The Benefits Of Owning A Home

How does owning a home save you money? There are tax benefits, financial firmness, and in the long run owning a home is less expensive than renting a house. So if you are on the fence on whether or not to purchase your new home, take into consideration these 4 benefits of owning your own home.

1. Owning a Home Builds Wealth in the Long-run

Buying home that you can afford now can drastically increase your wealth in the future. It is something that we have been taught by family members in the past but do to the uncertainty of today’s market, many people have moved away from home ownership.

2. Build Equity Every Month

By owning a home, you will be making mortgage payments every month. By making those mortgage payments you are essentially reducing the amount that you owe on your home every month. It is that reduction of your mortgage that increases your equity.

3. A Mortgage Is Like a Obligatory Savings Plan

Paying off that mortgage payment every month and reducing the amount that you owe is like a forced savings plan because each month you are building up more valuable equity in your home

4. In The Long Term, Buying Is Cheaper than Renting

The first few years renting can seem cheaper, or more affordable when compared to buying a new home, but over the years as the interest portion of your mortgage decreases it will be lower than what your actual rent payment is now. So instead of throwing away all of your money every month by giving it to your landlord, invest it in your own home so that you build equity for the future.

Bookmark and Share

Home Gardening Benefits and Common Mistakes

So many people are considering the addition of a home garden to their home for many reasons. Whether you are looking to relax and sooth yourself from a stressful week or take on a new hobby, gardening may be the answer for you.

0

Labor that is Relaxing

You may wonder how gardening, a hobby that requires some sort of physical stain could be relaxing and soothing? This type of labor is not like construction or working in a factory. Gardening can help you break your daily routine and release unwanted energy and emotions, giving you the opportunity to take your mind off of your daily tasks providing you with some replacement therapy.

1435255458_gardening

Why Garden?

Gardening may not be for everyone to try, but it can provide you with a hobby that helps you relax as you feel the earth within your palms or the gentle breeze that flows through your body. Another reason to take up gardening as a hobby is to feel the joy of what you have created with your very own hands. Try something new for a change and notice for yourself the pleasure that comes along with it.

o-gardening-facebook

Before you get your ‘hands dirty’ here are some common mistakes that new gardeners tend to make:

1. Over watering – there is no need to douse your new garden with a ton of water. This can actually harm or even destroy your new creation. Instead keep the watering to a moderate level and keep an eye out for the weather as a rainy season can help you save time and money by allowing mother earth to feed your garden.

2. Fertilizing More is Not Always the Best Option – . Instead of spreading your garden with extensive fertilizer, learn the nutritional needs of what your plants need to survive.

3. Ignoring Invasive Plants. Unfortunately there are plants known as invasive, or in other words these types of plants harm other plants or flowers around them. Take some time and study the types of plants that naturally live next to each other or plants that don’t cause any harm to others.

4. Killing All Bugs. This may not be the best idea to do because some insects and bugs actually help your garden grow. Read up on those types of bugs that actually provide damage and focus on getting rid of them.

5. Overcrowding. Allow plenty of space between your plants to flourish and grown, rather than stuffing your garden space with as many plants as possible.

6. Avoiding Weeding – Weeds can be annoying  not only because of their looks but they also prevent your garden to grow to its fullest potential.

Bookmark and Share

41st SLO Annual Holiday Parade

slo_holiday_parade

This upcoming December 2nd, 2016 San Luis Obispo, California will be holding their Downtown SLO Holiday Parade in the heart of the city. Every year this parade never seems to fail. The event begins at 7pm but we recommend to show up a bit before then since the entire community usually attends this magnificent event. If you are in the area during this time, this is a must go to event.

marching-bad-slo-parade

This will be the 41st Annual Holiday Parade and it’s one of the largest events on the Central Coast that attracts thousands of viewers. The parade features over 80 decorative floats, vehicles, marching bands, dancers and much, much more!  The theme for this year is “Dashing Through the SLO.” Come enjoy some family time by bringing the kids or a significant other. Can’t wait to see you there!

night_in_san_luis_obispo_by_eeveev2-d6joab2

Bookmark and Share

What Everyone Should Know About Credit Scores

For starters there are different classifications for what is considered a good credit score. They can also be described as poor, average, good, great, excellent, or even exceptional based on the credit score number that you have. Your credit score will fall within one of these categories, but keep in mind the names for these categories differ from industry to industry but to give you a general idea of how good, or bad your credit score is, we have provided you this article outlining what most lenders or banks, even credit card companies and car dealerships, use to determine the likeliness of providing you with a loan at a reasonable rate. Below there is a pie chart outlining what FICO classifies credit score ratings nationwide.

fico-score-graphic

A good credit score depends on many factors. A credit score when applying for a mortgage is different when applying for a credit card or a car loan at your local dealership.
Based on our experience most credit scores, or what seems to be the average among individuals, fall within 620 to 669. A score between 670 to 680 would be considered above average or generally good credit for most lenders. Anything between 680 and 720 will be measured as excellent or very good credit and will help you attain that interest rate that everyone wants. Now, generally anything above 750 will be seen as exceptional credit, which is what lenders like to see. The higher your score, the better credit decisions lenders will make because they will be more confident that you will repay any future debts.

Credit scores are used by lenders, including banks providing mortgage loans, credit card companies, and even car dealerships to make decisions about whether or not to offer you a reasonable loan and what the terms of the offer (such as the interest rate or down payment) will be. We have broken down the differences among these types of loans below.

Home Loans
Mortgages have two key credit score requirements. The first is the minimum score needed to qualify for the mortgage and the second is also a minimum score but this is for qualifying for a low interest rate. Keep in mind that when buying a home there are many types of loans that one can attain. There are conventional loans, FHA Loans, and VA Loans, all with different minimum credit score requirements.

Credit Cards
Credit card lenders do not reveal their requirements unlike mortgages, credit card issuers don’t disclose their standards. There is no data readily available to the public in regards to credit cards.

Car Loans
Also with car loans, there are no set standards, and credit score requirements vary from one lender to the next. Just like the rest of the type of loans (mortgages and credit cards) it is best to keep your credit score in the above average section of credit score rating. To get the best possible interest rate available as well as the type of loan you can be approved for.

Bookmark and Share

Buying A Home After Bankruptcy

Buying A Home After Bankruptcy

If you have ever experienced having to go through bankruptcy then you know just how devastating it can be.  One thing that you may be wondering is if you will still be able to attain a home loan.  Also, not to mention the thought of  buying a home after bankruptcy can still be a possibility.

Bankruptcy can make your home mortgage loan approval extremely difficult, but we at Greater Mortgage Solutions can still make it possible to get you approved for a new home loan.  Not to mention bad credit does not last forever and there are loans for bad credit being accepted all the time. These type of lenders are known as Subprime lenders and they are focused on helping individuals with bad credit in attaining the home of their dreams after bankruptcy. Do keep in mind that time does have to pass after bankruptcy typically at least 1-2 years after re-establishing some credit.

url

There are an increasing number of people with poor credit who are searching  for home financing. Here are some extremely good ideas to consider after bankruptcy to expedite your approval for a home loan.

Increase your credit rating. By simply making regular payments on time or on a regular basis, the odds of your credit score rising is high. Once your bankruptcy has ended for some time, usually about 2-3 years, you should have an easier time qualifying for a smaller interest rate for a mortgage loan.

Owning an asset. Renting a home may be a simple way of putting a roof over your head, but you are essentially throwing your monthly payments away each month. Financially it is better to buy a home because over time, the value of your home will increase, thus working your way towards owning an asset. After some time of purchasing your dream house you may be able to consolidate any other debt that your bankruptcy might of not included, you can achieve this by attaining an equity loan.

Things To Consider After Bankruptcy

It can be extremely tempting to purchase an new home, vehicle, or to perform renovations after bankruptcy discharge since you have no debt left. Due to the financial relief that you had, you may probably feel like you can afford a larger house payment. Let me tell you that it is not that easy so I have provided some things to consider before you obligate yourself to a new mortgage payment.

The Pre-payment Penalty.  This penalty lasts about 6 months worth of house payments, and usually lasts anywhere from 2-3 years. Upon signing those mortgage documents you need to make those payments on time, on a timely basis.  Making those payments on a timely basis is crucial to prevent you from losing the house. So we suggest to have extra funds available for incidentals that you may need in the future

The Two Year Mark. After 2-3 years from the date of the bankruptcy discharge, mortgage loans will be much easier to attain. With a small down payment, you might even be able to get a mortgage loan without a pre-payment penalty. If you are close to the 2 year mark we advice to wait it and have more mortgage loan options.

Borrowing Too Much. Don’t spend more than you can afford. This mistake tends to be the most common that we usually get into. When deciding to buy a house, purchase one that you know you can afford. Avoid maxing out your credit or living on the edge of your income.

Bookmark and Share