Nancy Judge's Blog
A credit score is an essential factor that determines how creditworthy you are and how much interest you should pay on loans. If you have an excellent credit score, you will pay a lower interest rate on loans and credit lines all through your lifetime. Apart from reducing your interest rate, a good credit score helps you save more money that should have gone into interest payment.
Your credit score is also a basis on which lenders determine if you are creditworthy. Other businesses have now adopted the credit score method as a basis to make decisions about you. Firms like the insurance company and utility company are among the few who have chosen this appraisal style. Having a bad credit score leaves you in a bad position. To determine factors that affect your credit score, read through the points listed below.
Late Payment History
Having a history of late payments would affect your credit score by about 35%. Payment history is the most significant factor that determines your creditworthiness. Payment history like bankruptcy, tax liens, collections, foreclosure, and charge – offs would destroy your credit score – making it almost impossible for you to be creditworthy.
Level of Debt
Debt utilization ratio makes up about 30% of your credit score. Having a huge debt will negatively affect your credit score and also increase how much you would pay on the interest rate. FICO credit calculator determines your credit score by calculating...
- Your credit balance ratio against your credit limit.
- Total debt you incur.
- How much loan balance you have left as against the original amount loaned
A single default on your loan repayment can leave your credit score in shambles. A person with a high credit score that declares bankruptcy loses up to 250 points, a foreclosed home would lose 200 points off the credit score of its owner. This information remains on your file for as long as seven to ten years.
Being unemployed for an extended period puts you in the wrong place. It’s something everyone goes through at a point or the other in their lives. Taking money out of your unemployment benefit will leave a slightly negative impact on your credit score. You might be wondering why it so? Credit bureaus do not know you are unemployed; all they see is a reduction in your income without a corresponding increase. It’s advisable you do this for a very short while.
Having a low credit score is not the end of the world; it’s your ability to work on changing this score that matters. Work with a personal financial consultant to develop a plan to improve your credit score.
127 Hillside St, Rowley, MA 01969
127 Hillside St, Rowley, MA 01969
Some houses benefit from extensive care over the years, while others show a lot of tough love. When it comes time to move on and sell your house, it might need repairs to get top dollar when selling. Fixing it up to sell is one option, but for those selling hurriedly without extra funds for significant repairs, here are tips for selling a house that may need a little work "as-is."
Clean it Up
Keeping your house neat and tidy can go a long way. While looking around at the ins and outs of your home, the day-to-day living will show. It is always worth giving a great first impression to a potential buyer. Buyers that see a cluttered house also will see that there aren't many storage options.
A delightful and maintained garden creates an appealing outer appearance. If there is not much to your landscaping, there are options to create a more welcoming lawn. If dealing with mostly concrete, adding gravel can be soothing to the eye. The area will become more attractive with this simple addition. Getting rid of weeds, keeping the grass trimmed, and adding some potted flowers can make quite a difference. Don't be afraid to stand out!
Another simple clean-up task is the windows. Most buyers head to windows right away to get a view of the house. Clean windows and sills can change a good impression to a great one.
Display Outstanding Features
Every house has its own unique gems. Don't be afraid to boast about the good qualities of your house. Floor plans, original fixtures, or anything unusual about the house are useful to point out to any type of buyer.
Create a focus on your selling points. A beautiful patio, ample storage, and distinctive views matter to many buyers and help with the transition of a sale.
Highlight the location of the house as well. If the house is in a well-known, desired neighborhood, be sure to point it out. Don't forget to mention public transportation, schools in the area, and the commute to specific stores or parts of town. People desire to live in a great house, but they also want great surroundings.
Sweat the Small Stuff
Taking the initiative to fix smaller repairs can be beneficial. Huge renovations aren't always needed. To make your place have a better appearance, often cosmetic repairs are what is necessary: Any holes or stains on the walls and ceilings should be taken care of right away. Deep cleaning appliances and bathrooms will go a long way. Leaky pipes and other small broken fixtures should be fixed immediately. Broken hinges and doors are noticeable but also easy to fix.
The Price is Right
Presenting a charade isn't the goal here. The buyer will see the amount of work needed to achieve their dream house, and that should be reflected in the price as well. An overpriced property can turn away a lot of buyers.
Rely on the advice and expertise of your real estate professional to help you set the correct pricing for a quick but profitable sale.
If you want to buy a house, it helps to plan ahead as much as possible. That way, you can increase the likelihood of a fast, seamless homebuying journey.
Now, let's take a look at three tips to help you prepare to enter the housing market, and ultimately, ensure that you can enjoy a speedy homebuying experience.
1. Focus on Specific Cities and Towns
Consider what you want to find in your dream house. Then, you can fine-tune your dream home criteria and narrow your house search.
For example, if you prefer small town living to life in the big city, you may want to search for houses in various towns in your state of choice. Or, if you want to buy a house near your office in the city, you can browse residences in or near the city itself.
Differentiating your dream home must-haves and wants can make a world of difference too. Because if you know exactly what you want to find in your ideal residence, you can streamline your house search and accelerate the homebuying journey.
2. Get Pre-Approved for a Mortgage
The process of filling out a mortgage application and getting approval from a bank or credit union can be long and arduous. And if you submit an offer a house without financing in hand, you may face a time crunch to get a mortgage as well.
When it comes to home financing, it pays to be proactive. If you start searching for a mortgage today, you may be able to save time down the line.
For instance, if you meet with a bank or credit union, you can learn about a variety of mortgage options. Next, you can select a mortgage that matches your needs, and this mortgage will allow you to enter the housing market with a budget. With this budget at your disposal, you can narrow your search to houses that fall within your price range.
3. Employ a Real Estate Agent
Let's face it – few homebuyers have the necessary time and resources to conduct a comprehensive home search. Luckily, real estate agents are available to help you discover your dream house in no time at all.
A real estate agent will learn about your homebuying goals and find out what you want from your dream house. With this information, a real estate agent can provide you with details about houses that fulfill your criteria.
Furthermore, a real estate agent is a housing market expert who will do everything possible to help you buy a high-quality residence. He or she will teach you about the housing market and provide extensive insights into real estate patterns and trends. Also, a real estate agent is happy to respond to your homebuying concerns and questions at any time.
For those who want to buy a house, there is no need to wait to enter the housing market. Instead, use the aforementioned tips, and you can reap the benefits of a quick, stress-free homebuying experience.