Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Worried about Your FICO Score? 4 Easy Strategies to Fix It Up

by

Worried about Your FICO Score? 4 Easy Strategies to Fix It UpIf you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.

IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted real estate advisor before taking any action regarding your credit!

So how can you boost your FICO score quickly and easily? Here’s what you need to know.

Get Your Credit Report And Dispute Any Errors

Credit reporting agencies don’t always keep 100% perfect records, and there’s a good chance that your credit report contains at least one error. One recent FTC study found that 25% of consumers have an error on their credit report, and that in 5% of cases, the errors were actually severe enough to impact the loan terms that borrowers were able to negotiate.

You can get your annual credit report from all three credit reporting agencies for free. Carefully read over it. If you see any errors – if your name is misspelled, if they have the wrong address on file, or if there are late or unpaid charges that you didn’t make – you can dispute the items in question.

Still Overdue? Negotiate Payment Terms With Your Creditors

If you’re overdue on a payment, it will weigh heavily on your credit score. As your payment history makes up a full 35% of your FICO score, this is one area where you’ll want to invest a great deal of time and effort.

Contact any creditors you owe money to and ask if you can negotiate your bill. The ideal outcome for you is to have the creditor report your debt as paid in full, so see if you can secure that promise in writing in exchange for an accelerated payment schedule.

Try Maintaining A Lower Utilization Ratio

Your utilization ratio refers to the amount of credit you use at any given time. If this number goes beyond 30 percent, you’ll start to see your credit score drop. Ideally, you should aim for a utilization ratio below 10 percent – this will prove to your lender that you can responsibly pay for the credit you use.

Have Recurring Bills? Automate Your Payments

Automating your monthly payments can be a great way to boost your credit score. Whether it’s your mortgage, your credit card, or your student loan, a pre-authorized monthly payment will ensure that everything gets paid on time and give you a great credit history.

Your FICO score is a number that will determine your eligibility for mortgages and other loans. These are general tips to help with your credit score and improve the overall reporting of your credit.

Worried about Your FICO Score? 4 Easy Strategies to Fix It Up

by

Worried about Your FICO Score? 4 Easy Strategies to Fix It UpIf you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.

IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted real estate advisor before taking any action regarding your credit!

So how can you boost your FICO score quickly and easily? Here’s what you need to know.

Get Your Credit Report And Dispute Any Errors

Credit reporting agencies don’t always keep 100% perfect records, and there’s a good chance that your credit report contains at least one error. One recent FTC study found that 25% of consumers have an error on their credit report, and that in 5% of cases, the errors were actually severe enough to impact the loan terms that borrowers were able to negotiate.

You can get your annual credit report from all three credit reporting agencies for free. Carefully read over it. If you see any errors – if your name is misspelled, if they have the wrong address on file, or if there are late or unpaid charges that you didn’t make – you can dispute the items in question.

Still Overdue? Negotiate Payment Terms With Your Creditors

If you’re overdue on a payment, it will weigh heavily on your credit score. As your payment history makes up a full 35% of your FICO score, this is one area where you’ll want to invest a great deal of time and effort.

Contact any creditors you owe money to and ask if you can negotiate your bill. The ideal outcome for you is to have the creditor report your debt as paid in full, so see if you can secure that promise in writing in exchange for an accelerated payment schedule.

Try Maintaining A Lower Utilization Ratio

Your utilization ratio refers to the amount of credit you use at any given time. If this number goes beyond 30 percent, you’ll start to see your credit score drop. Ideally, you should aim for a utilization ratio below 10 percent – this will prove to your lender that you can responsibly pay for the credit you use.

Have Recurring Bills? Automate Your Payments

Automating your monthly payments can be a great way to boost your credit score. Whether it’s your mortgage, your credit card, or your student loan, a pre-authorized monthly payment will ensure that everything gets paid on time and give you a great credit history.

Your FICO score is a number that will determine your eligibility for mortgages and other loans. These are general tips to help with your credit score and improve the overall reporting of your credit.

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage

by

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your MortgageAre you the type of person that struggles with remembering to pay their bills on time? You’re not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let’s take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.

Your Credit Score Is At Risk

As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks showing up on your credit report. If you are late enough times or fail to repay the late payment in full, then your score will start to drop.

Refinancing Can Be Affected

If you already have a mortgage, then a lower credit score can be a problem when you try to refinance. The process of refinancing involves taking out a new mortgage, in which your lender will reassess your risk using your credit score as one of the indicators. If you have been making late payments, you might end up having to settle for a higher interest rate or you may even be declined for the new mortgage.

Making A Late Payment? Contact Your Lender

If you are caught in a bind and have to make a late payment, it is best to get a call in to your lender as soon as possible. First, there may be a grace period in which you can be a few days late without any penalty. If that little bit of breathing room is all you need to get caught up, you’re set. If not, you can let them know your circumstances and discuss what options you have.

It is essential to pay your monthly payments on time, even if it means making some small sacrifices in other areas. The better your credit score looks, the more opportunities you will have to make positive financial moves in the future. To learn more about monthly mortgage payments or to take out a mortgage on a new home, contact us today. Our team of mortgage professionals is here to help you find a mortgage to buy the home of your dreams.

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your Mortgage

by

On Time, Every Time: How Being Late on Monthly Payments Can Affect Your MortgageAre you the type of person that struggles with remembering to pay their bills on time? You’re not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let’s take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.

Your Credit Score Is At Risk

As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as small as your mobile phone bill or a department store credit card – can result in negative marks showing up on your credit report. If you are late enough times or fail to repay the late payment in full, then your score will start to drop.

Refinancing Can Be Affected

If you already have a mortgage, then a lower credit score can be a problem when you try to refinance. The process of refinancing involves taking out a new mortgage, in which your lender will reassess your risk using your credit score as one of the indicators. If you have been making late payments, you might end up having to settle for a higher interest rate or you may even be declined for the new mortgage.

Making A Late Payment? Contact Your Lender

If you are caught in a bind and have to make a late payment, it is best to get a call in to your lender as soon as possible. First, there may be a grace period in which you can be a few days late without any penalty. If that little bit of breathing room is all you need to get caught up, you’re set. If not, you can let them know your circumstances and discuss what options you have.

It is essential to pay your monthly payments on time, even if it means making some small sacrifices in other areas. The better your credit score looks, the more opportunities you will have to make positive financial moves in the future. To learn more about monthly mortgage payments or to take out a mortgage on a new home, contact us today. Our team of mortgage professionals is here to help you find a mortgage to buy the home of your dreams.

How to Find the Perfect Tenant for Your Basement Living Quarter’s

by

The Mortgage Helper: How to Find the Perfect Tenant for Your Basement SuiteDo you have an empty basement or separated suite in your home? If you have a suite sitting empty, you are missing out on collecting some extra monthly income in the form of rent. Let’s take a look at a quick four-step process that will help you find the perfect tenant to rent out your basement suite.

Step 1: Play By The Rules

Is this your first time renting out a home or suite to a tenant? If so, you will want to do a bit of research first. Read up on Fair Housing Rules and other regulations as these will inform you of your responsibilities as a landlord. Keep in mind that you cannot discriminate in any way when it comes to race, religion, gender, family status or disability. Anyone who applies must be given a fair chance.

Step 2: Be Specific In Your Advertising

When you place a rental listing, be as specific as possible in what you are looking for in a tenant. If you are a single, quiet person, you may want someone similar as you will be compatible. Conversely, if you are a young couple, you may clash with a retired senior or someone older. Be as specific as possible but remember that you cannot be discriminatory.

Step 3: Meet Potential Tenants In Person

Be sure to take the time to meet with every short-listed applicant in person. If you are not comfortable with having so many strangers over to your home, consider meeting at a local coffee shop. An in-person meeting will allow you to visually assess the person and determine if your personalities are a fit for living in the same home.

Step 4: Don’t Skip The Checks

Finally, don’t take any shortcuts when performing background, credit and other checks. Ask your tenant for at least one or two references that you can call to verify their rental history. Investing in a credit check will help to assess their risk of missing monthly rent payments. And if necessary, a criminal records check can let you know if they have been in trouble with the law.

As long as you are well-prepared and diligent, finding a suitable tenant for your basement suite can be a painless process. To learn more about mortgage products are perfect for rentals, contact us today. Our mortgage team will be happy to help you!

How to Find the Perfect Tenant for Your Basement Living Quarter’s

by

The Mortgage Helper: How to Find the Perfect Tenant for Your Basement SuiteDo you have an empty basement or separated suite in your home? If you have a suite sitting empty, you are missing out on collecting some extra monthly income in the form of rent. Let’s take a look at a quick four-step process that will help you find the perfect tenant to rent out your basement suite.

Step 1: Play By The Rules

Is this your first time renting out a home or suite to a tenant? If so, you will want to do a bit of research first. Read up on Fair Housing Rules and other regulations as these will inform you of your responsibilities as a landlord. Keep in mind that you cannot discriminate in any way when it comes to race, religion, gender, family status or disability. Anyone who applies must be given a fair chance.

Step 2: Be Specific In Your Advertising

When you place a rental listing, be as specific as possible in what you are looking for in a tenant. If you are a single, quiet person, you may want someone similar as you will be compatible. Conversely, if you are a young couple, you may clash with a retired senior or someone older. Be as specific as possible but remember that you cannot be discriminatory.

Step 3: Meet Potential Tenants In Person

Be sure to take the time to meet with every short-listed applicant in person. If you are not comfortable with having so many strangers over to your home, consider meeting at a local coffee shop. An in-person meeting will allow you to visually assess the person and determine if your personalities are a fit for living in the same home.

Step 4: Don’t Skip The Checks

Finally, don’t take any shortcuts when performing background, credit and other checks. Ask your tenant for at least one or two references that you can call to verify their rental history. Investing in a credit check will help to assess their risk of missing monthly rent payments. And if necessary, a criminal records check can let you know if they have been in trouble with the law.

As long as you are well-prepared and diligent, finding a suitable tenant for your basement suite can be a painless process. To learn more about mortgage products are perfect for rentals, contact us today. Our mortgage team will be happy to help you!

What’s Ahead For Mortgage Rates This Week – October 2, 2023

by

Last week, consumers were treated to several indicators on inflation that not only paint a picture of the economy’s health but also give the Fed more information to work with as it continues to aim for a soft landing.

August Sees a Slight Upward Trend in Inflation

This week, the personal consumption expenditures price index, which excludes more volatile commodities like food and energy, increased 0.1 percent for the month. This is lower than the expected value of 0.2 percent, which indicates that the rising interest rates are starting to have an impact on the economy as the Fed continues to work to bring down inflation.

When compared to the previous 12 months, the price index was up 3.9 percent. This matched expectations and shows that inflation could finally be turning a corner. In addition, consumer spending rose 0.4 percent in August, which is down sharply from 0.9 percent in July. This is another indicator that higher interest rates are having an impact on consumers, who are finally pulling back on their spending.

As the month continues to progress, a lot of people will wait and see how the Fed’s decision to hold interest rates steady will impact the economy. Those looking for houses will probably be excited that interest rates were held steady, but it will be interesting to see how this decision impacts the fight against inflation.

Mortgage Rates Continue To Rise

This week, the 30-year fixed mortgage rate sits at around 7.59 percent on average, which remains one of the highest rates in decades. In August, the average rate was 7.18 percent, indicating that rates have gone up sharply. This is also up slightly from the previous week, where the average 30-year fixed rate was 7.51 percent.

What's Ahead For Mortgage Rates This Week - October 2, 2023In addition, 15-year fixed mortgage rates have gone up as well, with the national average sitting at around 6.82 percent. This is up from last week, when the average 15-year fixed was 6.51 percent. This is also up slightly from August, where the rates hovered around 5.84 percent.

Because the Federal Reserve decided to hold interest rates study, many home buyers are hoping that mortgage rates will stabilize for a couple of months. It remains to be seen if that will happen.

Consumer Sentiment Might Be Stabilizing

The consumer sentiment report from the University of Michigan is stabilizing, with numbers for September coming in at around 68.1. While this is a slight dip from August’s average numbers, the numbers for September are starting to rise.

Consumers might be starting to relax a little bit because inflationary numbers are starting to come down. For consumer sentiment to rise further, mortgage rates might have to come down without contributing to a spike in inflation or home prices.

This dip implies that despite the decreasing inflation rates, there remains a cloud of uncertainty amongst consumers. This could be attributed to potential interest rate hikes and a subtle slowing down of the job market. The prevailing mood is still optimistic, but the trend is shifting.

Looking To Next Week

Next week, the unemployment data is going to be released, as initial jobless numbers are going to come in. This is a key indicator because rising interest rates generally lead to more layoffs, which could jeopardize the Fed’s goal of a soft landing.

What’s Ahead For Mortgage Rates This Week – October 2, 2023

by

Last week, consumers were treated to several indicators on inflation that not only paint a picture of the economy’s health but also give the Fed more information to work with as it continues to aim for a soft landing.

August Sees a Slight Upward Trend in Inflation

This week, the personal consumption expenditures price index, which excludes more volatile commodities like food and energy, increased 0.1 percent for the month. This is lower than the expected value of 0.2 percent, which indicates that the rising interest rates are starting to have an impact on the economy as the Fed continues to work to bring down inflation.

When compared to the previous 12 months, the price index was up 3.9 percent. This matched expectations and shows that inflation could finally be turning a corner. In addition, consumer spending rose 0.4 percent in August, which is down sharply from 0.9 percent in July. This is another indicator that higher interest rates are having an impact on consumers, who are finally pulling back on their spending.

As the month continues to progress, a lot of people will wait and see how the Fed’s decision to hold interest rates steady will impact the economy. Those looking for houses will probably be excited that interest rates were held steady, but it will be interesting to see how this decision impacts the fight against inflation.

Mortgage Rates Continue To Rise

This week, the 30-year fixed mortgage rate sits at around 7.59 percent on average, which remains one of the highest rates in decades. In August, the average rate was 7.18 percent, indicating that rates have gone up sharply. This is also up slightly from the previous week, where the average 30-year fixed rate was 7.51 percent.

What's Ahead For Mortgage Rates This Week - October 2, 2023In addition, 15-year fixed mortgage rates have gone up as well, with the national average sitting at around 6.82 percent. This is up from last week, when the average 15-year fixed was 6.51 percent. This is also up slightly from August, where the rates hovered around 5.84 percent.

Because the Federal Reserve decided to hold interest rates study, many home buyers are hoping that mortgage rates will stabilize for a couple of months. It remains to be seen if that will happen.

Consumer Sentiment Might Be Stabilizing

The consumer sentiment report from the University of Michigan is stabilizing, with numbers for September coming in at around 68.1. While this is a slight dip from August’s average numbers, the numbers for September are starting to rise.

Consumers might be starting to relax a little bit because inflationary numbers are starting to come down. For consumer sentiment to rise further, mortgage rates might have to come down without contributing to a spike in inflation or home prices.

This dip implies that despite the decreasing inflation rates, there remains a cloud of uncertainty amongst consumers. This could be attributed to potential interest rate hikes and a subtle slowing down of the job market. The prevailing mood is still optimistic, but the trend is shifting.

Looking To Next Week

Next week, the unemployment data is going to be released, as initial jobless numbers are going to come in. This is a key indicator because rising interest rates generally lead to more layoffs, which could jeopardize the Fed’s goal of a soft landing.

What Costs Can You Expect When Selling Your Home? Let’s Take a Look

by

What Costs Can You Expect When Selling Your Home? Let's Take a LookFor many people, putting their home up for sale is an exciting time. With real estate on the rise, there are plenty of opportunities to see financial gains. Unfortunately, even if you’re selling your home, there are still going to be costs involved before ownership is transferred. If you want to be prepared for what to expect, here are some costs to watch out for.

Real Estate Agent Fees

As with buying a home, there will be costs involved in selling your home with an agent who will take a percentage out of the total sale of your home. Fortunately, while this will cost money, utilizing a real estate agent will probably garner you more money than you would have been able to get by putting your home on the market yourself. If you do want a better deal, it may be worth talking to your agent and seeing if they’re willing to negotiate on their percentage.

Agreed-Upon Closing Costs

It’s not uncommon nowadays for homebuyers to request their closing costs be paid by the seller in order to secure a deal, but it’s worth understanding what these fees may consist of. While there may be fees for the home appraisal, property transfer, and title insurance, there may also be maintenance costs you’ll have to take on following the home inspection. As a result, it can be important to do any home touch-ups before you’ve set a date for the open house as these can lower the offers on your home.

Moving Costs

Even if you have a big truck and a lot of heavy lifters in your family, there’s a good chance that you’re still going to require a moving company to take care of many of your items. You may be able to minimize these costs by moving in pieces and leaving the heavier items for the movers, but if your home sale is closing quickly, this work might best be left to the professionals. It will be worth getting quotes from a handful of trusted local movers to see who comes recommended at a reasonable price.

It’s easy to get caught up in the concept of selling your home, but even along with selling come many costs you’ll want to be aware of. If you’re preparing to put your home on the market, contact your local real estate professional for more information.

Kids Moving Out of the House? Here Are 3 Tips for Creating a Warm, Welcoming Guest Bedroom

by

Kids Moving Out of the House? Here Are 3 Tips for Creating a Warm, Welcoming Guest BedroomIf you’re a homeowner with children, at some point, you’ll be saying goodbye. They’ll move off to college or to start their career and adult life. As children move out, you’ll discover that you have extra bedrooms and other living spaces that will need a new purpose. Let’s take a look at three ways that you can transform an unused bedroom into a welcoming place for guests to stay.

Get Started With A Deep Clean

The first thing you’ll want to do is engage in a top-to-bottom deep clean of the room. Get everything out of the room so that nothing’s left but the carpet. Clean the walls, windows, light fixtures and closets until they’re sparkling clean. If the carpet is still in good condition and doesn’t have a lot of stains, have it professionally steam-cleaned. Or if it’s a little beat up from years of abuse, consider replacing it with beautiful new carpeting.

Consider A Fresh Coat Of Paint

Have a look at the condition of the paint and walls. Does the paint still add a colorful “pop” to the room? Or have the years taken away its luster? Do the walls have scratches, dents, and holes in random areas? Are they in need of repairs?

Even if the paint is in good condition, this is an excellent opportunity to completely change the look and feel of the room. Consider going with a lighter color palette that gives off a welcoming vibe.

Go With Matching Furniture And Tables

Once the room itself is in tip-top shape, you’ll need to focus on the bed, dresser, tables and other furniture. As mentioned above, this is the perfect time to get rid of any mismatched furniture and replace it with a matching bedroom set. Also, be sure to toss out any dated mirrors or light fixtures that don’t match up with the room’s new look.

As your children get older and move out of the family home to start their own lives, you’ll be granted with a lot more space to make use of. Having a welcoming guest bedroom or two will ensure that you’ve always got some room for family members to come and visit. But if you decide that you’ve got too much space, contact your trusted mortgage professional.