Everyone knows that a higher credit score is better than a lower one.  Some people know that a higher credit score means more favorable lending terms when they go to buy or lease a new car, rent an apartment, etc.

The same logic holds true when you apply for a mortgage.  Lenders increase or decrease their rates based on risk.  One of the largest factors that makes up a credit score is “history of on-time payments.”  Basically if your score is high, you are more likely to pay on time.

This means it is less riskly for the lender to loan you money to buy a house.  They will also be more inclinded to offer you a lower mortgage interest rate tham someone with a low credit score.  The lower interest rate can translate into savings of hundreds and possibly thousands of dollars each year.  Over the life of the loan (normally 30 years) this could translate into tens and possibly hundreds of thousands of dollars in savings.

If you currently have a higher credit score than you did when you purchased your home, you should look into refinancing to take advantage of your higher credit score, and today’s low rates.

For more info on how your credit score impacts your mortgage, visit: http://pro.truliablog.com/buyers/better-mortgage-rates-start-with-better-fico-scores/?ecampaign=anews&eurl=pro.truliablog.com%2Fbuyers%2Fbetter-mortgage-rates-start-with-better-fico-scores

Feel free to contact me anytime with any questions via www.ToddTurcotte.com

New Listing!  A condo at 187 Flax Hill in Norwalk was just listed for $309,000.  This 2 BR, 1 Bath condo is walking distance to SoNo, and the South Norwalk train station.  For more info on this Norwalk condo, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=278ef9ee-a0cd-4ec6-821f-66c9761c949e&Report=Yes

For info on every condo in Norwalk, visit www.ToddTurcotte.com

Without a doubt, owning a property that is facing foreclosure can be very stressful.  Forecloses used to be few and far between, but given the current economic climate in our country, they have become much more common.

Many owners who purchased near the peak of the market (around 2005-2007 depending on location) currently owe more to the bank than their home is worth.  If there was some sort of distress in their life (loss of job, reduced income, etc.) they may no longer be able to afford the mortgage payments.

In this case, it is important for a seller to know their options.  In general, a short sale is much preferred to a foreclosure due to the lower impact on the seller’s credit score, and that an owner who short sells their home may be able to qualify for another purchase in as little as two years.  If they go through foreclosure, they may have to wait up to 5 years or more to qualify for another purchase.

Knowing your options is very important.

For more information, visit www.ToddTurcotte.com.  From there you can email or call me.  I welcome all of your questions.

Here is a new testimonial from a client who just settled on his new place in Norwalk:

“Todd Turcotte is a pleasure to work with – he is extremely professional, thoughtful and knowledgeable. With very little notice, Todd created a comprehensive target list of properties for me that fit my budget and location needs and carved time out of his weekend to spend showing me each listing. After I decided on the right property, Todd did a tremendous job following up and making the whole process run smoothly. I can’t recommend Todd highly enough.”

– Jan van Arsdale, South Norwalk, CT

For more client testimonials, visit www.ToddTurcotte.com

The Obama administration is rolling out a revised version of the Home Affordable Refinance Program (HARP) which aims to help more under-water homeowners.

The program was created in 2009, and has been tweaked a few times since.  The latest changes allow owners who are even further underwater the opportunity to refinance, and also brings heavier penalties to banks if their loans are discovered to have side-stepped some underwriting rules.

For more info, visit this WSJ article here:  http://blogs.wsj.com/developments/2011/10/23/twelve-questions-on-obamas-refi-plan/

For more info on Norwalk real estate, visit www.ToddTurcotte.com

New Listing!  10 Wall St. # 210 was just listed for $1,100 / month

This studio apartment has tons of character, with exposed brick walls, and wooden beams.  This is just another example of a quality apartment in the converted Trolley Barn building at 10 Wall St.

For more info on this Norwalk apartment, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=b596d95b-45fd-45ca-b620-416b62753740&Report=Yes

For info on every other rental apartment in Norwalk, visit: www.ToddTurcotte.com

Just Sold!  19 Clarmore Dr. just sold for $151,000.

The buyer of this 2 BR condo got a great value on this unit.  This unit features an updated kitchen, new carpet and refinished H/W floors throughout, and a 2 car garage!

For more info about this specific condo, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=1d20e5b0-7091-4d50-a585-685a9ad15c1a&Report=Yes

For info on every condo available in Norwalk, visit:  www.ToddTurcotte.com

New Listing!  126 Washington # 201 was just listed for rent for $1,895 / month.

This fantastic 1 BR condo features 14′ ceilings, stainless steel appliances in the kitchen, lots of windows and natural light, a wood stove in the living room, walk in closet, and laundry in unit!

For more info about this specific unit, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=85af6b84-3cbc-48c7-9b9e-d7224d3139bb&Report=Yes

For info on every rental in Norwalk, visit:  www.ToddTurcotte.com

When most people hear “auction” and “real estate” in the same sentence, they think of the long list of foreclosure and distressed properties on the market.  Think again.

A New Canaan seller has decided to go the auction route for the of their home.  This compound is set for auction on Thursday October 20th, and will sell to the highest bidder.  Bring your checkbooks!

For more info on this Zillow.com report, visit:  http://www.zillow.com/blog/2011-10-19/after-connecticut-house-auction-how-about-a-nice-game-of-horse/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29&utm_content=Google+Reader

New Listing!  84 West Ave was just listed for $1,250 / month.

This light and bright 1 BR apartment is just steps to all SoNo has to offer!  This apartment offers OFF/ST parking, and laundry in the building.  There is even a bit of exposed brick accents in the apartment!

For more info about this specific unit, visit:  http://newyork.craigslist.org/fct/nfb/2648015975.html

For info on every rental in SoNo and Norwalk, visit www.ToddTurcotte.com