Fun Day Monday | Hope Leitner | January 9 2015

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Taking the Fear Out of the Mortgage Process

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Taking the Fear Out of the Mortgage Process A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage. For many, the mortgage process can be scary, but it doesn’t have to be!   In order to qualify in today’s market, you’ll need a down payment  (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less) , a stable income, and a good credit history. Once you’re ready to apply, here are 5 easy steps  Freddie Mac   suggests  to follow: Find out your current credit history and credit score – Even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® for all closed loans in September was 737, according to  Ellie Mae. Start gathering all of your documentation – This includes income verification (such as W-2 forms or tax returns...
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How FICO 9 May Increase Credit Scores

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  Information is brought to you by Hope Leitner Berkshire Hathaway HomeServices California Properties How FICO 9 May Increase Credit Scores How medical debt and other collection items are tallied in a credit score is changing, potentially increasing the credit scores of millions of people. Called the FICO 9, the new credit score changes how medical collections are treated from non-medical changes, such as credit cards. A medical debt will now damage a credit score less than paying a credit card bill on time, for example. FICO 9 came out in 2014, but the improved credit scores could just now be coming to fruition for many consumers because it can take a few years for banks and other lenders to implement the new system. The new FICO 9 score should give responsible borrowers better access to credit and lower rates on existing credit once the changes are accepted by the industry. Part of the thinking behind the changes is that for many people facing medical debt collections, it isn’t s...
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Homeowners Need to Know

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In the Boy Scouts, a certification, called a Totin' Chip, is required for scouts to carry, and use woods tools like a knife, axe and a saw.   They must read and understand the use and safety rules from the scout handbooks and demonstrate the proper handling, care, and use of each. No such certification is required for homeowners but there are a lot of good reasons why it should be self-imposed.   Making minor repairs is part of the responsibility of owning a home that will save both time and money. A homeowner will certainly appreciate the need for such training the first time a call is made to a service company to fix their air conditioner that suddenly quit cooling.   When the repairman arrives, he has a checklist which includes verifying the unit is getting electricity.   If not, they go to the electrical panel to see if a breaker has been thrown. It can be very humbling and expensive to have to pay a service fee to have a repairman flip a breaker to get you...
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