Blog — Page 645 of 887 — First Rate Financial Group

12

Apr

Home Mortgage Tips

Til’ Debt Do Us Part: How to Get a Mortgage If One Spouse Has A Poor Credit Score

Til' Debt Do Us Part: How to Get a Mortgage If One Spouse Has A Terrible Credit Score A poor credit history is a reality for many people, but it can be particularly daunting when it comes to investing in a house. Fortunately, simply because you or yours have experienced bad credit doesn’t mean that you should be penalized in the future. If your spouse has struggled with bad credit in the past but you’re both preparing to move forward and invest in a home, here are some tips for getting it together financially.

Face The Music

Many people who have bad credit are too scared to take a look at their credit report and broach it honestly, but it’s important to come to terms with the problem so that it can be fixed. Instead of ignoring it, get a copy of the credit report and review it for any errors so that you can update these if needed and be aware of the issues impacting your credit score. While there may not be any inaccuracies on the report, knowing what you’re dealing with will give you a point to start from.

Make Your Payments

At some point, most people have missed a credit card or bill payment, but the first step involved in improving your finances and your credit is ensuring your spouse is paying their bills on time. While this won’t require paying the complete balance each month, it’s important to pay the minimum balance before the due date, and stick with it! It may seem like a small step, but over time it will improve credit and say a lot to mortgage lenders!

Save Up For Down Payment

20% is the amount that’s often suggested when it comes to a down payment, but if your spouse has terrible credit, it may be worth your while to save up more. It goes without saying that having good credit for both yourself and your spouse is important in getting approved for a mortgage, but by having extra for your down payment and paying your bills on time, you may be successful at convincing lenders you’re a solid bet.

It can be a lot more difficult to get your mortgage approved if your spouse has bad credit, but there are steps you can take to improve your financial outlook and give lenders a better impression. If you’re planning on investing in a home in the near future, contact your trusted mortgage professionals for more information.

11

Apr

By support

Home Buyer Tips

Buying a Home on a Single Income? 3 Budgeting Tips That Will Make Things Easier

Buying a Home on a Single Income? 3 Budgeting Tips That Will Make Things Easier Are you thinking about buying that perfect new home? Whether you’re buying for yourself or a new home for a family, there will be many costs involved. Let’s take a look at 3 budgeting tips that will help make home ownership on a single income easier.

Get A Full Picture Of Home Ownership Costs

Buying a home is never as simple as paying a mortgage payment each month. So, as with most budgets the first place to start is a full consideration of everything involved.

On top of your mortgage, what other monthly costs will come up? Consider utilities like electricity, phone, cable, water and others. You’ll be responsible for property taxes, so find out how much other local owners are paying. If you’re buying into a community, you may have to pay monthly fees to a homeowners’ association.

When you’re visiting open houses and talking to owners, be sure to get a full picture of their monthly costs. It will help you build a responsible budget.

Keep Your Credit As Strong As Possible

It might sound obvious, but keeping your credit or FICO score spotless is important. Buying a home on a single income means that you’ll need a mortgage. Depending on the home you’re buying, this might be significant. Your credit score is one of many factors your lender will use to assess you, but it’s the most important. So keep those bills paid on time and avoid any black marks on your credit report.

Plan Ahead For Unexpected Budget Shocks

Don’t forget to think ahead at events that — while unlikely — may shock your finances. Having one income means that you’re one negative health event away from being out of work. What happens if the income-earner gets sick, fired or laid off? Is there other work nearby, or would you need to move? Consider the different types of insurance you can get on your mortgage and home. And how much you’ll need to put away in a ‘rainy day fund’ each month. While it might be a bit more of a struggle, it’s still possible to buy a home on a single income.

10

Apr

By support

Mortgage Rates

What’s Ahead For Mortgage Rates This Week – April 10, 2017

Last week’s economic data included releases on construction spending and labor-related reports including ADP Payrolls, Non-Farm Payrolls, national unemployment. Weekly readings on mortgage rates and new jobless claims were also released.

Construction Spending Increases in February

February construction spending grew by 0.80 percent from January’s reading of -0.50 percent. Analysts expected a reading of + 1.00 percent. Housing industry pros and analysts continue monitoring construction spending for indications of future construction projects. Construction spending was boosted by unseasonably warm weather in regions typically subject to cold winter climates.

U.S. homes are in high demand despite rapidly rising home prices due to short supplies of available homes; industry leaders contend that building more homes is the only remedy for the imbalance between would-be home buyers and low inventories of homes for sale. Home builders repeatedly cite shortages of buildable lots and skilled labor as obstacles to building more homes.

Job Growth Dips as New Jobless Claims and Unemployment Rate Falls

ADP reported that 263,000 private-sector jobs were created in March as compared to revised readings of 245,000 jobs created in February and expectations of 170,000 jobs created in March Private-sector employers were encouraged by potential reductions in taxes, regulations, infrastructure and improvements.

Non-farm payrolls dropped significantly in March; the Commerce Department reported only 98,000 new public and private sector jobs added in March as compared to expectations of 185,000 jobs added and 219,000 public and private-sector jobs added in February.

Economists said that rapid growth of jobs seen in the last few years was not sustainable and cited severe reductions in retail jobs as contributing to the drop in the Non-farm payrolls reading for March. The steep drop in job creation could cause the Federal Reserve to hold off on raising the federal funds rate in June, but this is far from certain depending on economic readings for April and May.

National unemployment fell to 4.50 percent in March against expectations of 4.70 percent and February’s reading of 4.70 percent

New jobless claims fell to 234,000 claims as compared to expectations of 251,000 new claims and the prior week’s reading of 259,000 claims. Lower initial jobless claims despite the steep drop in job growth suggests that workers are leaving the workforce and are ineligible to file new claims or that the drop in jobs growth was a “correction” and future jobs growth reports may not show such sharp adjustments.

Mortgage Rates Mixed

Rates for fixed-rate mortgages were lower last week. Freddie Mac reported that average rates for fixed rate mortgages fell; the average rate for a 30-year mortgage was four basis points lower at 4.20 percent. The average rate for a 15-year fixed rate mortgaged dropped three basis points to 3.36 percent. The average rate for a 5/1 adjustable rate mortgage ticked up by one basis point to an average of 3.19 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for a 5/1 adjustable rate mortgage.

What‘s Ahead

This week’s scheduled economic reports include readings on inflation, core inflation and consumer sentiment. Weekly reports on new jobless claims and mortgage rates will also be released.