One of the biggest things that can impact your ability to get a loan for a home is your credit score. Credit scores measure the risk a lender may take when deciding on a mortgage. If your credit score is not where you want it to be have no fear it’s never too late to become credit worthy.

Your credit score is also known as your FICO (Fair Isaac Corporation) score, it is one of the tools that lenders use to evaluate a borrower’s ability or likelihood to repay a loan. Credit scores range from 300 to 850 points. Credit scores over 720 are often considered excellent.  Scores of 680 – 719 are considered good. Scores that fall between 620-679 are questionable and typically require more review by the lender. A score under 619 usually disqualifies you from getting the best rates or even a loan at all.

Here are five ways to raise your credit score:

1. Obtain your credit score from the three major credit score reporting agencies. They are Equifax, Experian and Transunion.

2. Review your report and look for any discrepancies. Your report will also give you a good idea of why your score may be low. According to myFICO.com, credit score calculation is based on five key components: payment history, amounts owed, length of credit history, new credit and types of credit used.

3. Come up with a plan to improve the five key components. Payment history carries the most weight it makes up 35% of your score. So be sure to pay your bills on time. 30% of your score is determined by the use of your available credit. Only use 30% of your maximum credit limit for each credit card and revolving accounts, using anything over that hurts your credit score.

4. If you have any past-due bills, judgments or collection accounts make arrangements to pay them as soon as possible. Some creditors may accept a portion of an amount due as payment in full.

5. Minimize your requests for new credit. Credit inquiries make up 10% of your score and can ultimately bring it down.

Tagged with:
 

If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider.

The first thing to keep in mind is becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage.

Another point to remember is that when it comes to renting, is choosing the right tenants, you have to remember that you are in fact running a business, as you will be collecting an income from the home you are renting. Take the time to choose the right tenant, a credit check, otherwise you might find yourself in a situation where you will be losing money if your tenant does not pay up at the end of the month. If you are willing to put in the work, purchasing a multi-family home can be a great way to invest.

Tagged with:
 

Thinking about changing the color of your living room? How about a color makeover for the bedroom? No matter what room of the house you are thinking about, the choice of color is important. That calming bedroom you always imagined could turn into a nightmare that won’t end. Of the stunning entry way could be the eye sore of the neighborhood. Knowing a little bit about colors can help you choose the one just right for the look you are trying to achieve.

The Color Wheel

This is the most fundamental thing you need to know about colors. There are 2 basic groups of colors: warm and cool. Warm colors are red, yellow and orange. They are exciting colors, full of life and energy; think about fire with its glowing flames. Cool colors are more mellow, blues, greens and purples. Think of an outdoor scene, with green meadows and blue skies. The feel that you are looking for should lead you to one group of colors or the other.

Color Harmony

Putting just any old colors together can really be unpleasant to the eye. Color harmony is all about colors that go well together. The simplest way to think about this is when looking at a color wheel, colors that are adjacent to one another or directly across from one another compliment each other. Monochromatic color schemes work well too – where you have varying intensities of the same color.

Where to start

So now that you have the basics, think about the room you want to change. Would it be a place fo relaxation? Or a place for entertaining? You might think about shades of blue and green for a bedroom you can really relax in. Or shades of orange for the kitchen and dining room you love to entertain your guests in. And remember, when working with more vibrant colors, a little goes a long way. If you love the ides of red in your living room, stay away from painting the walls AND having your drapes and upholstery in shades of red. Pick one peice that will take on the spotlight, and accent that with other hues, tones, colors, etc.

And now you can get small paint samples for cheap to bring home and try out. Feel free to experiment with how the colors you are thinking of would look together. What are you waiting for? Get colorful!

Tagged with:
 

A home is a very big purchase in your life and one of the most important things you can do before you buy your new home. It can be difficult to find a qualified home inspector. You will want to make sure to do your homework before paying for a home inspection. Here are some tips to help you get on the right track and finding the right home inspector.

Ask for opinions.
Ask your friends and your real estate agent who they recommend who have had an inspection recently. You can also ask the inspector for references. Word of mouth is always a great way to find a reliable professional.

Check with your lender
Some lenders or loan types require a certain type of inspection. You will want to make sure your inspector qualifies and you obtain the necessary type of inspection.

Ask what the inspection covers
No two home inspections are the same so you will want to be sure to know what you are paying for. Ask questions like:

  • What systems are covered in the home inspection?
  • Are there some services that require an extra fee?
  • Ask for an example or outline of the inspection report.
  • Ask for a resume or background questions

  • Where was the inspector trained?
  • Does he or she attend continuing education classes?
  • Does the inspector belong to a professional organization?
    If so, what are the requirements for membership? Entry should require more than just an application fee.
  • Does the inspector carry Errors & Omissions insurance? This type of malpractice insurance may come in handy if the inspector overlooks a major problem.
  • At the inspection
    A home inspection is not only a time to find the potential pitfalls it can also be a time to learn about your new home. Make sure to attend the inspection yourself. Witnessing problems first-hand will give you a better grasp of the home.

     

    .

    Set your Twitter account name in your settings to use the TwitterBar Section.