Kathy Portway - SUCCESS! Real Estate



Posted by Kathy Portway on 4/30/2018

If you are thinking of buying a home in the near future, thereís one three-digit number that could be oh so important to you. That number is your credit score. Read on to find out how a credit score can affect you and the steps you can take to be sure that your credit is in good standing when you head to apply for a mortgage. 


What Is A Credit Score?


Your credit score is checked by lenders of all kinds. Every time you apply for a loan or a credit card, thereís a good chance that your credit score is being pulled to see if you qualify for the loan. Your credit score is calculated based on the information on your credit report. This information includes:


Payment history

Debt-to-credit ratio

Length of credit history

New credit accounts opened


The areas with the most impact on your score is your payment history and your debt-to-credit ratio. This means that on-time payments are super important. You also donít want to get anywhere close to maxing out your credit cards or loan amounts to keep your score up. 


Whatís A Good Score?


If youíre aiming for the perfect credit score, itís 850. Most consumers wonít reach that state of perfection. Thatís, OK because you donít have to be perfect to buy a house. If your score is 740 and above, know that youíre in great shape to get a mortgage. Even if your score is below 740 but around 700 or above, youíll be able to get a good interest rate on your mortgage. Most lenders typically look for a score of 620 and above. Keep in mind that the higher your credit score the better your interest rate will be.    



What If You Lack Credit History?


Most people should get a credit card around age 20 in order to begin building credit. You can still qualify for a mortgage without a credit history, but it will be considerably harder. Lenders may look at things like your rent payments or car payments. Lenders want to know that youíre a responsible person to lend to. 


What If Your Score Needs Help?


It doesnít mean youíre a hopeless case if you lack good credit. Everything from errors on your credit report to missed payments can be fixed. The most important thing that you can do if youíre buying a home in the near future is to be mindful of your credit. Keep an eye on your credit report and continue to make timely payments. With a bit of focus, youíll be well on your way to securing a mortgage for the home of your dreams.        






Tags: Mortgage   credit score  
Categories: Uncategorized  


Posted by Kathy Portway on 2/26/2018

Obtaining a mortgage can be overwhelming, particularly for a first-time homebuyer. Lucky for you, we're here to help you streamline the process of analyzing various mortgage options and choosing one that matches or exceeds your expectations.

Now, let's take a look at three tips to help first-time homebuyers secure the ideal mortgage.

1. Assess All of the Mortgage Options at Your Disposal

Both fixed- and adjustable-rate mortgages are available, and homebuyers who understand the pros and cons of these mortgage options may be better equipped than others to make the right mortgage decision.

A fixed-rate mortgage ensures a homebuyer will pay the same amount each month. For example, a 30-year fixed-rate mortgage enables a homebuyer to budget for monthly home payments over the course of three decades. And in many instances, a homebuyer may be able to pay off a fixed-rate mortgage early without penalty.

On the other hand, an adjustable-rate mortgage may start out with a lower monthly payment that escalates over the course of a few years. An adjustable-rate mortgage, for instance, may allow a homebuyer to acquire a home that surpasses his or her initial budget thanks to a lower initial monthly payment. However, after the first few years, the monthly mortgage payment may increase, and a homebuyer will need to plan accordingly.

Assess your mortgage options closely Ė you'll be glad you did. By doing so, you can boost your chances of selecting a mortgage that works well based on your current and future financial needs.

2. Evaluate Your Credit Score

Believe it or not, a first-time homebuyer's credit score may impact his or her ability to get the right mortgage. Fortunately, a first-time homebuyer can analyze his or her credit score without delay.

You can request a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Then, with your credit report in hand, you can better understand how potential lenders may view your mortgage application.

Of course, if you receive a copy of your credit report and find glaring errors, be sure to let the credit bureau know immediately. This will enable you to get any mistakes corrected and ensure these problems won't slow you down as you pursue your dream residence.

3. Consult with Potential Lenders

Although getting a mortgage may seem like an uphill climb at first, consulting with potential lenders may prove to be exceedingly valuable, especially for a first-time homebuyer.

Banks and credit unions employ friendly, knowledgeable staff who are happy to educate you about assorted mortgage options. These lenders can teach you about the ins and outs of various mortgage options at your convenience.

Lastly, if you need extra help in your search for the perfect mortgage, real estate agents may be able to offer assistance. These housing market professionals can provide honest, unbiased recommendations about lenders in your area so you can move one step closer to securing your ideal mortgage.

Ready to get a mortgage for the first time? Use these tips, and you can accelerate the process of obtaining a mortgage that suits you perfectly.




Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Kathy Portway on 11/6/2017

If you plan to buy a house, you'll want to apply for a mortgage before you launch your house search. That way, you'll have your finances in order and can narrow your home search accordingly.

Ultimately, there are several steps that you should take prior to applying for a mortgage, and these are:

1. Check Your Credit Score

A bank or credit union likely will analyze your credit score as it reviews your mortgage application. However, you can find out your credit score free of charge before you kick off the mortgage application process.

You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Submit a request for your credit report today, and you can receive comprehensive insights into your credit history.

2. Examine Your Earnings and Debt

How much you currently earn and your outstanding debt could play pivotal roles in your ability to acquire a favorable mortgage. Thus, you'll want to examine these factors closely so that you can better understand how lenders will view your mortgage application.

Also, if you have lots of outstanding debt, there is no need to worry. If you allocate the necessary time and resources to learn about your debt and pay it off, you can increase the likelihood of obtaining a favorable mortgage.

3. Establish a Budget

Although a mortgage may prove to be essential to buy a house, it is important to consider various homebuying expenses as well.

For example, you may need to pay closing costs, home inspection fees and other expenses throughout the homebuying process. If you're worried about having the necessary finances to cover these costs, you may want to start saving money for them as soon as possible.

It often helps to account for the costs associated with cable, electricity, internet and other home must-haves too. The aforementioned homeownership expenses can add up quickly, but those who plan ahead can ensure they have sufficient funds available to cover these costs.

As you prepare to search for a house, it usually is a great idea to hire a real estate agent. This housing market can help you prepare for each stage of the homebuying cycle and ensure you can achieve your homebuying goals.

Typically, a real estate agent will meet with you and find out what you want in a dream house. This housing market professional then can keep you up to date about residences that match or exceed your expectations.

Perhaps best of all, a real estate agent understands that no one should be forced to overspend to acquire their ideal residence. As such, this housing market professional will make it simple for you to discover a terrific house at a budget-friendly price.

Lastly, don't hesitate to reach out to a real estate agent for guidance before you apply for a mortgage. With a real estate agent at your side, you can learn about lenders in your area and find one that can provide you with the financing that you need to purchase your dream house.




Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Kathy Portway on 8/14/2017

Although challenging life situations like a job layoff, rising mortgage rates and divorce can damage your ability to continue to make your monthly mortgage payments, you don't have to be hit with an unexpected shift to strain to meet your mortgage obligations. As an example, simply taking on another financial responsibility like a car payment, college tuition or small business loan could put you at risk of defaulting on your home loan.

Lower mortgage choices that hurt

To keep from defaulting on your mortgage, you could work a second job, put in longer hours at your first job or cut back on other expenses. Instead of getting a degree, you could try to make your current educational background help you land work opportunities that you really want.

But, those choices hold you back. They keep you from doing what you really want to do. Taking on a second job and working longer hours at your first job put you under too much stress. Fortunately, there's another option that you could take to reduce your mortgage.

This option is often overlooked when homeowners get into financial hot spots. A reason for that may have to do with the fact that some people buy houses to avoid connecting with others more deeply. That's right. Some people use their house as a hiding place.

If your relationships are good, you may be a prime candidate for this mortgage reducer

There's fallout from this decision. The fallout limits your ability to create rewarding relationships. And you definitely need rewarding relationships to take advantage of the overlooked mortgage reducer. A great place to start trying out this shortcut to a smaller mortgage is with your parents.

Similar to how you may have moved back in with your parents after college when you were trying to pay off your student loans and before you landed your first full-time job, open to the idea of living with your parents again. The difference is that this time you'll ask your parents to move in with you.

Even if your parents are living on a fixed income, they could help pay a portion of the mortgage. Not only may you and your parents grow closer with this arrangement, you'll both have someone to communicate with. Siblings, adult children and friends are other people who could move in with you and split the mortgage.

Tenants reduce mortgages, letting you stay in a good house

Shortcut to a smaller mortgage can also open up for you if you rent out a portion of your house. If your house has three levels, you could rent out the first and second levels to tenants. You'd have to make sure that the rented space meets local housing codes.

But, unlike living with family, you'll have to develop legal leasing contracts with the tenants. Of course, you could enter into legal written agreements with family members too, detailing when rent is due and the types of maintenance that you are responsible for at the property.





Posted by Kathy Portway on 8/7/2017

Lower mortgage rates make it feel sensible and smart to take out a second mortgage. Doing so, gives you more equity. It enlarges your real estate footprint. Unless you rent out upscale properties, places like beachfront houses and condos in a major metropolis, taking on more housing debt could set you back.

How you might open up and live after you put your mortgage behind you

It could leave you with no other choice except to work longer hours or take on another job to cover the second mortgage. You'd gain more property, another investment that could serve you financially in ways that you don't expect.

You'd also be missing out on a lot of freedom. There's so much to gain from a mortgage free life. Check this out. Pay off your mortgage and you could:

  • Pick a spot on the map that you are excited about visiting and exploring, pack your bags and head off for that very place.
  • Visit your adult children three to four times a year. Enjoy day trips in cities that your children reside in. It's a great way to get out, meet new people and learn.
  • Return to school and get the graduate certificate, license or degree that you want.
  • Cut back on the numbers of hours that you're working. Pull back on your overtime, potentially shifting your work hours downwards from maybe as many as 80 hours a week to 40 or fewer hours a week.
  • Pursue your art. Go out and buy the art supplies that you need to launch your art career. Take to the road to tour and share your art with people who are looking for what it is that you create.
  • Build a foundation, an avenue that you can use to support and strengthen others potentially for generations.
  • Switch careers and finally start working the job that you love, the work that generates joy and peace from deep within you.
  • Support other artists, students and people who are starting out in a career or pursuing an art or dream with the money that you once used to pay your mortgage.
  • Gift friends and family with handmade items like cards, floral arrangements and decorative poetry.

Your house shouldn't hold you hostage

You don't buy a house to have something expensive to keep paying on for years. You buy a house to have a reliable place to live, a comfortable place that you can payoff and enjoy living without a mortgage or rent. There's so much that you can do after you pay off your mortgage.

Instead of working to pay down your largest expense, you can use your income to travel. You can build your retirement savings or invest in your foundation. You can explore hobbies and talents that you've been putting off using since you were a kid. In a nutshell, after you pay off your mortgage, you can enjoy rewarding changes that have rich short and long term effects.




Tags: Mortgage   mortgage free  
Categories: Uncategorized