What You Should Know Before Trying to Obtain Credit

good-credit-vs-bad-creditIn today’s world of credit there are primarily three 800 pound gorillas that lending institutions use to determine your creditworthiness, how much credit they will afford you, and how expensive that credit will be in the future. In addition to lending institutions, insurance companies also look at credit when assessing insurance risks and determining insurance rates for auto, home, health, and life insurance. It is therefore critical as a consumer; you monitor your credit regularly.

The three gorillas are Experian, TransUnion, and Equifax. In Colorado, and many other states, consumers are entitled to a free credit report annually (annual credit report.com). It is recommended that each consumer take advantage of these three free credit reports each year. My suggestion would be to check one agency approximately every four months so perhaps one in early January, one in early May and perhaps one in early September. This way, if there are any discrepancies, like identity theft, or a creditor has inappropriately reported a transaction, you are able to take action quickly. These discrepancies can adversely affect your credit causing your credit score to be calculated incorrectly. This may also increase your insurance, or if you are applying for a loan significantly affect the terms you would be offered in the loan.

The three credit reporting agencies each have different ways they score your credit. These measures are generally called a FICO score. Fico scores vary between credit agencies and are based upon a proprietary algorithm, which has been established by each of the credit reporting agencies. There is a wealth of information about FICO scores and a BLOG where you can ask questions on My Fico Beware that My FICO wants money. If you want to find out about your FICO score free use Credit Karma

These tips can help you find the home you are dreaming of by qualifying for your loan first. If you have, questions about how to shop for a good lender give us a call. At Terry Robinson— the Early Group, we pride ourselves on providing our clients with the very best in customer service. We can be reached, if you would like to buy or sell your dream home, at 303-748-3838 or info@early-group.com. Our web site is The Early-Group

BUSTED: 4 Myths About Buying Your Home That Just Aren’t True

BUSTED: 4 Myths About Buying Your Home That Just Aren’t True. 

It can be intimidating to dip your toes into the realm of home ownership especially as a first-time homebuyer. To make things worse, there are a number of myths out there about the home buying process.  Such misconceptions have kept many would-be homeowners from realizing the personal and financial rewards of owning a property. To clear things up, here are 4 myths about buying your home that simply aren’t true.

Myth #1 – It’s Cheaper To Rent Instead Of Own

If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments.

Sure, there are other expenses associated with owning a property that you wouldn’t be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity.

The ability to build equity into a property that you own is like paying into a savings account – if you buy a home for $200,000, and pay down your mortgage to $175,000 in 5 years, you’ll have $25,000 in home equity that can be tapped into later if you need a lump sum of cash to pay for other large expenses.  If you sell your property down the line, any equity that the property has accumulated will provide you with more profit from the sale of the home.

Myth #2 – Whatever Shows Up On The Inspection Report Is The Seller’s Responsibility

Most offers on a home usually come with a home inspection condition that makes the offer contingent on the acceptance of a home inspection report by the buyer. Many buyers, however, are under the impression that sellers are responsible for any issues that show up on the inspection report.

Although the seller may be required to make certain major repairs as stipulated by the lender, everything is still negotiable. A buyer may ask the seller to fix a minor crack in the basement wall or repair scuff marks on the hardwood flooring, but the seller can refuse leaving the buyer with the decision of whether or not to move forward.

Myth #3 – The Perfect Home Is Out There – I Just Have To Wait For It

Buyers have a tendency to focus too much on all the little things that may be wrong about a house rather than on the majority of the things that are right. Homes are much like people – they aren’t perfect. Even brand new homes may have a few minor flaws.

The goal of a house hunt is to find a perfectly acceptable home – one that may have a couple quirks that you can either live with or fix, but is otherwise ideal. An experienced buyer’s agent can help you identify issues that are deal-breakers and keep perspective separating little annoyances from the big picture.

Myth #4 – I Don’t Need A Real Estate Agent To Buy A House

Without the proper team behind you – especially if you’re a first-time homebuyer – you could potentially find yourself in a compromised position. Many buyers don’t take the time necessary to shop for an agent who can best represent them in their purchase.

Think about it this way – would you perform surgery on yourself? Do you feel comfortable filing your own income taxes, or do you opt to use the services of an accountant? Being represented by a licensed real estate agent will give you the benefit of professional skills and knowledge, including the ability to find financing and close the deal with your best interests put first.  Call Terry Robinson and The Early-Group, your trusted Conifer, Evergreen, Pine, Bailey, Morrison and Front Range/Foot Hill Real Estate Team.  303.748.3838

It’s always in your best interest to have an experienced, knowledgeable agent represent you in a home purchase. With such a major investment on the line, you want someone who can help you complete a purchase leaving no stone unturned, ultimately saving you money and a lot of headaches.  A professional real estate agent will be able to sort the myths from the reality and make your first home-buying experience a positive one.

Questions To Ask Your Home Inspector Before Buying Your Home

Questions To Ask Your Home Inspector Before Buying Your Home.

Imagine how frustrated you’d be to find out that the hot water heater wasn’t working – in the middle of your very first shower in your new home!  This, among other very good reasons, is why you should have a home inspection before you buy your home.  When you buy a home, you need to know exactly what you’re buying.

A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.

What Does Your Inspection Cover?

Not all inspections are the same. Ask for copies of previous home inspections so you can see exactly what they will check inside the home.  If you are concerned about something specific, like a leaky faucet in the bathroom, mention that to the inspector so they can check it out.

Are You Licensed Or Certified?

If you live in a state that licenses home inspectors, ask to see their license. Most reputable home inspection professionals provide this information right at the start of your home inspection.  At the very least, choose a home inspector who belongs to American Society of Home Inspectors. This shows a level of professionalism and education that you can trust.

What Kind Of Report Will You Give Me?

You should expect a written report detailing what the inspector found. Most inspectors will give you a typed report within a week of the inspection.  Many even take digital color photos of any issues with the home in order to make their report as clear as possible. Make sure the inspector will be available to explain anything on the report that doesn’t make sense to you.

Will I Be Able To Attend The Inspection?

If the inspector refuses to let you be present during the home inspection, find someone else. This is your chance to know exactly what you are buying and what potential repairs you or the seller will have to make.

Please feel free to contact your trusted real estate professionals at the Early-Group today to answer this and any other question you have on the home buying process.

Can The Right Color Help Sell Your Home Faster?

Can The Right Color Help Sell Your Home Faster? When it comes to selling your home in the Rocky Mountains , you’ve probably thought of the most common staging tricks, such as clearing out the clutter to make your rooms look bigger and bringing in more light to brighten things up.  Have you considered that the colors in your house might affect whether buyers are interested?

First impressions are everything when you are selling a house, so think about how the colors you choose will likely influence your potential buyers.  A new coat of paint could be a simple and effective way to make your house more appealing.  Here are a few additional tips:

Choose Mellow, Neutral Shades

When a potential buyer is looking at your house, they want to be able to imagine themselves living there. If your walls are painted in lime green or hot pink, it can be difficult for a buyer to relate the house to their own tastes.  Instead, use neutral colors, such as cream, olive, beige and ivory. Then the walls become a blank canvas where prospective buyers can project their own style preferences.

Create the Illusion of Space

In order to make a space within your home feel larger, you can use a very light neutral color such as white, tan or pale grey. This will reflect more light and give the impression of a more expansive interior. 

You can also try painting the moldings the same color as the walls, which will make the ceilings look higher.

Dont Forget About Exterior Color

It’s easy to focus on the interior of a house and forget about the outside, but the front of the house is the first thing potential buyers will see. Curb appeal can be a huge factor in their decision.

Caution: Lead-Based Paint

One important word of caution regarding the paint in your home is the issue of lead-based paint.  Lead-based paint was most common in homes built or painted prior to 1978. If your home falls in that age category, it may require further testing to ensure that the paint covering your walls is free of lead.

Color has a psychological effect on people, whether they are aware of it or not. You’ll be amazed at the difference the right colors can make in selling or improving your home.  If you would like more home staging and selling tips, please contact Terry Robinson & the Early-Group, your trusted real estate professionals today! 303.748.3838 or info@early-group.com

 

7 Tips To Get Your Home In Tip Top Selling Condition

7 Tips To Get Your Home In Tip Top Selling Condition. A clean, uncluttered home is very likely the single most important thing to get your home sold quickly and for top dollar.  In fact, a recent survey by HomeGain showed a whopping 568% return on investment for money put toward cleaning and organizing a home for sale!  Experts also say that a well-put-together home can shorten the time on market as well. 

Before your real estate agent lists your Colorado home, it’s essential for it to look its best.

7 Tips To Get Your Home In Tip Top Selling Condition

Examine your living space and see it as a buyer would — then double check this list of staging tips to make sure you haven’t overlooked these important details.

  • Clear out the clutter. Tidy up counter tops, bookcases, garages and closets.
  • Pack up your sentimental items. Personal photos and knick-knacks should be boxed up for moving day.
  • Get a storage unit. Open up space by moving furniture and boxes into storage — it will make the rooms appear bigger.
  • Remove appliances and fixtures that you want to keep. If you are taking the dining room chandelier or the built-in microwave, remove them before the house goes on the market.
  • Make minor repairs. Check that faucets don’t leak, doors close properly and holes in the walls are patched.
  • Make it pretty! Windows, floors and bathrooms should be sparkling. Dust every surface, hang up fresh towels in the bathroom and make sure there are no lingering odors.
  • Don’t forget the yard. Curb appeal starts at the curb — go figure — so mow the yard, wash down walkways and add some bright flowers near the front door to trigger the emotion to buy.

There are so many different ways to give your home an advantage over the competition in the spring buying market.  Plus, nice looking properties are more appealing for real estate agents to show their clients, so your well-taken-care-of home may get a lot more exposure.  In the end, the better your property looks, the faster it’s going to sell…and get you the most for it.



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