Real Estate Made Simple

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How Your Credit Score Affects Home Buying

Credit score has several impacts on people’s lives, among them being home buying. It is a measure of personal credit files that dictates the worthiness of an individual. Let’s look at some of the impacts that a credit score can sum up.

 

Lending and Payment

Apart from a rock-solid financial history, a credit score also matters a lot in approaching lenders. It has an impact on the amount of loan you qualify for to purchase a house. They look much into applicants who have a good record with other lenders, especially on payment duration. Thus, it is also an indication that the respective borrower will be accountable and meet the obligations.

A good credit score implies that the borrower will repay and in the speculated duration. This varies depending on your credit report’s information that brings together your history of borrowed money and payment habits.

 

Mortgage Rates and Credit

For you to acquire the best mortgage rates, your credit score should be high enough. Persons with a low credit score will end up paying more money during the term of their mortgage. This is attributed to the increased interest and monthly payments.

Generally, a credit score of 700 and above will place you in the best position for mortgages and with the best rates. However, there are still better options for credits below 700. Below is a summary of the scores and statuses. 

800 or higher is an exceptional credit, 740 and higher has excellent credit, between 700 and 739 is good credit, and between 630 and 699 results in a fair credit. But for 629 and below results to poor credit.

 

Down payment Amount

When your credit score matches the desired range, you will be in for a reasonable down payment. Additionally, there will be favorable terms such as a lower original fee. Also, borrowers who bring in more cash on the table reciprocate their potential of delivering and fulfilling the agreement terms. 

Borrowers with a low credit score will raise trust issues and will be an accomplice of higher requirements. Such conditions can be incorporating private mortgage insurance into their loans which is results in extra costs. This is pragmatic, especially for new home buyers who need to create a reputable note.

3 of the Largest Ongoing Real Estate Projects in Los Angeles

Across the city of Los Angeles, development and construction are taking place on a massive scale. It seems like everywhere you look, there’s a new mega-building going up, or an older one being torn down to make room for something new. Interestingly, many of these projects are actually quite noteworthy and historically significant, mostly owing to their sheer size. You may have been wondering about some of the largest of these projects – so, without further adieu, here is a list of the 3 largest ongoing real estate projects in Los Angeles.

W. Darrow Fiedler

Major new real estate developments in Los Angeles are sure to change the city’s skyline.

  1. Metropolis: Topping the list is the massive Metropolis property, which is being designed by Gensler and constructed by Chinese developer Greenland USA in downtown LA. Costing over $1 Billion, this project is being rolled out in three phases. The first phase will include an 18-story hotel and a 38-floor residential condo. The second will consist of a 700,000 square foot condo, and the third will see the construction of a whopping 850,000 square foot condo, bringing the total RBA (Rentable Building Area) of the Metropolis to a total of 2,085,000 square feet. Phase 1 is on track to open at the end of this year.
  2. Next up is Korean Air’s Wiltshire Grand Project, which is projected to cost $1.2 Billion and, when completed, will rank as the tallest building in the US west of the Mississippi. Designed by AC Martin, the project is estimated to take another year to complete and should open in April 2017. The Wiltshire Grand will use its 1.7 million square foot RBA to house 900 InterContinental Hotel rooms and 400,000 square feet of office space.
  3. Last on our list is the Irvine Company’s Villas at Playa Vista, phase two of which is expected to be completed by March 2017 and will include a 5-story, 1.1 million square foot multi-family apartment.

All three of these mega-structures are sure to impact the Los Angeles real estate market, not to mention our skyline. I’m looking forward to seeing each of these projects’ final products; please stay tuned for future updates on these LA projects and others to come.

 

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