Ok 1st Time Homebuyers, you have decided you want to buy a home. Do you know what your credit score is? Most people know that they have a credit score, that magic number that lenders rely on to determine whether or not to extend credit, but don’t really understand what a credit score is, what factors influence their credit score, or how their credit score is calculated. Here is a basic primer on what credit scoring is, how it works, and some tips on improving your score. how it works, and some tips on improving your score from . Jeff Harris, Senior Credit Consultant with TowneBank Mortgage.
What Is a Credit Score?
In short, credit scoring is a system many lenders use to determine how likely you are to pay back the money they lend to you. Your credit score is a snapshot of your credit risk at a particular point in time. The higher your credit score, the more likely you are to repay your debts on time, and the more likely you are to receive credit on favorable terms.
How Is a Credit Score Calculated?
The most widely used credit scores are based on the Fair Isaac & Co. (FICO) credit scoring model. FICO develops credit scores based solely on information contained in credit reports; it compares the information contained in a consumer’s credit report to the patterns of information contained in thousands of other credit reports, and calculates a credit score that predicts the level of future credit risk for a particular consumer. While FICO is the most well known type of credit score, it’s not the only one out there – some check approval services also develop risk models and scoring that are based on check writing patterns in order to predict the risk of a particular check being returned. You may also have more than one FICO score as each of the three major credit reporting agencies collect and report information in slightly different ways; since your credit score from each agency only uses the information contained in that agency’s report, it’s possible to have three different scores.
What Factors Influence the Credit Score?
Your credit score takes all factors into consideration; no one piece of information or one factor will determine your score, although some factors are weighted more heavily than others.
-Payment History – Your payment history determines approximately 35% of your total credit score. This factor looks at whether you pay your bills on time, or late. If they’re late, how late are they? How often do you pay late? How recent are your late payments? How many accounts show no late payments? Have you had accounts turned over to collection or a judgment entered against you? Have you filed for Bankruptcy?
-Amount Owed – How much you currently owe determines approximately 30% of your total credit score. This factor looks at the total amount you owe, and on what types of accounts. How many accounts have balances? How much of the total credit line is owed? How much is owed now in relation to how much you borrowed originally (i.e. for auto loans)?
-Length of Credit History – The length of your credit history determines approximately 15% of your total credit score. In general, a longer credit history will increase your score. This factor also looks at how long you’ve had certain credit accounts, and how long it’s been since you used certain accounts.
-New Credit – Approximately 10% of your credit score is based on how many new accounts you’ve established. This factor looks at how many new accounts you have, how long it’s been since you opened them, how many recent requests for credit you have made, and the length of time since credit report inquiries were made by potential lenders. Rate shopping should not affect this factor because the inquiries will be made for a particular type of credit during a short period of time.
Overall Credit Mix – Approximately 10% of your credit score is based on the overall mix of credit cares, installment loans, mortgage loans, etc. The more balanced the mix, the more likely this factor is to improve your overall score.
Improving Your Credit Score
There are several things you can do to improve your credit score, both in the short term and over time.
-Pay your bills on time.
-Pay down your debt.
-Check your credit report and correct any inaccurate items.
-Limit how frequently you apply for new credit and how much you charge on existing credit.
-Don’t close old accounts – this can shorten the length of your reported credit history.
I hope this information will be helpful! Please remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
Friday, July 24, 2009
Tuesday, July 7, 2009
Tips for Staging Your Home
Did you know that staged homes sell for more and in less time than homes that are not staged?
Decorating Is Not Staging. DECORATING is bringing items into your home to personalize to a taste and/or lifestyle. Condition Is Not Staging. CONDITION is maintaining a home, no amount of staging will overcome overpricing or poor condition.. STAGING is removing and rearranging items to showcase space, features and views of a home.
Did you know that there are 3 basic things that a buyer is purchasing that is unique to each home?
Each home offers it’s own unique views, space that can only be visualized within that home and features only your home may offer. When staging a home to sell a homeowner needs to make sure that a buyer can readily see the space, features and views of each room within seconds upon entry. When a buyer arrives at a home they will take about 15 seconds to determine if they like the home or not. With each room they enter they will determine within 5 seconds if that room meets their needs.
Staging begins at the doorway.
Look as though you are looking through the lens of a camera. What is the feature and/or the view of this room. Make sure nothing is moving into the line of vision reducing the visual size of the room. Buyers only know what they see, not the way it’s going to be.
There are 3 basic Levels of Staging:
1) Using Your Own Things 2) Vignetting Vacant Homes 3) Renting To Stage
Most of the time “Using Your Own Things” is the category that is used. Here are some simple rules of thumb to follow:
1) Clutter eats equity – so… de-clutter!
2) Remove all personal items. The buyers can not mentally move in if they feel you are not
ready to move out.
3) Pack up collections.
4) Remove Rugs – Covering hardwood or tile floors
5) Let the light in…open the shades or blinds, turn on lamp lights, check all lights bulbs and up
wattage in dark hallways.
6) Clean – Detail your home like you detail your car.
7) Eye is drawn to color – use color for the wow factor or to make an area pop in small
amounts – example: throw pillows, walls color in a bath or dining room. Paint is the lowest
cost investment with the highest rate of return. Wallpaper is dated after two years well
worth removing!
8) Most carpets need to be cleaned
9) Limit number of pillows on couch to two & remove blankets & throws
10) Be sensitive to odors
11) Keep music soft
12) If it is BROKEN – FIX IT ! !
For more information about staging or to review before and after photos go to http://www.trianglestagedhomes.com/ . It can mean the difference in $$$ in your pocket and extra time your home may be on the market!
For your personal consultation call Lora at 877-8832!
Decorating Is Not Staging. DECORATING is bringing items into your home to personalize to a taste and/or lifestyle. Condition Is Not Staging. CONDITION is maintaining a home, no amount of staging will overcome overpricing or poor condition.. STAGING is removing and rearranging items to showcase space, features and views of a home.
Did you know that there are 3 basic things that a buyer is purchasing that is unique to each home?
Each home offers it’s own unique views, space that can only be visualized within that home and features only your home may offer. When staging a home to sell a homeowner needs to make sure that a buyer can readily see the space, features and views of each room within seconds upon entry. When a buyer arrives at a home they will take about 15 seconds to determine if they like the home or not. With each room they enter they will determine within 5 seconds if that room meets their needs.
Staging begins at the doorway.
Look as though you are looking through the lens of a camera. What is the feature and/or the view of this room. Make sure nothing is moving into the line of vision reducing the visual size of the room. Buyers only know what they see, not the way it’s going to be.
There are 3 basic Levels of Staging:
1) Using Your Own Things 2) Vignetting Vacant Homes 3) Renting To Stage
Most of the time “Using Your Own Things” is the category that is used. Here are some simple rules of thumb to follow:
1) Clutter eats equity – so… de-clutter!
2) Remove all personal items. The buyers can not mentally move in if they feel you are not
ready to move out.
3) Pack up collections.
4) Remove Rugs – Covering hardwood or tile floors
5) Let the light in…open the shades or blinds, turn on lamp lights, check all lights bulbs and up
wattage in dark hallways.
6) Clean – Detail your home like you detail your car.
7) Eye is drawn to color – use color for the wow factor or to make an area pop in small
amounts – example: throw pillows, walls color in a bath or dining room. Paint is the lowest
cost investment with the highest rate of return. Wallpaper is dated after two years well
worth removing!
8) Most carpets need to be cleaned
9) Limit number of pillows on couch to two & remove blankets & throws
10) Be sensitive to odors
11) Keep music soft
12) If it is BROKEN – FIX IT ! !
For more information about staging or to review before and after photos go to http://www.trianglestagedhomes.com/ . It can mean the difference in $$$ in your pocket and extra time your home may be on the market!
For your personal consultation call Lora at 877-8832!
Monday, June 29, 2009
Why Use a REALTOR® When Buying a Home?
If you are thinking of making a home purchae you are thinking of making probably the largest purchase so far in your life. That's a big deal! When making large purchases or big decisions most people like to get the best professional help possible.
A real estate agent can help you understand everything you need to know about the home buying process... from looking at homes, to making the offer, to having the inspections and negotiating the repairs all the way to closing. Most buyers, especially first time buyers would like someone is can answer their questions knowledgable and be available during reasonable times.
Transactions today usually average about $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are buying a home.
Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR " ®" trademark on their business cards and other marketing and sales literature.
REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.
I have a system for my buyers and on-line programs to help you determine what home is right for you. I'd love to be of help... I'm just a call or email away!
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
A real estate agent can help you understand everything you need to know about the home buying process... from looking at homes, to making the offer, to having the inspections and negotiating the repairs all the way to closing. Most buyers, especially first time buyers would like someone is can answer their questions knowledgable and be available during reasonable times.
Transactions today usually average about $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are buying a home.
Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR " ®" trademark on their business cards and other marketing and sales literature.
REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.
I have a system for my buyers and on-line programs to help you determine what home is right for you. I'd love to be of help... I'm just a call or email away!
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
Tuesday, June 23, 2009
Things to do in the Triangle
Well... it's that time of year to start thinking of things to do indoors as well as outdoors. Our area has a lot to offer. If you are looking for museums or ideas to be more creative... we've got them. If you are looking for a place to check out the latest music... look no futher than our own triangle area. Here are some wonderful places to check for current calender of events. You'll be surprised at just how much we have to chose from... enjoy your summer!
Museums in the Area:
Explores/IMAX Theatre at Explores (919-834-4040) - http://www.exploris.org/
Museum of Life Science (919-220-5429) - http://www.lifeandscience.org/
NC Museum of Art (919-839-6262) - http://www.ncartmuseum.org/
NC Museum of History (919-807-7900) - http://www.ncmuseumofhistory.org/
NC Museum of Natural Science (919-733-7450) - http://www.naturalsciences.org/
Morehead Planetarium (919-549-6863) - http://www.moreheadplanetarium.org/
Art Space (919-821-2787) - Morehead Planetarium
Play Space Children's Museum (919-832-1212) - http://www.play-spacemuseum.com/
Raleigh Theatre, Entertainment and The Arts:
Raleigh Little Theatre (919-832-3111) - http://www.raleighlittletheatre.org/
Carolina Ballet (919-719-0900) - http://www.carolinaballet.com/
Broadway Series South (919-831-6060) - http://www.broadwayseriessouth.com/
The NC Symphony (919-733-2750) - http://www.ncsymphony.org/
Progress Energy Center (919-831-6942) - http://www.progressenergycenter.com/
The Opera Company (919-792-3850) - http://www.operanc.com/
NC State Fair (919-733-7123) - http://www.ncstatefair.org/
Laughs & Comedy:
Goodnight's Comedy Club (919-828-5233) - www.charliegoodnights.com/
Comedy Worx (919-829-0822) - www.comedyworx.com/
Fun... For The Kids:
Adventure Landing (919-872-1688) - www.adventurelanding.com/
Frankie's Fun Park (919-433-7888) - www.frankiesfunpark.com/
Bowling-AMF Pleasant Valley (919-783-0080) - www.amf.com/
Bowling-AMF Capital Lanes (919-832-3747) - www.amf.com/
Bowling-Buffalo Lanes (919-876-5681) - www.buffalolanes.com/
Ice Skating Ice Plex (919-878-9002) - www.iceplex.com/
Ice Skating Ice House (919-453-1500) - www.icehouserinks.com/
Roller Skating Jelly Beans (Cary 467-5283) (Raleigh 562-2326) - www.skatejellybeans.com/
YMCA of the Triangle - hwww.triangleymca.com/
Pump It Up (919-828-3344) - www.pumpitupparty.com/
IMAX Theatre (919.882.IMAX) - http://www.marbleskidsmuseum.org/
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
Museums in the Area:
Explores/IMAX Theatre at Explores (919-834-4040) - http://www.exploris.org/
Museum of Life Science (919-220-5429) - http://www.lifeandscience.org/
NC Museum of Art (919-839-6262) - http://www.ncartmuseum.org/
NC Museum of History (919-807-7900) - http://www.ncmuseumofhistory.org/
NC Museum of Natural Science (919-733-7450) - http://www.naturalsciences.org/
Morehead Planetarium (919-549-6863) - http://www.moreheadplanetarium.org/
Art Space (919-821-2787) - Morehead Planetarium
Play Space Children's Museum (919-832-1212) - http://www.play-spacemuseum.com/
Raleigh Theatre, Entertainment and The Arts:
Raleigh Little Theatre (919-832-3111) - http://www.raleighlittletheatre.org/
Carolina Ballet (919-719-0900) - http://www.carolinaballet.com/
Broadway Series South (919-831-6060) - http://www.broadwayseriessouth.com/
The NC Symphony (919-733-2750) - http://www.ncsymphony.org/
Progress Energy Center (919-831-6942) - http://www.progressenergycenter.com/
The Opera Company (919-792-3850) - http://www.operanc.com/
NC State Fair (919-733-7123) - http://www.ncstatefair.org/
Laughs & Comedy:
Goodnight's Comedy Club (919-828-5233) - www.charliegoodnights.com/
Comedy Worx (919-829-0822) - www.comedyworx.com/
Fun... For The Kids:
Adventure Landing (919-872-1688) - www.adventurelanding.com/
Frankie's Fun Park (919-433-7888) - www.frankiesfunpark.com/
Bowling-AMF Pleasant Valley (919-783-0080) - www.amf.com/
Bowling-AMF Capital Lanes (919-832-3747) - www.amf.com/
Bowling-Buffalo Lanes (919-876-5681) - www.buffalolanes.com/
Ice Skating Ice Plex (919-878-9002) - www.iceplex.com/
Ice Skating Ice House (919-453-1500) - www.icehouserinks.com/
Roller Skating Jelly Beans (Cary 467-5283) (Raleigh 562-2326) - www.skatejellybeans.com/
YMCA of the Triangle - hwww.triangleymca.com/
Pump It Up (919-828-3344) - www.pumpitupparty.com/
IMAX Theatre (919.882.IMAX) - http://www.marbleskidsmuseum.org/
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
Tuesday, June 9, 2009
Plant a Row for the Hungry
What if...every household planted one extra plant, or one extra row in their garden?
Did you know ...that 1 in 8 households in our community experiences hunger?
And yet ...1 cell pack of home grown tomatos ($1.59) can yield between 8 -12 dozen tomatoes!
What if... each household decided to take the Pledge and grow a garden for the greater good??
Logan Trading Company invites you to join them in a community-wide initiative to help feed the hungry. Logan's is partnering with the Inter-Faith Food Shuttle and the Garden Writers of America in growing fresh produce that will be donated to families in need and at greatest risk of going hungry.
There will be an official press conference on Friday, June12th at noon where Mayor Charles Meeker will announce the start of this exciting event.
Join them Saturday, June 13th from 10-5:30 for the official kick-off event to include special discounts, an activity for the kids, as well as a talk on growing and harvesting edibles in your own garden. They will also have starter kits available and special discounts for anyone wanting to participate. Take the Gro-Good Pledge:
Worried about having enough garden space to participate? Don't! Plant or in a container, OR donate a packet of seeds, new, or gently used gardening tools to the community garden piece of the program.
It's not too late to start making a difference. Get your friends and family involved!
Look for more information on Plant a Row for the Hungry and our June 13 kick-off events (including and activity for the kids) in a special email announcement next week!
COME AND LEARN!
Saturday June 13th- 3PMFree class on:
Did you know ...that 1 in 8 households in our community experiences hunger?
And yet ...1 cell pack of home grown tomatos ($1.59) can yield between 8 -12 dozen tomatoes!
What if... each household decided to take the Pledge and grow a garden for the greater good??
Logan Trading Company invites you to join them in a community-wide initiative to help feed the hungry. Logan's is partnering with the Inter-Faith Food Shuttle and the Garden Writers of America in growing fresh produce that will be donated to families in need and at greatest risk of going hungry.
There will be an official press conference on Friday, June12th at noon where Mayor Charles Meeker will announce the start of this exciting event.
Join them Saturday, June 13th from 10-5:30 for the official kick-off event to include special discounts, an activity for the kids, as well as a talk on growing and harvesting edibles in your own garden. They will also have starter kits available and special discounts for anyone wanting to participate. Take the Gro-Good Pledge:
I pledge to garden for the greater good.
I will plant a little more than I need.
I will eat my homegrown food as often as I can.
I will donate my extra harvest to a local food bank.
Worried about having enough garden space to participate? Don't! Plant or in a container, OR donate a packet of seeds, new, or gently used gardening tools to the community garden piece of the program.
It's not too late to start making a difference. Get your friends and family involved!
Look for more information on Plant a Row for the Hungry and our June 13 kick-off events (including and activity for the kids) in a special email announcement next week!
COME AND LEARN!
Saturday June 13th- 3PMFree class on:
- Growing and maintaining food in the garden
- When to harvest and how to harvest
- What about a second crop?
Join our own plant doctor and garden specialist Chris Henderson
and get all of your questions answered.
Greater Raleigh Events
There are so many great things to do in our area during the month of June! From Midtown Music Shag Series : The Craig Woolard Band at North Hills to Triangle Brass Band at Sertoma Amphitheatre. If you would like to get the full schedule of events go to http://bit.ly/nAmei . Enjoy the fun and the sun!:)
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
And remember... If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
Tuesday, May 26, 2009
Changing the color of your appliances
Do you have kitchen appliances that don't match? Well watch this video or view the 11 steps from taking your refrigerator from one color to the next. Kelly Edwards gives you step by step instructions! If you are getting ready to put your home on the market and want to present a more updated kitchen... which is very important... this could save you $$$.
Decorating with Kelly Edwards: video -
http://home.aol.com/decorating/experts/kelly-edwards/change-the-look-of-your-appliances?
Decorating with Kelly Edwards: step by step photos -
http://home.aol.com/decorating/experts/kelly-edwards/change-the-look-of-your-appliances-step-by-step
I hope you find these helpful as well as saving money for you!
Decorating with Kelly Edwards: video -
http://home.aol.com/decorating/experts/kelly-edwards/change-the-look-of-your-appliances?
Decorating with Kelly Edwards: step by step photos -
http://home.aol.com/decorating/experts/kelly-edwards/change-the-look-of-your-appliances-step-by-step
I hope you find these helpful as well as saving money for you!
If you or any of our friends, family, co-workers or neighbors have questions about the Triangle Real Estate Market... I can be reached by email, FillingimL@hpw.com or phone (919) 877-8832.
Warm regards,
Lora
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