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Buying a House? Here’s What You Need to Know About Credit Scores

December 7, 2021
Buying a House? Here’s What You Need to Know About Credit Scores.Credit score worry is incredibly common among first-time home buyers. Is your score good enough to secure a loan? Can you boost your credit score before you buy a home? What’s a “good” number? In this article, we try to answer the most common questions about credit scores to help you understand what you need to do in order to secure a loan.How is my credit score determined?Before we dive into what lenders need, let’s talk about the basics. As in, what is your credit score made up of?There are quite a few factors that go into your credit score, including…• Your payment history, including late payments.• Current credit usage and debt.• The types of accounts you have.• Recently opened credit lines.• How long you’ve had your accounts open (the “age” of your accounts).The good news is each of these factors allows you to improve your credit score. Avoid outstanding late payments, keep accounts open, and try to keep debt low (if possible). More on that below.  Why do lenders need my credit score?Lenders use credit scores to assess risk when considering a loan. Based on how much debt you have, whether you’ve paid off loans consistently, and your current credit status, lenders can predict how likely you are to pay off your home loan. For this reason, your interest rate is also tied to your credit score – buyers with higher scores tend to secure lower interest rates.What’s a “good” credit score?First, it’s important to know mortgage lenders are required to follow rules when reviewing mortgage loan applications. There isn’t one secret number that will guarantee you a loan, nor is there a specific number needed for each type of loan. There are four main loan types – here are the minimum credit scores you need to secure each one:• Conventional Loan (the most common home loan) – 620• FHA Loan (the most inclusive loan type, but it does require a 3.5% down payment) – 580• VA Loan (available for active-duty service members and veterans) – 580• USDA Loan (government-backed mortgages for non-urban homes) – None officially, but 620 is preferred. Each of these loans has other requirements, so you’ll need to weigh your options carefully and make sure you qualify for the type of mortgage loan you’re afterHow can I raise my credit score?Considering how important your credit score is, it’s not always easy to find helpful information on improving your score. But that doesn’t mean it isn’t possible. Here are a few tips to raising your credit score:• Do not miss payments! Pay all your bills on time• Your credit utilization factors into your credit score, so try to minimize your usage before buying a home. Consider temporarily increasing payments to lower this number• Don’t open a new credit line at least six months before beginning the home-buying process Opening new accounts lead to a hard inquiry on your credit report, which can impact your score• Keep old accounts open until after you’ve secured a mortgage loanWhat else will lenders need to know besides my credit score?In addition to your credit score, lenders will ask for additional information to determine the risk level of providing you with a mortgage loan, as well as your ability to pay back a loan. Here are a few other factors lenders will be interested in:• Your income and your partner’s income if you’re jointly purchasing a home• Employment history• Your debt-to-income ratio• The amount you intend to use as a down payment• Your savings funds• Whether you’ve filed for bankruptcy beforeYour credit score allows lenders to understand your financial health. But if your score doesn’t meet the minimum to secure a mortgage loan or a lower interest rate, don’t worry. You can raise your credit score by following the tips above. Just remember to be patient – it can take six months for changes to appear on your credit report. Regularly check in on your score, pay attention to ways you can raise your score, and ask for help when needed, and you’ll be ready to take out a mortgage loan in no time. 

Relocating? Here's What to Consider First

November 3, 2021
Relocating? Here's What to Consider First.Relocating out of state can be both thrilling and nerve-wracking. Sometimes at the same time! While you're facing a big move and life change, it doesn't have to be scary. Here are some tips to consider as you plan your move to make the process a little less daunting hopefully.Plan a Decent-Sized Relocation BudgetRelocating could cost more than you think. According to Home Advisor's data, moving out of state costs, on average, $4,568. Moving longer distances – across the country, for instance – could run you $10,000 or more.These costs factor in many different things. Here are just a few of the expenses you'll need to budget for:•. Selling your current home or ending a lease.•  A security deposit or down payment and closing costs.•. Moving furniture and other belongings.•. New or upgraded furniture (if you're moving into a bigger place).•. Utility fees, including set-up fees for internet and cable.•. General moving expenses.If you're relocating for a new job, your employer could cost some or all these expenses. Make sure you check in with the company to see what they offer for relocation assistance. Plan a Visit to Your New AreaWhether you're relocating in a few months or thinking a couple of years out, it's a good idea to visit the new city you're moving to. Plan a slightly longer trip so you can get a feel for the neighborhoods, the downtown areas, the nightlife, the local culture, and the public transportation system. Since you're already planning to live here, no need to take sightseeing trips or hit up must-see sites that won't help your survey, after all, you'll have plenty of time to do all these things when you live here! Research Your New AreaIf you're moving out of state, there's a lot of unknowns! Do your research before planning the big move. You'll want to understand the cost of living in this new area as well as any tax laws that might be different from where you currently reside. State tax changes could impact your homebuying journey and will undoubtedly affect your tax statements at the end of the year. If you're moving to a new state, you might end up paying income tax to multiple states. Additionally, you'll want to investigate any local laws that might be new to you. For example, some cities have specific traffic laws that could affect you while driving in your new city.Line Up a Job Before MovingYou might be relocating for a job, which means you can skip this step. If not, it might be a good idea to have a job lined up before you move. You can certainly start the job search while you're in the process of relocating but having a career in place will make the entire move less stressful. If you don't plan on getting hired somewhere locally, plan in-person interviews around your visit to the area. If You're Working Remote, Check on Benefits and Pay ChangesMany jobs offer remote work, so you might be able to expand your job search beyond your new city. Or you might be able to continue working at the same place you're at now. If you're planning to do the latter, you'll want to check on possible benefits or pay changes.Health insurance might be the most significant benefit that will be affected here. You'll likely need to switch plans if coverage doesn't extend to your new city. Providers in your area might not accept your insurance, or your copays and premiums might change.The cost of labor varies state by state, which means it's possible your pay could change depending on where you're moving – for better or worse. These shouldn't be deterrents to your relocation but additional factors in your decision.Planning a big move to a new state – or even across the country – is exciting! Take the time to prepare for your relocation, plan to visit, and start enjoying your new city right away, and you'll be set up to have an easier transition when the time comes. 

Make Sure Your Home is a Great Investment

October 5, 2021
Make Sure Your Home is a Great InvestmentPeople often consider owning a house to be part of building an investment portfolio. After all, houses are promoted as wealth-building assets. By purchasing a home, you’re investing – every payment builds equity rather than pays a landlord. And that equity has long-reaching benefits. After all, at the age of retirement, 83% of the average American’s wealth comes from their home equity. Here are some ways to start thinking of your home as an investment and make adjustments to keep building that benefit. Is the Home Affordable?Home affordability is more than having a down payment in cash ready to go. You need to make sure you’re prepared to pay the monthly mortgage without issue. Even if you’re approved for a more significant sum, it’s not a good idea to purchase more square footage than you can comfortably afford. Make sure you know exactly how much home you can afford so you can make an intelligent decision upfront and benefit long-term from your house’s appreciation.Are Refinancing Options Available?Mortgage rates continue to be at a historical low. If you purchased your home several years ago, investigate refinancing options now. You might be able to considerably lower your interest rate, which would lower monthly payments or potentially allow you to pay the home off sooner.Could You Invest in a Fixer-Upper?Houses that need a good amount of TLC tend to be less expensive. If you’re handy and don’t mind a DIY project – or if you’re skilled at the labor needed – this is an excellent way to invest in yourself. Paying less for a home that builds value with your sweat equity means significant gains in the future when you sell it. As a bonus, you can slowly add upgrades and improvements that will significantly increase the price of your property. Could This Home Be a Rental Property in the Future?Rental properties can be highly profitable, especially if the house has low property taxes and plenty of amenities nearby. Choosing the right property to rent out can be a daunting task because there are costs associated with being a landlord. While you’ll need to handle maintenance and upkeep, you’ll also be receiving passive income to cover the mortgage and then some. Buying a home now that could be a prospective rental property is an excellent addition to your investment portfolio.Whether you consider your home simply a place to sleep at night or a long-term financial boon, buying a house is an investment. Making a few smart moves at the start and taking the time to check for ways to lower monthly payments can help you maximize that investment.

Benefits of a Home Owner's Association

September 3, 2021
Top 5 Benefits of Belonging to a Homeowner's AssociationAre you considering buying a house in a community with a homeowner's association? They're becoming increasingly popular as they keep property values high, cover maintenance costs, and provide recreational benefits to residents. But what exactly is a homeowner's association, and why would you want to join one? This article will outline the top benefits of belonging to one.What is a Homeowners Association (HOA)? An HOA is a governing system comprised of residents put in place for a specific community. A community's HOA is responsible for creating and enforcing rules and restrictions in the area for a monthly fee. Additionally, the HOA maintains a community's quality, including maintaining shared amenities, managing repairs to roads and roofs, and resolving disputes in the neighborhood. Being part of an HOA isn't for every homeowner. For some, HOA rules can feel restrictive and not worth the cost of fees. For others, the added security, maintenance assistance, and close-knit neighborhood can be highly appealing. 1. Access to Private AmenitiesPart of your HOA fees includes building and maintaining community amenities. Every community is different, but this often includes pools, private parks, walking trails, sports courts, golf courses, and other recreational facilities. Since you're already contributing to them with your fee, there's no added cost to use these amenities.Another bonus here is that since these are private facilities, they will often be less crowded, better kept, and more up to date than public-funded ones.2. No Need to Worry about Routine MaintenanceMost HOAs take care of routine maintenance and upkeep, including cleaning sidewalks, maintaining hedges and lawns, managing trash and recycling, handling pest control, and painting home and communal areas. You'll also never have to worry about basic home issues, as many HOAs also cover plumbing, landscaping, and HVAC systems.3. Pay Less for Utilities When you're part of an HOA, your monthly utility bills will be lower. In fact, you won't have to worry about paying them at all! Part of your HOA fee covers utilities such as water, gas, sewer, and trash. Rather than paying for your own usage each month, you pay a flat rate that will often save you money over time.4. See A Higher Quality of LivingAll HOA-driven rules are enforced to maintain a high quality of living for those in the community. The HOA must approve exterior and interior home changes, which keeps the community's aesthetic secured. You'll see added security benefits for peace of mind, never worry about problem neighbors who aren't following HOA restrictions, and appreciate the higher property values.5. Enjoy a Close CommunityHOA-governed communities often pride themselves on building strong neighbor connections. These communities offer tons of socializing opportunities by hosting nights out, parties, and other social gatherings. You'll also have plenty of chances to interact with neighbors at HOA meetings and local tennis courts, golf courses, and walking trails. Families will enjoy how easy it will be for their kids to make local friends at parks and pools. Is an HOA right for you? If you don't mind paying an added fee and sticking to strictly enforced rules, the amenities, upkeep, and added security make it worth the cost.