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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

[email protected]

    kevin martini best raleigh mortgage broker

    Kevin Martini

    NMLS 143962 | Certified Mortgage Advisor

    [email protected]

      And the winner is, homeownership!

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      Some people are questioning if they should buy a home this year or if they should wait because of their perception of the current Raleigh real estate market.  Homeownership does not just provide one with a roof, it is a long-term investment that has historically performed very well to create generational wealth. 

      It is impossible to time the purchase of any investment.  

      The timing of purchasing real estate is not based on the current market conditions, the purchase of real estate depends on when buying a home is right for you and your family.

      Real estate is a long-term investment. 

      With all long-term investments, to include real estate, it is impossible to time the market.  It is NOT about the perception of the national real estate market condition, it is all about the reality of the Raleigh real estate market.  The current Raleigh real estate market provides a homebuyer that wants to become a homeowner with 4 very unique opportunities (i.e. 4 Pieces of Good News for Homebuyers): 1) options 2) limited buyer bidding battles 3) power 4) access to introductory mortgage rates

      For more information about these 4 Piece of Good News for Homebuyers, check out episode 165 of the Martini Mortgage Podcast.

      Real estate is a long-term investment that performs.

      Home appreciation in the of the home’s value over time. In the previous 5-years, in North Carolina, homes increased 79.42%. Since 1991, in North Carolina, the average cumulative appreciation was 293.98%.

      north carolina average appreciation since 1991

      #KevinMartiniLive

      Consider the long-term financial benefits of homeownership not the perception of the current environment. In the long run, homeownership wins. If you are ready to explore your options, let’s connect today.