a 2-car garage. So, the appraiser adjusts the sales price up by $60,000 to $780,000. This means the appraiser thinks Comparable Sale # 2 could have sold for $780,000 if it was more like the Subject Property.

Comparable Sale # 3 sold for $800,000: However, it’s a little larger than the Subject Property. So, the appraiser adjusts the sales price down by $20,000 to $780,000. This means the appraiser thinks Comparable Sale # 3 could have sold for $780,000 if it was more like the Subject Property.

Reconciliation (a.k.a. Appriaser’s Opinion of Value): In this example, the appraiser’s opinion is the Subject Property is worth $790,000 based on the Comparable Sales and all the Adjustments outlined above.

What if you disagree with the Appriaser’s Opinion of Value?

Everyone is entitled opinion of value however the mortgage guidelines require the loan amount to be based on the LESSER of the appraised value or the purchase price. If the value comes in lower that expected one can appeal the appraisal. Acceptance of an appeal does not mean the opinion of value will or ill not change. For an appeal request to be accepted, one  must provide a written statement along with alternative Comparable Sales.  

logan martini raleigh mortgage lender with martini mortgage group 2

Logan Martini

NMLS 1591485 | Senior Mortgage Strategist

Logan@MartiniMortgageGroup.com

    kevin martini best raleigh mortgage broker

    Kevin Martini

    NMLS 143962 | Certified Mortgage Advisor

    Kevin@MartiniMortgageGroup.com

      Buying a Home in Raleigh with Confidence

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      Kevin Martini is a mortgage broker in Raleigh NC and offers access to a powerful tool called; Martini Mortgage Group Homebuyer Portal which is powered by Homebot. If you are thinking of buying for the first-time or as a repeat homebuyer, unlock your free secure access to this portal that highlights market temperature in Raleigh, NC (or any city in the U.S.) and price point along with other powerful metrics.

      Our buyer portal provides impactful data on when and where you should buy a home. It also provides clarity to understand your buying power so when the time is right, you will have certainty.

      Kevin Martini | Mortgage Lender Raleigh
      Buy Smart To Build Wealth Faster

      KNOW WHEN AND WHERE TO BUY

      What if you could find your dream home at a better price in a nearby neighborhood? Explore zip codes by popular market, cheaper buys, & more!

      UNDERSTAND YOUR BUYING POWER

      Getting prequalified is nice but irrelevant in the current market! A must in today’s market is to be fully approved so you can make a ‘same-as-cash’ offer armed with price and cost clarity along with having certainty.

      Are you selling too? With the Martini Mortgage Group Homebuyer Portal you can add your home to see its value, and how much cash you could put towards your next home.

      BE READY TO MAKE YOUR MOVE

      Don’t miss out on your dream home because you’re unprepared.

      Be a competitive buyer by getting approved and double checking the market trends.

      TO START, JUST ENTER THE CITY YOU WANT TO LIVE

      FOR MORE INFORMATION, CHECK OUT THESE EPISODES OF THE MARTINI MORTGAGE PODCAST