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Equifax Hack Could Affect Delaware Mortgage Applicants

Sep 19, 2017

When news of the Equifax hack first broke, the credit ratings giant scrambled to minimize fallout from this massive personal information breach. After an initial embarrassing misstep (they tried to have affected consumers sign off on Equifax’s liability), the company moved to ameliorate the hack by offering free ID protection to consumers.

Delaware homeowners and potential home buyers had reason to do more than shake their heads at yet another electronic pratfall. In one way or another, most Delaware real estate transactions involve creditworthiness appraisals that are managed by the three credit reporting agencies (Equifax is one). That means that among the 143 million consumers it admits could be “potentially impacted” are certainly a lot of current and future Delaware home buyers. The stolen information includes names, Social Security numbers, birth dates, addresses—and for hundreds of thousands, credit card numbers. Even some Delaware driver license data figured in the Equifax hack.

Given the obvious potential for identity theft, the company’s Chairman went online to make an unprecedented offer: his firm will furnish a comprehensive package of credit file monitoring and identity theft protection to everyone. Literally.

To every consumer in the United States. For a year. For free.

With few exceptions, it was left to us to take the initiative to take them up on the offer. That factor might shrink the size of the undertaking, but even so, delivering on this scale was unlikely to be accomplished without a few hitches.

Hitch #1: when this many millions of people try to check in on any site, no system can handle it all at once. So contacting this Equifax Trusted ID Premier link results in varying lengths of delay before enrollment can be confirmed.

Hitch #2: because it is now obvious that sophisticated thieves are active in the credit reporting industry, it will be doubly necessary for Equifax to make certain that you are who you say you are. That makes multiple email confirmation back-and-forths unavoidable­­.

It’s a cinch that Delaware residents who decide to sign up for the free protection should also be extra vigilant in monitoring their financial transactions. An additional step is also possible: you can contact any one of the three credit agencies (Equifax, TransUnion, or Experian) to request that they place a 90-day “fraud alert” on your file. It’s free, and whichever agency you contact is required to notify the other two. Fraud alerts obligate any lender to contact you before they issue credit in your name. You can renew the alert as many times as you wish—and cancel at any point.

Your credit score is a vital ingredient when it’s time to look for favorable home loan offers, so even before the Equifax hack, it’s always been well worth protecting. Give me a call when questions about this or other Delaware real estate matters come up: I’ll be minding the phone! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com

Delaware’s Summer Officially Ends on Friday!

Sep 19, 2017

Friday is the official last day of Delaware’s 2017 summer, but for most of us, the season has been feeling a lot more like fall ever since Labor Day. It isn’t the weather so much as the psychological factor. Things like the passing of that last summertime three-day weekend and watching Delaware’s seasonal businesses post hour change signs. As the school busses appear every morning, you also don’t have to have kids in school to register what all the activity signals: Delaware’s summer is over.

Pinterest, the internet’s foremost collecting place for everyone’s pictures of everything has scores of pages of photos and drawings with Last Days of Summer themes. Some of them do extract a sigh or two. It may have been decades since you last experienced a cookout with friends as the summer sun sets, or watched a little one discovering that the cold tidewater will get your toes if you don’t back away in time—but the thought that the chance to revisit such moments has slipped away till next year is a sigh-producer for most.

The Pinterest collections had lots of swimming pool and beach pictures (including many dogs-in-swimming-pools, for some reason), as well as barbecue grills and drinks with limes in them. They did a good job of making you wish Delaware’s summer could last just a little bit longer…

On the bright side, since they were also heavy with ice cream and popsicle imagery, it prompted the realization that some Delaware summer attractions won’t be disappearing at all! There’s no law that says Delaware’s autumn won’t include an ice cream cone or two. Besides, it’s a fact that the summertime pastime of racing to get to the bottom of the cone before it melts all over the place is easier to win as the weather gets colder. Another plus is how, before long, autumnal treats like pumpkin-flavored ice cream are going to show up again.

With Delaware’s official Last Day of Summer coming on Friday, those whose favorite season arrives with the fall have only the weekend before it’s here. It will be many months before fall fanciers will have to resort to Pinterest to relive the Last Days of Autumn collections. They will undoubtedly find lots of pictures of high school football games, trees ablaze with orange-gold color, turkeys—but let’s not jump the gun; all that is yet to come!

In the meantime, season in and season out, call me whenever Delaware real estate matters need to be attended to! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com

Delaware Mortgage Rates Echo Another 2017 Low

Sep 19, 2017

A couple of weeks back, the ultimate authority on Delaware mortgage rates hadn’t minced words. That was Freddie Mac, whose opinion about mortgage rates constitutes the final say in the matter. Freddie isn’t modest about its preeminence (Freddie’s trademarked corporate slogan is “We make home possible”). Together with sibling Fannie Mae, the quasi-governmental entities stand behind 60% of U.S. mortgages.

Each week their PMMS survey collects data snapshots from thrifts, credit unions, banks, and mortgage lenders to gauge of the direction of the home loan market. Future Delaware home hunters and the homeowners whose properties are found in the current listings (or soon will be) are constantly affected by those ups and downs. For one thing, they dictate the “monthly payment” calculations you find in the detailed breakdown featured most online listings—including those on my site.

Naturally, the rate averages vary from lender to lender and state to state—but it’s the direction in which mortgage rates are headed that can be a spur for buyers. Either direction can cause activity. When rates rise quickly, buyers can be incented to lock in rates before they get out of hand. When they fall, that inducement disappears—although a shrinking monthly payment number does create an increasingly affordable scenario. Low rates create an encouraging “price is up, but cost is down” situation.

The week before last, Freddie’s headline had been an unequivocal piece of favorable news for Delaware buyers and sellers:

30-Year Mortgage Rate Hits Another 2017 Low.”

But last week’s follow-up failed to live up to what was expected (a slight rebound). Freddie’s headline on Thursday was neither fish nor fowl, up nor down. It was the third possibility, where mortgage rates don’t go anywhere: they just sit there, deadpan as a professional poker player, revealing nothing:

Mortgage Rates Hold at 2017 Low.

The U.S. weekly average was still 3.78%, tying the low for the year. For Delaware  buyers who may have missed out on locking in the previous week’s home loan bargain rates, the reprieve was welcome news. Whether the expected rebound was on the way remained to be seen.

Current Delaware mortgage rates are key when it comes to buying and selling area homes­­—and with rates holding at historic lows, it creates an undeniably auspicious market opportunity. Call me! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com