Lifestyle Mortgage Blog

  Trade in Bad Debt for Good Debt  Annette Bui| Updated May 2, 2020 |  Mortgage Programs 101   Understanding the key difference between good debt and bad debt makes a significant difference on qualifying for a home loan. For credit reporting agencies, “revolving debt – better known as credit card debt – is the 'bad' debt that weighs down your credit score. The higher your credit card debt, the lower your credit scores will be" (Cox 2017). Even without the cash reserves to downsize or eliminate credit card debts, you still have the option boost your credit rating. The smart way to do so is by converting credit card balances to what is considered the “good” debt – installment debt – that is considered by the credit-scoring world to be less risky and thus more beneficial to your credit scores” (Cox 2017).  What is a credit score?    Credit score falls anywhere from "300 – 850, better is higher. It's a measure of how likely you are to default (fail to ...

Big Banks: Big Banks-limited qualifications, homeowner’s and buyers need to fit into conventional Fannie Mae and Freddie mac guidelines. Primary banking institutions have higher overhead costs, thus more fees and costs are built into your loan. They do not specialize in mortgages, as a banking institution the turn times are at least two months. Mortgage Servicers want to make the higher interest over the lifetime of your loan and will only call you when they receive a payoff request. Direct Lenders Direct lender/brokers will have access to more loan products for clients with limited credit, will do the heavy lifting for you, can provide solutions to tricky loans. Will go the extra mile to find products that are personalized to your needs. Access to wholesale pricing that saves you thousands in the long run. Ability to help you compare rates across various banks and lenders. Receive coaching on how to improve your credit rating and qualify for a mortgage. Lower down p...

My Dream is to advocate for your family:     I take a personalized consultative approach to helping you get approved faster in the mortgage shopping process, offer a more streamlined process, generating solutions that are useful to consumers to build confidence in the mortgage shopping process. My personal goal is to find new and innovative ways to help families identify their mortgage based upon current market trends, personal need, client oriented approach to help families thrive and improve their most valuable investment. I see myself as a personal mortgage Guru, here to offer helpful information, better ways to save. Developing unique tools, investment strategies that revolve around your personal needs in a mortgage. As your personal mortgage guru, I can provide a customized approach to help guide you through the qualifying process, credit improvement, tips and tricks to gain the extra savings on your loan. My knowledge and support is all referral based and it is...

• Beware of debt transfer offers, all this does is move your debt from one creditor to the next in addition to transfer fees anywhere from 3-5%. • TIME your SHOPPING after you pay down a credit or installment loan. When a lender checks your credit, it pulls balances from the prior 30 days. • Avoid applying for new credit frequently, scores can drop substantially unless you shop a mortgage within a TWO week window. • Prep your student loans, PAY ON TIME, if you have any student loans consolidated or in deferment be sure you get copies of the most recent statement. Some lenders use a higher qualifying payment if you are in deferment and thus reduces your purchase power. • Retain your existing credit lines and do not close them. Contrary to popular belief, closed accounts do not equal better credit. Lenders want to see your repayment pattern after all. • Keep revolving balances closer to 7-10% if possible but definitely not over 30%. check out more at :https://...

  Nontraditional Lending   Annette Bui| Updated January 28, 2019 |  Mortgage Programs 101          Did you know the advantages of local brokers and direct lenders? Most families looking for a home loan traditionally go to their local bank, primary lending institution, or big named lenders they are most familiar with. Oftentimes the comfort of these big named brands, the overhead costs of brick and mortar businesses mean they are limited qualifying options. Many savvy borrowers are now taking advantage of benefits that brokers can offer. Outside the box solutions from loan options with no tax returns, shorter bankruptcy seasoning or cash reserves to show cash flow for qualifying purposes.   Programs may include: No tax returns. Owner occupied, vacation or investment homes. 2 year waiting period for bankruptcies, foreclosure, short sale. Loans up to $2.5 million 12 months business or personal bank statements. ...

• As a home buyer, you will find that credit rating will have a substantial impact to what rates you qualify for. That old late payment on your credit card does not have to affect you negatively. • Most lenders offer a credit analysis if you are bordering on the next tier credit score to qualify. Instead of waiting 30-60 days, they will do it at no cost and your scores improve in 3-5 business days.   • Got a family member with great credit? You can be added as an authorized user on their credit card and boost your rating in 30-45 days. • Credit resolutions: get a free copy of your report on from any of the three bureaus Experian, Transunion, Equifax directly. If a creditor has reported a late incorrectly, all you need is for them to issue a letter to show the correction. This often fixes your credit scores and shows a boost.  

HOME-OWNERSHIP • When home value appreciation exceeds your mortgage payment, property taxes, insurance and maintenance, you gain a return on investment. • Once your house is paid off, it becomes your asset, an equity position to leverage your finances. • Tax credits offer a reduction on expenses of home-ownership . • Settled and looking for long term place to be “home.” • Prepared to stay for more than 2-3 years. • Build wealth through real estate. • Better gains from remodeling, painting, care for pets .   REN T   • Buying can be an investment opportunity cost, e xpenses used toward taxes, insurance and interest may be invested elsewhere.   • Costs in home-ownership entails higher expenses for property tax and mortgage interest .   • No costs in home repairs, maintenance or upgrades .   • Enjoy flexible with relocation or plan on living short term less than 2-3 years.   • Lack of freedom f...

Many homeowner's do not realize the ways they can save more on their home. What your mortgage servicer won't tell you is that you can save thousands by switching your auto payments to biweekly. By doing this, your normal payment gets split in half and paid every two weeks. At the end of the year, you end up paying one extra mortgage payment. Anyone in a 30 year loan will automatically speed up their pay off by 7 years.

• Know what you can afford • Search for a home that suits your lifestyle. • Buy what you can afford now…upgrade later • Be selective when deciding on an agent • Do not fall in love • Utilize skilled professionals • Do not allow yourself to get pressured. • Set an attainable time frame.

Tips by Warren Buffet   • Savings: “Do not save what is left after spending, but spend what is left after saving .” • Taking Risks: “Never test the depth of river with both feet .” • Expectation : “Honesty is a very expensive gift. Do not expect it from cheap people .” • Investment : “Do not put all eggs in one basket .” • Earnings : “Never depend on single income. Make investment to create a second source. • Spending: “if you buy things you do not need, soon you will have to sell things you need.”