Qualifying for a mortgage is certainly not as easy as it used to be. The actions of the money-hungry folks who put money before their humanity is affecting all of us. It has led to lenders tightening their approval standards. But while it is more difficult to qualify, it is important to know that it is still very possible to get a loan.
Here are four quick tips to help you immediately improve your chances of getting a mortgage:
1. Put money aside for a down payment. Stash at least 5% to 10%. BTW, no-down-payment mortgages, a staple of the housing boom, have virtually disappeared. To qualify for a government-insured Federal Housing Administration loan, you’ll need to put at least 3% down.
2. Get REAL about your budget. Your mortgage payment should be about 25% of your monthly household income. Choose a price range that fits this. If you make $4,000 a month, don’t take a mortgage out for much more than $1,000 a month. This will ensure that you have adequate reserves to make your payments.
3. Check your credit reports. The three main reporting agencies are Equifax, Experian and TransUnion. Make sure that all the information on these reports is correct. You would be amazed at how many mistakes they make. For me they listed my student loans twice! NOT FUN! My credit score went up after that was cleared up. If you too find some information that is incorrect, report the discrepancy immediately to all three reporting agencies. Anything negative on your credit report will hurt you, even if it’s not right.
4. Boost your FICO score. Mortgage lenders use the FICO score to help determine the chances of you defaulting on a loan. Because the score measures your ability to repay a loan, there are simple steps you can take to improve it. These will show that you are serious about becoming a homeowner.
*Pay down your debt
*Pay all your credit accounts on time
Remember that simple actions over time create the biggest change. Grab a friend and your calendars. Mark a day that works for you and start implementing these simple steps in no time at all you will see some very incredible changes...Be the change you want to be! Once you have these and other successful habits set up you are on automatic pilot for success. It feels sooooooo good! Come join us! You can live happier and more meaningful this way.....Now go grab!
Wishing a fantastic day!
Mariaaaaaaaaa
:)
Monday, July 28, 2008
Thursday, July 24, 2008
Mother Who Committed Suicide Because She Was Being Foreclosed On....
I am totally crying as I write this because I just heard the news that a mom, Carlene Balderrama in Taunton, Massachusetts killed herself with her husband's high-powered rifle because her house was being foreclosed on! Her husband did not even have a clue they were being foreclosed on. Seems Carlene told no one. What a pressure situation Carlene created for herself! She left a note saying to use the life insurance money they would collect to pay for the house! Now Carlene's child has no home, no mommy and a very distraught father! There are better solutions!!!
Being in real estate I see a lot of very sad stories lately. It breaks my heart that someone would be so desperate, so disconnected, that they would think that there was no other solution!
PLEASE! If you feel desperate talk to someone, reach out. Ask for what you need. Go to a hospital and tell them you need to talk to someone. For a list of suicide hotlines check out: http://suicidehotlines.com/massachusetts.html
Here is one good example: Good Samaritans Hotline (617) 247-0220 is also a good place to start.
Remember there are a lot of people in your situation. There is help! There are a lot of lessons to be learned from what you are going through. As McArthur used to say, "When you are going through hell, keep going!"
Remember your kids (even though sometimes they seem overwhelming) are also your greatest joy. They need you! I have never been foreclosed on but I did suffer several extremely painful life experiences. One of them was the sudden death of my baby girl Sophia. At the time although I had two other children all I could think of was that I wanted to be with her. The pain clouds your judgement. Give it time. space. breathe. talk. connect. shift. smile. breathe.
Remember that no house, no matter how grand is worth that!!! You are MUCH more important! MUCH! MUCH! MUCH!
There is an old Portuguese saying that what does not kill you makes you stronger. The choice is yours. I vote for a stronger (happier) you!
Big huge honkin' hugs,
Mariaaaaaaaaaaaaaaaaaaaaaa
:)
Being in real estate I see a lot of very sad stories lately. It breaks my heart that someone would be so desperate, so disconnected, that they would think that there was no other solution!
PLEASE! If you feel desperate talk to someone, reach out. Ask for what you need. Go to a hospital and tell them you need to talk to someone. For a list of suicide hotlines check out: http://suicidehotlines.com/massachusetts.html
Here is one good example: Good Samaritans Hotline (617) 247-0220 is also a good place to start.
Remember there are a lot of people in your situation. There is help! There are a lot of lessons to be learned from what you are going through. As McArthur used to say, "When you are going through hell, keep going!"
Remember your kids (even though sometimes they seem overwhelming) are also your greatest joy. They need you! I have never been foreclosed on but I did suffer several extremely painful life experiences. One of them was the sudden death of my baby girl Sophia. At the time although I had two other children all I could think of was that I wanted to be with her. The pain clouds your judgement. Give it time. space. breathe. talk. connect. shift. smile. breathe.
Remember that no house, no matter how grand is worth that!!! You are MUCH more important! MUCH! MUCH! MUCH!
There is an old Portuguese saying that what does not kill you makes you stronger. The choice is yours. I vote for a stronger (happier) you!
Big huge honkin' hugs,
Mariaaaaaaaaaaaaaaaaaaaaaa
:)
Monday, July 21, 2008
A Very Cool Buyer Program...
I came across a program that I am thrilled about because it's going to help a lot of people...maybe even you and your family!!! YAY!
Yes, it's true! The economy's shifting is creating fantastic oportunities for those who are lucky enough to find this information! This wonderful program gives discounts to people who buy homes in Worcester. What kind of discounts? Well, they offer discounts on most aspects of home buying including mortgage programs from local lending and financial institutions, in some cases, at rates between ½ and ¼ point below market rates with no or low down payments, lower or no mortgage insurance payments, employer mortgage assistance, and rewards from local retailers on the purchase of homeowner essentials.
OK, now, before you pooh-pooh Worcester, do yourself a favor. Go online and actually check out a few areas in Worcester. You know how cool college towns can be. If you have not visited Worcester in a while you should. It is a very magical place!
Did you know that Worcester is NEW ENGLAND's second largest city? It is a FIVE-TIME recipient of the All-American City Award. It combines the warmth of a small town with the conveniences of a thriving metropolis. You get affordable housing, quality public education, accessible transportation, trendy restaurants, cool shops, and exciting nightlife (for those who have time for that sort of thing ;).
But wait, there's more...."A manufacturing and innovation giant for more than 200 years, Worcester’s landscape blends impressive mills and diverse architecture with community-oriented neighborhoods, inviting green spaces, renowned colleges and unique cultural institutions. The City boasts one of the finest urban school systems in NewEngland and is rated one of the safest communities inthe country (with population of 100,000 or more). An admirable mix of old and new, Worcester is defined by eclectic neighborhoods with a range of housing stock - from historic, turn of the century homes to modern urban lofts.
Worcester’s Neighborhoods!
Lucky buyers can learn more about all of these by visiting www.buyworcesternow.com. It is rare to find such good incentive programs so at least checking it out would really be a good idea. Who knows maybe you will find exactly what you want and thought you could not have! ENJOY THE JOURNEY!
Yes, it's true! The economy's shifting is creating fantastic oportunities for those who are lucky enough to find this information! This wonderful program gives discounts to people who buy homes in Worcester. What kind of discounts? Well, they offer discounts on most aspects of home buying including mortgage programs from local lending and financial institutions, in some cases, at rates between ½ and ¼ point below market rates with no or low down payments, lower or no mortgage insurance payments, employer mortgage assistance, and rewards from local retailers on the purchase of homeowner essentials.
OK, now, before you pooh-pooh Worcester, do yourself a favor. Go online and actually check out a few areas in Worcester. You know how cool college towns can be. If you have not visited Worcester in a while you should. It is a very magical place!
Did you know that Worcester is NEW ENGLAND's second largest city? It is a FIVE-TIME recipient of the All-American City Award. It combines the warmth of a small town with the conveniences of a thriving metropolis. You get affordable housing, quality public education, accessible transportation, trendy restaurants, cool shops, and exciting nightlife (for those who have time for that sort of thing ;).
But wait, there's more...."A manufacturing and innovation giant for more than 200 years, Worcester’s landscape blends impressive mills and diverse architecture with community-oriented neighborhoods, inviting green spaces, renowned colleges and unique cultural institutions. The City boasts one of the finest urban school systems in NewEngland and is rated one of the safest communities inthe country (with population of 100,000 or more). An admirable mix of old and new, Worcester is defined by eclectic neighborhoods with a range of housing stock - from historic, turn of the century homes to modern urban lofts.
Worcester’s Neighborhoods!
Lucky buyers can learn more about all of these by visiting www.buyworcesternow.com. It is rare to find such good incentive programs so at least checking it out would really be a good idea. Who knows maybe you will find exactly what you want and thought you could not have! ENJOY THE JOURNEY!
Friday, July 18, 2008
PUT "FUN" BACK INTO HOME BUYING...Here Are The Simple Steps
For many, the home buying process can be so confusing that even running the Boston Marathon -and winning - would seem like a simpler task! In reality buying a home (yes, even in this market) is a simply a serious of steps that get you to where you want to be. Whether someone is new or has bought before, it is always a good idea to get a good outline of the process. For years I looked for something I could share with my clients to no avail so in my "spare time" I decide to create something fun for the world, something that breaks down the steps of home buying into fun, bite-size pieces. I even added cartoon-like figures and (hopefully) some humor.
Let me know what you think of it. I'm always open to suggestions. I present to you the funny way to buy your next home...http://www.brickhouserealty.com/html/gameboard.html! ENJOY!
Big hugs,
Mariaaaaaaaaaaaaaaa
:)
Let me know what you think of it. I'm always open to suggestions. I present to you the funny way to buy your next home...http://www.brickhouserealty.com/html/gameboard.html! ENJOY!
Big hugs,
Mariaaaaaaaaaaaaaaa
:)
Wednesday, July 16, 2008
How to Use the Law of Attraction to Buy a Home...
All the universe is made of energy. That is a known fact. Your thoughts are basically energy. What you focus on you will get more of. When you visualize and then back it up with words you create your future path. Think about that. You are your own genie! When it comes to buying a house it helps to do this simple and fun exercise....Get some fun magazines. If you don't have any go on www.freecycle.org and ask if anyone has any cool house magazines they don't need. It's free to use. (If there is not a Freecycle group in your area start one - it builds community and keeps things out of landfills!) Cut out the photos of the homes and architectural features that you love. Glue the photos onto a sheet of paper. Make sure you are smiling and enjoying it as you create this because essentially you are using a fun way to focus your energy to what you want. Invite friends you adore to share this activity with you. Once you are done put it up where you see it like a bathroom mirror or your nightstand. Visualize yourself there. Allow the feelings to well up. Say out loud that you deserve this beautiful home. Believe and see how the universe delivers....
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