Here are six reasons you should own your home instead of renting one:
Happiness - The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn't that sound exciting!
Tax Savings - The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
Appreciation - Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
Equity - Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds your equity and acts as a savings account.
Roots - People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
Education - Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
If you looking to buy or sell your home, call me.
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When setting clocks forward an hour this Sunday, March 11 to mark the start of daylight saving time, some Fire Departments recommend to also change the batteries in your home smoke and carbon monoxide alarms.
The National Fire Protection Association reports that 71% of smoke alarms that failed to operate had missing, disconnected or dead batteries. The NFPA provides the following guidelines for smoke alarms:
Most Fire Departments also reminds citizens of the following safety precautions:
• Install a smoke alarm on every level of the home
• Ensure smoke alarms are clean and free of dust
• Dial 911 in case of any emergency
Check if your Fire Department provides battery-powered smoke alarms free of charge for senior citizens and residents in need.
Carbon Monoxide Safety Tips
Now that you are done, you are ready for spring!
Dreaming of buying your first home? The Georgia Dream Home-ownership Program fulfills home-ownership dreams by providing affordable mortgage financing for eligible home buyers. Are you a first time home buyer? You may be eligible for $15,000 for down-payment, closing costs and prepaid costs to purchase your home.
If you are interested in purchasing a home through the Georgia Dream Program, contact me and I will get you started!
If you don’t think that your FICO® scores are important, think again. The interest rate you can expect to pay for a loan is dependent on these scores. The difference between a FICO® score of 620 and 760 can often be tens of thousands of dollars over the life of your loan. A low score can cost you money each month or even cause the home you want to be unaffordable.
Basically, the higher your FICO® scores the less you can expect to pay for your mortgage loan. Learn to take control of your FICO® score and save money on your mortgage payments.
FICO scores range from 300 to 850. If all three FICO scores are viewed on the same day they will typically vary between zero and fifty points. The purpose of the score is to predict the likelihood of 90+ day delinquency over the next 24 months. As of (April 2017) data, the national distribution of FICO credit scores is as follows:
The General Formula for FICO Scores
FICO Credit Score Tidbits
When assigning points gained or lost for payment history information, the FICO score looks at four separate components:
Here is how Fair Isaac assigns the severity of a credit problem according to the time it has been on a credit bureau:
Percent Negative Impact
Most recent 12 months 93%
Prior 12 to 24 months 60%
Prior 24 to 36 months 44%
Prior 36 to 48 months 33%
Older than 4 years 22%
Source: Credit Scores & Credit Reports, Evan Hendricks, Privacy Times, Inc
Capacity is King
Almost as important as how you pay your bills is the amount owed on your various accounts (i.e. capacity), The FICO model considers three separate components of your credit when assigning capacity points=
1. Your installment balances compared to the original loan amounts.
2. Your revolving account balance compared to your revolving credit limit on an account-by-account basis; and
3. Your total revolving account balances compared to your total revolving limits.
By far, the total revolving limits available (#3 above) carries the most potential points and the potential loss of points.
Why does capacity carry so much weight in tie FICO scoring model? Because the FICO model knows that the majority of Americans who go bankrupt charge up their cards to the limits before they file.
In order to understand capacity, you must understand the math problem that determines how this large number of points is gained or lost.
% Revolving Dollars Available on Total Revolving Accts.
Available Total Reported Limits on Revolving Accts.
Keys to Capacity Success
Strategies that Will Improve a FICO Score
Checking your credit rating before you talk to a lender when purchasing your home will give you time to correct reporting errors and to prepare your score.
I help clients to make informed decisions when pursuing the dream to buy a home. Contact me and we'll get you started!
Disclaimer: All information provided is deemed reliable, but is not guaranteed and should be independently verified.