Credit Improvement Tips for Home Buyers

If you’re interested in buying a home, having better credit can increase your loan success. The time spent saving money and looking for the right home is an excellent time to improve your credit.

There are a lot of bad shortcuts out there, so it’s key to understand the right way to improve your credit. Here are two credit-improvement techniques to make your profile more attractive–or at least less risky–to lenders.

Contact Your LendersFinancial collapse and economic nightmares are everyone’s problem. While not all bad credit situations come from a national-level economic crisis, it’s something that lenders acknowledge.

You don’t need to be an economic scholar or skilled in linking financial news articles to prove your point. If you lost your job, suffered higher utility costs, or if your cost of living has increased significantly, there is help.

Most banks and many lending companies have financial counselors who do more than give advice. While any counseling will come with information about what you can do to pay your debt on time, your situation is valuable research and security.

At the end of the day, lenders want their money back–and preferably with interest. Whether you bring compassion into the equation or not, it’s better to treat a long-time payer with support so that they will continue borrowing in the future.

Short-term support means a continued client. If giving you a delay in payments means giving you a chance to move to a new job, receive training, or hold onto mental health, it can happen if you communicate properly.

If you’re buying a new home, that purchase would and should be scrutinized if you’re not able to make other payments. That said, buying a home to get to a better situation–along with proof of why that situation makes sense–can work.

You’re essentially making all of your financial decisions the business of the lender. If it makes sense to them, you can get help. Even if you’re declined, heed their advice. Whether for greed or honest concern, their interest is in improving your money.

Look For Credit ErrorsIs your score lower than perfect or at dangerous levels? Do you know why?

People with no credit history or less than a year of credit history will need time to establish their credit. If you’ve had credit cards, loans, and other credit accounts for over a year and have less than a 600 score, it’s time to investigate.

If you haven’t looked at your credit at all, it’s time to check immediately.

Credit fraud and credit mistakes are common. In 2017, an IRTC report showed some staggering numbers about identity theft:

• 14.2 million credit cards exposed.
• Almost 158 million social security numbers (SSN) were exposed due to data breaches.
• Around 91 thousand medical/healthcare industry breaches took place.

Identity theft can come from any place that handles your personal data. From the stores you visit–physical and online–to the personal information you write down or the mail you throw away, there are lots of places to scrape information for a fake identity.

While there’s no shortage of advice on what to do to protect yourself –and what to do after identity theft–the critical detail is to look through your credit report and question every unknown account.

If there’s an account you don’t recognize–and especially if it’s a negative mark on your credit–file a report. You can report multiple accounts, and an investigation will find details for the accounts.

While reporting a legitimate account is illegal, you still have plenty of reasons to question everything. It’s fair to forget about old accounts, and some companies have account names that are different from the business name.

File the report with the three major credit reporting bureaus (Equifax, Experian PLC, and TransUnion) as needed and wait for a report.

Credit repairs may take time, but it shouldn’t take more than a month to receive a response. You may need to submit more information to prove that the accounts aren’t yours, but if your credit is debatable, seek legal representation.

For more details on improving and protecting your credit rating before a home purchase, contact a financial adviser today.

Article originally published on https://avrahamglattmannewyork.com/

Day Trips to Leave New York City Stress Behind

Living in New York City can be amazing. There’s so much to see and do, and it’s all right at your doorstep. However, sometimes you simply need to get away from the hustle and bustle of the city. When you want to get away for a day, your choices are plentiful. Here are a few of our favorite relaxing day trips all within 50 miles of NYC to help you unwind. 

Fire Island
If you’re looking for an escape with an ocean view, Fire Island may be just the right place for you. Here you’re able to swim the day away on Watch Hill, Sailor’s Haven, Davis Park, or Atlantique. For those who enjoy communing with nature, Sunken Forest Preserve offers an elevated boardwalk where you can observe the rare ecosystem that exists there. 

Kent & Kent Falls State Park, CTIf it’s a country getaway you’re craving, the town of Kent, CT, is picture-perfect. You can visit Kent Falls State Park and walk along picturesque waterfalls. Kent Falls also offers opportunities for fishing and picnicking. During the fall, the foliage here is beyond beautiful and well worth the drive. 

The AdirondacksSpeaking of scenic drives, there’s much to see in the Adirondacks. From kayaking, camping, and hiking to wineries and breweries, the Adirondacks offer it all. A variety of wineries, distilleries, microbreweries, and cider makers call the Adirondacks home. And for the adventurous, a trip to the Adirondacks wouldn’t be complete without a walk across the treetops at Wild Walk. Recently opened, Wild Walk is a new way to experience nature from on high, and it’s accessible to individuals of all abilities and ages. 

Wave HillThis gem can be found, perhaps surprisingly, in the Bronx. Wave Hill is a public garden where you can lose yourself in 28-acres of nature and completely forget you’re still in the city. The garden offers programs in Visual and Performing Arts as well as Woodland Management, Environmental Education, and Horticulture, all in an effort to help people connect with nature. 

If you’re looking to get away and reconnect with nature, these day trips provide ample opportunities to do just that. Sometimes all it takes to restore our sense of peace is a change in perspective and a fantastic location. 

Article originally published on https://avrahamglattman.org/

What’s Escrow and How Is It Used In Real Estate Transactions?

IntroductionEscrow is a term that both homebuyers and sellers hear a lot about when they are completing a real estate transaction. There are a variety of uses for the term escrow, but it is mainly used to describe certain events of a real estate transaction. Overall, escrow is used to describe a contractual agreement that is being held by a non-biased third party before the finalization of a real estate transaction.

Earnest Money DepositsEscrow is used during numerous parts of a real estate deal. The first place that escrow is used, in most cases, is when a buyer places down a deposit after their offer is accepted by the seller. The deposit money is held in escrow to ensure that no one has access to the funds until the purchase is completed fully. If a buyer chooses to complete the transaction, the money is credited to them during closing. If a buyer decides to back out, then the deposit money is released from escrow to the seller of the home.

Escrow AccountsBuyers who are purchasing their properties with loans will typically have escrow accounts set up by their lenders. After a purchase, property taxes and home insurance bills are sent to the lenders. Lenders use the money held in escrow accounts to pay both of these bills. While property taxes and home insurance policies are paid for annually, buyers pay their lenders monthly, and the lenders then place the money into the escrow accounts.

Lenders do not always require buyers to pay more than the needed monthly payments, but some do. These excess payments allow lenders to retain safety cushions in their escrow accounts in case property taxes increase, home insurance rates rise, or buyers are unable to make their payments. A majority of lenders currently want buyers to add the maximum amounts to their escrow accounts.

Real Estate Settlement Procedures Act GuidelinesThe Real Estate Settlement Procedures Act (RESPA) regulates the maximum amount of money that lenders ask for their borrowers to retain in their escrow accounts. While RESPA doesn’t require buyers to open escrow accounts with their lenders, most lenders do.

 Article originally published on https://avrahamglattman.net/

Benefits of Purchasing a Home Warranty

Buying your first home is an extraordinary moment. You are now living in a place that you can officially call your own. While this is a magical feeling, it also comes with a few drawbacks. One of the biggest challenges is being responsible for maintaining and repairing everything in the house. If you need a little extra help with these repairs, then you should think about purchasing a home warranty. These are the four most significant benefits of home warranties.

Whole House is CoveredA home warranty plan is entirely different from your homeowner’s insurance. While the insurance covers significant disasters, the warranty will protect against the routine breakdown of the appliances and systems inside the house. This is very similar to a warranty on a new car. If the stove suddenly stops working, then your warranty provider will send out a repair specialist to quickly fix it. Every appliance in the house will be covered as long as they are properly maintained.

Covered for the UnexpectedLife is completely unpredictable. You never know when something is going to go wrong. This will no longer be an issue if you sign up for a home warranty. Instead of stressing about the broken washing machine for a few days, you can get it fixed and return to your laundry in a matter of hours. This is one of the rare opportunities you have to stay protected against life’s hardships.

Protect Your SavingsSaving money is perhaps one of the most important things you can do in your life. Unfortunately, having leftover funds at the end of the month can be very difficult. It becomes even harder when you have to take care of a new house. Do not let all of your hard work disappear because of one broken appliance. Keep the savings protected and avoid costly repair bills with a home warranty.

Timely Professional RepairsEvery home warranty company works with expert repair teams to fix your household appliances. This means you won’t have to worry about your newly repaired refrigerator breaking down in a few weeks. They will also send out a repair specialist almost immediately after your broken appliance is reported, so your life is inconvenienced as little as possible.

Article originally published on https://avrahamglattman.net/