David Higgins' Blog
If you are looking to get a new loan, especially for a mortgage, a bank or your lending institution will review and approve or decline your application based on the information you provide.
That said, there is certain information that prospective lenders consider carefully when they examine your application for a home loan. This article is all about that data and the steps you can take to support your loan application as well as realize your dream of owning a house.
Here is the critical information your lender looks out for when reviewing your loan application.
1. Your Credit Score
The number one place your lender will set their eyes on is your credit score no matter the channel you are coming from, either in person or online. This is a general rule of the thumb: if your credit score is high, you stand a better chance. Alternatively, if you have a low credit score, you will need to crack some hard nuts. So, you should give a critical look into your credit before taking the first step.
However, your credit score is just the first step. It could disqualify you immediately, but only a few banks will approve a new loan with a good credit score alone. If your bank disqualifies you based on your low credit score, do not panic as there are many other avenues to loan approval.
2. Your Payment History
If you pass step 1, now the real analysis begins. The first step after checking the credit score is to look at your complete credit history. Many banks have a system for underwriting loans using old school paper printouts. They would print your credit report for the loan file and would manually check it with a highlighter. They would select any late payments and mark them up to look for a pattern.
So, 90-day late payments are massive issues, although 30- or 60-day late payments may be pardonable. A pattern of late payments is enough to disqualify a loan application, even if you meet credit score requirements.
3. Your Ability to Repay Past Loans
When you pass steps 1 and 2, the banks will eventually shift their focus to your outstanding debt, income, and ability to repay the loan. By reviewing your complete credit report, they can determine if you have been responsible for past loans and possess the habits of making on-time payments.
There are many erroneous beliefs out there about how mortgage loans are approved. You need to show both that you have the income to support the loan and a history of responsible and on-time payments. Lacking one or the other can stop your mortgage application right in its tracks.
Everyone had something ugly in their yard that they want to hide. For many, it’s the oversized trash bins that don’t really fit in the garage but are big and distracting when left out. Others may have utility boxes that mar your lovely landscaping. In some cases, it’s lawn equipment or gardening tools that don’t have a place you can tuck them away.
Here are some ideas of ways to hide your ugly stuff and beautify your home.
If your oversized cans must be outdoors, create a trellis enclosure to surround them. Place pots with climbing plants such as ivy and trumpet vine along the sides so that they grow up and over the trash cans. However, remember to leave enough space for you to open the lids conveniently.
Another option for trash bins is to make a raised planter box that rises above the cans. Plant bright annuals, vegetables, or succulents in the box.
To cover a utility box, vent pipe, or other smaller eyesore, purchase a faux stone or cluster of rocks to set on the street-side of it. Surround it with flowering plants or small bushes to give it a more pleasing look.
Disguise utility boxes with raised beds and fill them with taller perennials such as Iris or Agapanthus. The beautiful blooms distract from the ugly utility boxes and hide them in plain sight.
When a full toolshed is not an option, hide your tools in a patio chest. These chests double as extra seating for entertaining and can even hold a small lawnmower if necessary.Or, create a hideaway cabinet under the deck landing. Just wrap the area with siding to match the deck, add access doors and voila, your tools are hidden in an area that looks like it was meant to be there.
When you have a wood-burning fireplace but don’t know where to store the logs, build a bench seat similar to a crate and stack the wood under it. Use the bench for extra seating or as a display shelf for your favorite potted plants.
Use two pillars of your patio cover to stack the logs between, but place lattice on the patio side to hide the wood. Hang planters from the trellis to create a walled garden to bring cheery greenery to your patio area while hiding the logs.
Hide your hose in a lovely pot situated near to the faucet. Most garden centers and DIY hardware stores offer choices specially designed to keep unruly hoses in check.
Whatever the problem area, you can find a way to keep it hidden from view with a little ingenuity and effort. Doing so improves your home’s curb appeal and increases your enjoyment of your outdoor living space.
In this quick, got to have it now society, the microwave is the go-to for a quick cup of tea or to reheat that coffee. But does it give a satisfying, refreshing cup? Some people believe that water heated in a kettle is hotter and stays hotter longer, so it brews a better cup of tea.
What does the science say?
Personal experience notwithstanding, the scientific community seems to be in agreement that water heated in a microwave to boiling is the same temperature as water brought to boiling on the stove. And, that once in the cup, the cooling rate is the same. There is some speculation that the kettle heats water more uniformly than the microwave, resulting in certain parts, especially in the center, cooling faster because they had not reached the same temperature as the rest of the cup.
Others contend that the heated kettle allows the water to remain hotter while the microwaved container immediately begins to convey the higher temperature away from the heated water. For this reason, microwavable packaging often instructs to stir or let stand for a specified time so that the heat transfers evenly throughout the dish.
And then there are the folks that claim the perfect cup of tea comes from microwaving your tea leaves or tea bag in the water rather than pouring the water over the tea after it has heated. Some studies conclude that boiling the leaves in the microwave extracts more of the nutritional compounds than traditional brewing methods.
What about nature?
Well, yes, heating the water over a flame has a satisfying earthiness about it. The act of filling the kettle, lighting the burner, waiting for the steam to build up a head so the kettle will whistle … all of that adds to the mystique of the brew. During the waiting, you're already relaxing. Then, you have a few moments more to be mindful as you pour the boiling water over loose tea or tea bag and watch as the tendrils of color begin to flow through your cup.
By the time you sit down and take a sip, you've already relaxed so the tea's catechins and warm steaminess can work their magic on your soul. Then, once you've rested, the caffeine slides into your senses to perk you back up so that you can move forward in the day and accomplish more.
Whatever side you’re on, you can find the perfect kettle to brew your stovetop experience or try a borosilicate glass teapot made for the microwave to create your ideal cuppa!
And if you need a new kitchen to support your tea habit, ask your local real estate agent to show you some options.
Most Americans dream of owning their own home. The size of that pictured house is often spacious. As the housing market gets tighter, the prices of homes go up. The bigger the home you wish to buy, the larger the price tag. Keep in mind that the bigger the house you buy is, the more everything else will cost. That means you have to look deep into your budget and far beyond the list price of a home to understand what you have to work with financially. Some things that a more prominent home might bring are:
Higher utility bills due to more space that you have to heat and cool
Increased property tax
Higher insurance premiums
More expensive repairs
More expensive renovations
Bigger yard to landscape
These are all additional costs that you should consider before you take the plunge to buy a larger home. The longer you live in the house, the more these expenses can add up. Many things like flooring, carpet, concrete, and roofing materials are priced by the square foot. While living large can be a great decision, the additional expenses can really add up.
If You Have Kids, Reconsider
Raising children is expensive. While you may want your child to have a large room and a lot of amenities right inside their home, there are so many other things that kids need. Consider your child’s hobbies. How much of your budget do you devote to those? Do your kids hope to attend college? How much extra money in your budget do you have for vacations and other activities that you may want to do as a family? Buying a bigger house could mean that you have less money in your budget for these things. Understand all the ways that you need to stretch your money before you have your eyes set on a larger home.
Consider The Rest Of Your Needs
A more massive home means a more substantial monthly mortgage payment. That leaves less for you to save for things like retirement, rainy day funds, and other financial goals. Don’t let the fact that you have your eyes set on a big house shadow the rest of your life and your needs. A large part of buying a home is planning ahead. It will be a smart decision all around for you and your family to buy a home that’s affordable.
Buying a larger home fulfills a dream for many homebuyers, but don’t let that idea become a singular goal.