On Saturday mornings, I typically wake up and head to the Farmer's Market before hitting the gym. Recently, on one of these outings, my eyes fell upon a particularly familiar face coming my way. I silently scolded myself for not looking my best before I walked out the door. I straightened up my posture and quickly ran my hand over my wild hair in a unsuccessful attempt to smooth the strands surely sticking straight up all over my head.
Luckily, he didn't seem to recognize me. I do look much different without my makeup and hair in place. Then again, maybe he did recognize me and just didn't say anything in an effort to spare me the embarrassment of the run-in. "Whew!" I thought.
In the real estate industry, real estate agents and loan officers are expected to be available to clients 24/7. But we do have personal lives to maintain, so unexpectedly meeting a professional contact looking less than your best is bound to happen.
Dealing with the unexpected is par for the course in this industry, which is why I've gotten used to keeping a few convenient items (see image below) on-hand at all times.
Disputing an error or a charge from one of your creditors on your credit report may feel like the right thing to do at the time, but years later, it can slow down the approval process for a mortgage.
A disputed account is not used in calculating a borrower's credit score. Lenders will want the dispute of the account to be removed, then a new credit report ordered to obtain the true credit score of the borrower. Exceptions to this rule are allowed if the account in question has been paid off and closed, or has a balance of less than $500 with the dispute having occurred more than 24 months from the date on the credit report.
Besides taking more time to resolve, there are times when a consumers credit score will drop after removing these disputes. Scores that drop too much can cause an approved loan to become a denied one until the scores improve.
It is important for the potential homebuyer or refinance applicant to have a mortgage professional, such as myself, review their credit as early in the process as possible to avoid any delays or last minute issues associated with credit disputes.
It is a simple question, but the answer will determine your monthly payments for the life of your home loan.
Of course, everyone wants to get the best deal on anything they pay for and home loans are no different. The reason that borrowers fret over this issue is because there is no perfect answer; there is a potential downside either way.
Locking the interest rate "ensures that your rate will not change, even if mortgage rates spike higher over the days and weeks after you lock."
The downside: If you lock and then rates fall, -- even a fraction of a percentage point -- you are no longer getting the best rate possible.
Floating means that the interest rate is subject to change, at any given time, based on market conditions.
The downside: If you float and then rates rise, you may regret seizing the opportunity of a lower mortgage payment, scoffing every month for the next 30 years as you write the check for an amount higher than it could have been.
Personally, I always recommend locking the interest rate once you are under contract. Why? The answer is simple: to avoid market risk and, most importantly, to avoid unnecessary stress.
But, when the time comes, it is ultimately up to the borrower whether or not to lock the rate. Each borrower's situation is different and market rates are subject to change at any time, so no two loan applications are ever the same.
There is a reason why 87% of people consult a REALTOR® when searching for a new home.*
Buying or selling a home can be complicated, but REALTOR®s do it every day. Here are the top three reasons you should consult a Realtor:
REALTOR®s are negotiators and they speak “real estate-ese.” Real estate industry jargon can be complicated and easily misunderstood. REALTOR®s do this every day so they are familiar with the process and the language of buying and selling.
REALTOR®s can be objective. Value is in the eye of the buyer, not the seller. A good REALTOR® will market the positives of the property, downplay the negatives, and make recommendations for cosmetic improvements to increase the value of your home.
REALTOR®s are marketing machines. REALTOR®s have access to a network of ready buyers, through their own contacts and those of other REALTOR®s. Most REALTOR®s require a buyer to be pre-approved by a lender, like Coast Capital, prior to showing them properties. The more pre-approved buyers view the property, the more the likelihood of valid offers which increase the probability of selling the property for the asking price.
Everyone enjoys saving a buck or two. Read how these "Coupon Pros" pull it off and try incorporating these tips into your weekly shopping!
"Now that extreme couponing has become a national obsession, shoppers aren't satisfied unless they can shave hundreds of dollars off their grocery bills each month. Meet eight expert couponers and learn their tactics for yourself."
Program Puts UL Architecture Students at Top of the Class
"If you drive past the house being built at 500 Madison, you will notice right away it's not like the others in this older section of Lafayette. It's newer, it's greener and it's soon to be award-wining. The 'Event House' as its called, is a unique project and the brainchild of UL architecture professor Geoff Gjertson."