Martin StrakaLoan Officer NMLS#: 589189
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If you are a business owner or if you are looking to start a new business, one of the most overlooked resources available to you is your business credit. There are so many benefits to establishing and building your business credit including: · Separate Liabilities from your personal to your business · Minimize personal DTI / Debt to Income Ratio · Get access to high limit credit accounts in the business name · Get access to Government programs and Grants · Open doors for vendor, business, and investor relationships · Reduce cost on business insurances and landlords scrutiny · Increase the value of your business for future Sale Getting Started The first step in establishing business credit is making sure your business is Credible in the eyes of the banks, lenders, and the business credit bureaus; Dun & Bradstreet, Experian, and Equifax Business credit divisions. There are 10 items or data points that must be in place so that your business is “Credible”. Tier 1 Once your business is Credible, we then move on to earning a “Paydex” score. To earn a Paydex score you will need 3-5 business credit accounts to report to D&B. At this point, Round 1 ...
Homes with a mortgage gained an average of $26,300 in equity during the last three months of 2020 versus a year earlier. The average gain is the highest since 2013, and the surge in homeowner’s equity creates a buffer against financial hardship for many borrowers. As a result, many homeowners have opted to put some of the gains to use, giving a boost to the economy. What is Home Equity? Home equity is the portion of your home that you’ve paid off. It’s the difference between what your home is worth and the amount that’s still owed on your mortgage. Equity amounts fluctuate over time as mortgage payments are made and the market impacts the value of your property. For many borrowers, equity from homeownership is an important way to build personal wealth over time. As you pay down the principal mortgage and your home’s value increases over the long-term, your equity grows. Listed below are six popular ways to tap into your home equity: 1. Consolidate Debt A very popular use of home equity is to consolidate debt at a much lower rate, and over a longer term. Borrowers can reduce their monthly expenses significantly by using the money from a cash-out refinance to pay off high-interest credit cards. If you have a solid debt payoff plan, using your home equity can help you get out of debt faster at a substantially lower interest rate. 2. Home Improvements and Renovations Home improvements are one of the most common reasons homeowners take out home equity loans. Upgrades could raise your home’s value and draw more interest from ...
Getting a Full Credit Approval can save you the frustration of getting your offers rejected in today’s competitive housing market. A Full Credit Approval goes beyond mortgage pre-qualifications and pre-approvals, as a Full Credit Approval involves a complete review of your income, assets, and credit by an experienced Underwriter. What is Home Buyer’s Edge? Home Buyer’s Edge is the full credit approval program that gives buyers the opportunity to have every aspect of their credit profile verified by a mortgage loan underwriter. In the mortgage process, the underwriter is the final decision-maker for approval or denial, which is what gives credit approvals a clear advantage over mortgage pre-qualifications and pre-approvals. Buyers have a few options when it comes to tackling the home-buying process. Below is an outline of each of those options, including their differences and how they can benefit you in today’s competitive market: Level 1: Pre-Qualification A pre-qualification consists of verbally informing your loan officer of your income, savings, and assets. Your loan officer will also run your credit. Level 2: Pre-Approval A pre-approval consists of providing your loan officer with your pay stubs, bank statements, W2’s, and running your credit. Level 3: Credit Approval with Home Buyer’s Edge A credit approval requires the same documentation as a pre-approval; however, an experienced underwriter will review your financial situation instead of your loan officer. As a result, the full credit approval is a complete, upfront vetting of your finances by ...
According to this report from ClosingCorp, more than 50% of homebuyers are surprised by their closing costs. Closing costs, or the one-time fees that are paid at the end of a real estate transaction, can add up to 2-5% of the total loan amount. And while the following information and figures can vary from state to state, it’s important to be aware of additional expenses that come with buying a new home. Lender and Third Party Fees Lender and broker fees come from mortgage lenders. These fees cover credit reports, applications, loan originations, and broker fees. While these fees can vary from lender to lender, by law, they cannot exceed 3% of the total loan amount. Third party fees are charged on nearly all loans. These include well-known costs such as property taxes, homeowner’s insurance, title transfer fees, and more. Lenders are required to disclose all third-party fees, and many will include those third-party costs in their estimations and prequalification calculators. However, if you are looking to anticipate the additional costs, here are some common lender and third party fees to be aware of: Application Fee … $925-1,500 Appraisal Fee … $400-1,000 Appraisal Reinspection Fee (Typically for Older Homes) … $175 Credit Report Fee … $50-100 Flood Certification Fee … ~$11 Tax Service Fee … ~$78 Legal, Title, and Government Fees Additionally, your lender will outline potential attorney fees, determine if a survey fee is required, and amount of taxes due to municipality or seller as you prepare to purchase a property. ...
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season. 1. There aren’t enough homes for sale right now. A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a 1.9-month supply of homes available today. As a result, buyer competition is high and homes are only on the market for about 21 days , during which time many receive multiple offers from hopeful buyers. In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers. Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. Home Advisor explains: “When it comes to the number of home improvement projects ...