Blog – Page 604 of 791 – First Rate Financial Group

12

Aug

Mortgage Tips

Three Proven Ways You Boost Your Credit to Get a Mortgage Approved

These 10 States Have The Biggest Mortgage Debt Credit problems are unfortunately common, and they can make it difficult for you to obtain a mortgage. Even if you are able to obtain a mortgage with your credit issues, the rate may be rather high in comparison to what you may qualify for if you obtain a mortgage without fixing your credit problems. While some issues may take a while to fix, you may be able to see a decent increase in your credit rating when you follow a few easy steps.

Pay Off Outstanding Derogatory Credit Items

When you review a copy of your credit report, you may notice that some items have an outstanding balance due. If the account is in good standing, the outstanding balance is not a primary issue unless you have an excessive amount of debt. If the account is not in good standing, such as if you have a series of late payments or a collection account being reported on the credit report, you can see a boost in your credit rating when you pay off these debts.

Settle Judgments

Legal matters can also be reported on your credit report, and they may be settled or still outstanding. An example of this would be if an electrician serviced your home, and you did not pay the bill. The electrician could file a lien against you. A settled judgment may still be a ding on your credit rating, but it is far better than having an unsettled judgment. If you notice that you have a judgment reported on your credit report, you may consider taking the necessary steps to settle it and get back in good standing.

Pay Off Small Balances

If you can afford to do so, it can improve your credit rating to pay off small balances. A portion of your credit rating will be determined by the number of open accounts and the number of accounts with balances that you have. By focusing on the small balances, you can often see a quick improvement in your credit score. There may also be a benefit to closing these accounts after they have been paid off.

Before you apply for a mortgage, it is wise to request a copy of your credit report. You want to remove any items that you find on the report that do not belong to you. For those derogatory items that are yours, you can follow these steps to help improve your credit rating with fast results.

11

Aug

By support

Home Seller Tips

Pocket the Profits: The Secrets to Selling Your Home above the Asking Price

Pocket the Profits: The Secrets to Selling Your Home above the Asking Price We all want to sell our homes at above asking price, but what is it that makes a seller succeed at this? Here’s our expert advice on how you can sell your home above the asking price.

Ask For Less

You may be surprised, but pricing your home lower than market value can have an extremely positive effect on the offers you receive. This is because a low-priced listing will stand out and will draw more attention, which boosts your chance of a bidding war.

By attracting more buyers to come and look at your home, you will find more buyers who are willing to make an offer on your property. When they view your home they will see its true market value, and are then more likely to make a higher offer in hopes of outbidding others. It’s all about creating hype, and a low asking price will do just that.

Wait It Out

While it may be tempting to accept the first offer that comes along, in some cases, it may be better to wait and see what other offers come in. If you accept the first offer on your property you have closed the door to competition.

Consider Who You’re Selling To

Is your home better suited towards traditional buyers, or is it a valuable property for investors? If your home could easily be renovated and flipped, has high potential as an income property, or is in an up-and-coming neighborhood, it may be better marketed as an incredible investment property.

Investors expect a return on the money that they spend so are often more willing to make a higher offer – they know those funds will come right back to them.

Rock Your Renos

There are several simple renovations that can add a huge amount of value to your home. The return on investment for a few small upgrades is often very worthwhile when your goal is to receive more than asking price.

Make sure the flooring, kitchen, and bathrooms in your home are updated and appealing, and if not, consider upgrading these areas first. If you’re targeting investors, adding an income suite to your property may be the best investment you can make. Consider which kind of buyer you’re targeting and what areas of your home need the most TLC, and choose accordingly. Speak with your trusted mortgage agent today to learn more.

10

Aug

By support

Home Mortgage Tips

Can You Get a Mortgage after a Chapter 7 Bankruptcy Discharge? Yes – But You’ll Have to Wait

Can You Get a Mortgage after a Chapter 7 Bankruptcy Discharge? Yes - But You'll Have to Wait There was a time when it was possible to acquire a mortgage shortly after filing for Chapter 7 bankruptcy, but with the shifts in the financial sector, the timeline on such a mortgage approval has changed in recent years. If you’re currently undergoing a Chapter 7 bankruptcy and are wondering how this will impact home ownership, here are the basics on this type of bankruptcy and what it may mean for you.

What Is Chapter 7?

While a Chapter 13 bankruptcy is the kind of financial situation that requires debt repayment, Chapter 7 is different in that it involves the liquidation of an individual’s personal assets to pay back the debt that is owed. A trustee will be designated to take care of the bankruptcy process, but a Chapter 7 bankruptcy will remain on your credit report for 10 years and have a negative impact on your credit score, which can mean increased interest rates on a mortgage down the road.

Re-Building Your Credit Score

The most important step to obtaining a mortgage following a Chapter 7 bankruptcy is keeping on top of your credit. Because your credit score will be lowered and bankruptcy will remain on your report for a long time, paying all of your bills on time in full and ensuring every aspect of your financial health is in check is of primary importance. Since most lenders will not even consider your application if you’re delinquent with payments, impeccable form is necessary in this case.

The Timeline On A Mortgage

According to the Federal Housing Administration (FHA), anyone applying for a mortgage must wait a minimum of two years after the discharge date of their Chapter 7 bankruptcy, which is the date they are cleared of obligation to their debt. While this is good news for those who want to apply for a mortgage in the near future, it’s important that a good credit history is developed and all FHA requirements are met to ensure approval.

Filing for Chapter 7 bankruptcy can be a hard financial pill to swallow, but by keeping your credit history in check for the duration of the 2-year period, you can be well on your way to a mortgage approval. If you’re planning on being on the market for a home in the near future, contact your trusted mortgage professional for more information about opportunities in your community.