Housing Boom Era Home Buying Strategies Returning

st louis mortgage refinance

Tyler Frank,
Paramount Mortgage
NMLS ID 942420

Housing Boom Era Type Home Buying Tactics Reappearing in St Louis Real Estate Market

During the home buying frenzy of the housing boom, which peaked in 2006, it was common to see home buyers, in an effort to beat out other buyers fighting for the same home, include price escalation clauses in their offers and make “naked” (contingency-free) offers.  It was also common for a seller to purposely price their home low in an effort to rein in multiple buyers and pit them against each other in a bidding war.  We are now seeing this all again as buyers compete to buy homes from an inventory of homes for sale that has shank dramatically in the past year.

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Free Credit Scores As A Result of New Act

Free Credit Scores

Tyler Frank,
Paramount Mortgage
NMLS ID 942420

Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently Receive

Consumers currently have the right to  request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the same, which they are not.

You generally must pay to see your credit score. It’s a three-digit grade that predicts how risky you are to a lender.

Earlier this month, bills were introduced in the House and Senate to allow all consumers free access to credit scores once a year. The Free Access to Credit Scores Act was authored by U.S. Sen. Bernie Sanders of Vermont and U.S. Rep. Steve Cohen of Tennessee.

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