Favor Florida Team ~ First Real Estate, LLC

10 Ways to Improve Your Credit

2011-09-08T12:53:00.000-05:00

The biggest factor that determines whether or not you'll qualify for a loan (and the terms of the loan) is your Credit Score. Your overall income and debt are also considered.

Here are some ideas to help improve your credit score (also known as FICO).

1. First and foremost, PAY ON TIME!!! This should go without saying, because even a delay of just a few days shows up on your credit report. A good rule to go by is to pay the bill when it arrives in the mail. That way it's done, and you can rest easy that it didn't get buried under that mass of junk mail we all seem to get.

2. Pay down credit card bills. Pay off the entire balance each month, if you can. DON'T, under any circumstances, transfer credit card balances from one card to another. This can lower your score.

3. Don't max out any of your credit cards. High balances could show poor judgment and hurt your chances of getting a loan.

4. Periodically check for errors in your credit report. Correct them as quickly as you can. Remember, mistakes happen, but you don't want to pay for the poor financial management of someone else.

5. Don't open any new credit card accounts if you are planning on buying a home in the next 6 to 12 months. Too much available credit lowers your score.

6. Avoid finance companies. The interest is higher than banks and credit unions. Even if you pay on time, it could be seen as a sign of poor money management.

7. Shop for mortgage rates within a 2 week period. Too many applications could lower your score, but several inquiries from the same type of lender counts as one inquiry when done in a short period of time.

8. If you have had credit problems, wait 12 months before applying for a mortgage loan. You're not penalized as much for them after a year.

9. Once the loan is approved, do not, under any circumstances, buy anything on credit until after the closing and you have your new home keys in your hand. Banks today are very, very watchful!

10. Work faithfully to follow these steps and watch your credit score improve!

Hurricanes - Be Prepared

2011-08-26T06:29:00.008-05:00

Florida seems to be a favorite place for visitors, including hurricanes! To help ease your tension should you need to leave suddenly, keep these items packed and ready:

1. Non-Perishable Foods
Don't forget the non-electric can opener, spoons, plastic bowls & plates, paper towels, napkins and toilet paper.

2. Bottled Water
Have at least 1 gallon per day per person.

3. Clothes
Keep a weeks supply of basic clothes. Don't forget umbrellas, raingear and protective clothing.

4. Children's Needs
For small children, keep a separate bag filled with their necessities, plus toys, videos, music, etc. When you leave, don't forget their favorite items, i.e. teddy bear, blanket, etc.

5. First Aid Kit
Keep this in the trunk of your car at all times. You'll have it on hand at the ball park and other places, too!

6. Essential Medicines
Have Prescriptions refilled in case you can't do it elsewhere.

7. Ice Cooler
One large and several small coolers work well. Keep ice packs in your freezer to use on the trip. You can also freeze water in empty milk jugs, etc.

8. Portable Radio & Flashlights
Keep one of the flashlight batteries turned the wrong way. This extends the life of the batteries. Extra batteries are important, too.

9. Cash & Credit Cards
Keep as much cash on hand as you can afford so you're not scrambling to go to the bank when a storm is bearing down.

10. Important Papers
Purchase a small, portable safe that has a handle. It's large enough to hold important documents like insurance policies, birth certificates, passports, etc.

11. Cell Phones
Don't forget the chargers!

12. Bedding
Fill a "Space Bag" (or similar bag) with blankets, pillows, towels, washcloths. These can be stored under the bed as a "Grab & Go" item.

13. Toiletries
Keep a small bag pre-filled. This can be used regularly when you travel, and saves time in an emergency. Take a box of zipper bags for wet soap and washcloths, and don't forget the wet-wipes.

14. Air Mattress, Sleeping Bags
You can buy an inexpensive foot pump for the mattress.

15. Ear plugs, eye shades
Great to have if you're staying in a shelter.

16. Small Tool Box
Keep this in the trunk filled with basic tools.

17. Pet Cage & Leash
Don't forget your "feather & fur babies". Take their food, too.

18. Filled Gas Can
There always tends to be a rush on gas stations during storms.

19. Small Portable Generator
Not a top priority for travel, but you never know. NEVER use this indoors.

20. Most importantly, Be Anxious For Nothing!

Reasons why you need a Realtor/Broker

2011-08-24T14:20:00.000-05:00

Florida Realtors are licensed real estate professionals who have completed and passed an intense course in all areas of real estate sales, laws and ethics. Florida Real Estate Brokers have taken it a step higher by completing the Florida Brokers license course and passing the State Board test. They are members of a local Association of Realtors, as well the Florida Association of Realtors and National Association of Realtors.

Buying or selling a home is complicated. It requires quite a bit of paperwork, such as sales contracts, disclosure forms, inspection reports, insurance policies, deeds, mortgage documents, and government-required settlement statements. Proper guidance can help you avoid costly mistakes and/or delays.

Even in a strong market, homes in this area can stay on the market anywhere from a few days to several months. Then once a buyer's offer is accepted by a seller, it could take another 30 to 60 days to close.

Terminology is another thing to consider. If you don't know terms like PUD, CMA, HUD, a Realtor/Broker can help you understand and make things flow as smoothly as possibly. Laws and regulations change, and Florida law requires licensed Realtors/Brokers to know them through continuing education.

Since most people only buy or sell a small number of homes in their lifetime, Realtors/Brokers have the know-how to help keep your buying or selling experience on an even keel. A Realtor/Broker can be objective. Buying or selling a home can be an emotional roller coaster. Having a concerned, third party expert on your side helps keep the ride less scary and more thrilling! Your home is not just "sticks and bricks", it represents security, family and rest for you, as well as reflecting your personality.

The Favor Florida Team of First Real Estate LLC are licensed Florida Real Estate Brokers and are here to help so feel free to contact us!