Cindy Gordon
Coldwell Banker Residential Brokerage | 774-249-4824 | cindygordonhomes@gmail.com


Posted by Cindy Gordon on 10/29/2017

Your credit score can play a major role in your ability to get the financing that you need to buy a house. As such, you'll want to do everything possible to improve your credit score before you enter the real estate market.

Now, let's take a look at three quick, easy ways to boost your credit score.

1. Pay Off Debt As Quickly As Possible

Get a copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). You are entitled to one free copy of your credit report annually from each credit reporting bureau, and you should take advantage of this perk so that you can learn about your outstanding debt.

If you have lots of outstanding debt, you'll want to start paying this off as quickly as possible. Because the less debt that you have, the more likely it becomes that you can get a favorable mortgage from a credit union or bank.

Don't wait to begin paying off outstanding debt. If you pay off even a small portion of your outstanding debt regularly, you can move closer to getting the financing that you need to acquire a terrific house.

2. Avoid New Credit Cards

A low credit score can be worrisome, and it may cause you to consider a variety of options to manage outstanding debt. However, if your credit score is low, there is no need to take out additional credit cards.

New credit cards may seem like viable short-term options to help you cover various expenses while you pay off assorted outstanding debt. But these cards are unlikely to help you resolve the biggest problem Ė paying off your outstanding debt to bolster your credit score.

Instead of signing up for new credit cards, it often helps to cut back on non-essential bills. For instance, if you don't need cable, you may be able to eliminate this expense and use the money that you save to pay off outstanding debt. Or, if you have first-rate items that you don't need, you may want to sell these items and use the profits to pay off myriad bills.

3. Keep Your Credit Card Balances Low

Once you have paid off your outstanding debt, you'll want to keep your credit card balances low.

It often helps to have one credit card that you can use in emergencies. If you keep one credit card and get rid of any others, you may be better equipped than ever before to maintain a high credit score.

Lastly, if you require additional assistance as you prepare to kick off a home search, you may want to work with a real estate agent. This housing market professional can help you narrow your home search to residences that fall within a specific price range. That way, you can avoid the risk of spending too much to acquire a house.

Increase your credit score Ė use the aforementioned tips, and you can raise your credit score before you launch a home search.





Posted by Cindy Gordon on 10/2/2017

Thereís numerous reasons why the name on a title to a home may not be the same as the name thatís on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, youíll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. Itís important to agree on the home arrangement that youíre considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a personís name isnít on the mortgage, it doesnít release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if thereís a lapse in payments. If you want to keep living in the house, youíll have to keep making payments on the home. If you canít make the mortgage payments, youíll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home youíre living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that youíre legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you arenít legally entitled to pay, giving away your rights to tax benefits. If youíre married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, itís good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, itís good to understand all the implications of home mortgages and titles.




Tags: mortgage   Buying a home  
Categories: Uncategorized  


Posted by Cindy Gordon on 9/24/2017

In your search for a home, thereís one option that you may be overlooking. That is the act of sharing a home with others. It can help you to divide the expenses of homeownership and even put you on a faster path to homeownership. When you do decide to share the cost of homeownership with others, thereís a few things that you should know.


Thereís so many different advantages to co-buying a home with a relative, even as a married couple. You do need to make sure that the arrangement is well thought out and planned ahead of time. 


The Title


When you buy a house, you receive whatís called a title. In the case of co-ownership, it explains how the buyers are sharing the title. The way the title is set up could have consequences down the road, especially when it comes to one person exiting the house, and parting ways with the agreement.  


When Sharing A Property With A Non-Spouse


When youíre sharing the property with a non-spouse, you have a few options. These include:


Tenant In Common


With this option, thereís no need for a 50/50 split. Buyers are allowed to own unequal interests in the property. If one of the co-owners were to pass away, their ownership would be transferred to one of their beneficiaries. For this reason, tenant in common is the most popular way that buyers who are not related agree in guying a property together and take on the title.     


Joint Tenants With Right Of Survivorship


With this option, co-buyers have no option but to own equal interests in the property at hand as a 50/50 split. If you bought a home with two other people, youíd each have one-third interest in the home, and so on. If one tenant passes away, the remaining owners gain the deceased ownerís percentage of interest in the property. Thereís no need for a court proceeding or probate, this happens automatically. Even if the deceased owner has a will designating their portion of the property be given to someone else, the request is null and will generally be refused.   



Both of these co-ownership options allow for an undivided interest in a property. All owners are co-owners as a part of the entire piece of property. If one owner wants to sell, for example, they would be selling their tenancy or part interest in the property.       

Important Things To Do:


  • Create a co-ownership agreement
  • Clarify who owns what percentage
  • Decide who pays the ongoing expenses
  • Give options if any owners want out in the future


You could draft one of these agreements with a qualified attorney. Itís a good idea to sit with everyone before the purchase of the property is made to talk and lay out all of the expectations. Everyone should have one of these agreements in writing, however. 


While sharing a property purchase can reduce your debt, itís important to make smart agreements and understand whether the decision makes sense for you and all parties involved.





Posted by Cindy Gordon on 7/2/2017

Browsing the real estate market may seem like an exhausting process, particularly for those who are searching for inexpensive properties. Fortunately, there are many quick, easy ways to streamline your search for a cost-effective residence.

Here are three tips that homebuyers can use to find inexpensive properties in any real estate market, at any time.

1. Check Out "Fixer-Uppers"

A fixer-upper, i.e. a property in need of substantial upgrades and maintenance, may prove to be a great value.

In many instances, fixer-uppers are priced to sell. These properties may require a lot of repairs, but homebuyers who are ready to work hard and perform a variety of home improvement projects on their own may be able to save money by purchasing a fixer-upper.

Check out the fixer-uppers in various cities and towns. By doing so, you can assess the current condition of a fixer-upper and find out how much maintenance it requires. And ultimately, you'll be able to determine whether a fixer-upper matches your price range, along with whether you're up to the task of completing myriad home improvement tasks.

2. Submit Offers on Many Residences

When it comes to buying an inexpensive home, it is important to remain patient. If at first you don't succeed with an initial offer on a home, be sure to try again.

It may take some time to find a home that corresponds with your budget. But homebuyers who are committed to exploring the real estate market are sure to find lots of properties that they can enjoy for years to come. And even though the asking prices of some homes may appear to be outside of your price range, it never hurts to ask whether a home seller will consider a proposal that is less than his or her initial asking price.

Be prepared to submit many offers on residences as you browse the real estate market for an inexpensive home. If a home seller rejects your initial proposal, don't be discouraged. Remember, there are many terrific homes that are available, and a diligent homebuyer should have no trouble discovering the right residence at a budget-friendly price.

3. Collaborate with a Real Estate Agent

Real estate agents are ready to assist you in any way possible. Thus, if you work with an experienced real estate agent, you can explore a vast array of inexpensive houses at your convenience.

Your real estate agent will keep you up to date about any properties that match your price range as they become available. Plus, your real estate agent can offer homebuying recommendations that you may struggle to obtain elsewhere, ensuring that you can secure your dream residence at the right price.

Work with a real estate agent as you begin your search for an inexpensive home Ė you'll be glad you did. Your real estate agent will go the extra mile to help you find a wonderful house that won't require you to overspend. As a result, your real estate agent will make it simple for you to go from homebuyer to homeowner in no time at all.





Posted by Cindy Gordon on 5/21/2017

If you're searching for a new home open houses can present many learning opportunities. It's your chance to gather information--not only about the particular home you're touring, but also about buying homes in general. It's also your chance to get used to working with real estate agents to learn what they can offer you. Many people arrive at an open house with an open mind. This isn't a bad thing, but it is good to be prepared with some questions for the agent. In this article, we'll talk about some important questions that will help you make the most informed real estate decisions as possible. But first, let's talk open house preparation in general.

Open House Etiquette

Many people expect to be pounced upon by an agent at an open house like a salesman in a furniture store. However, you'll most likely find that the agent is hands-off at the open house, letting you take a look around unbothered. Here are some tips for good open house etiquette to leave a good impression as a potential buyer.
  • Sign in to the guestbook. Or, if you do decline, do it politely
  • Ask for permission before you take photos
  • Ask the real estate agent your questions casually and give them time to speak with other guests--interrogating the agent will make it an uncomfortable meeting for everyone
  • Save probing questions or criticism until you leave. You'll get a chance to speak with the agent again, but don't want to seem rude at your first meeting.

Top Five Questions

  1. Why are the owners selling the home? This one question will give you several details about the home. If they are selling because of the neighbors or problems with the home this question will give you insight into those important buying factors.
  2. Has the listing price changed?† Fluctuation in the price of the home can mean the seller is on a timeline or that the house isn't receiving any offers at the original price. This information could mean that there is some flexibility in the price of the home.
  3. Are there any problems with the home? Most states require the seller to disclose problems with the house. There are many issues that could affect the value of a home that aren't in plain sight, such as plumbing and electrical work. Don't be afraid to ask when the last time the roof was repaired or when any other major work was done on the house.
  4. What is the neighborhood like?† If you aren't familiar with the area you're moving into this is a very important question to ask. Real estate agents should be experts on the area they work in and will be able to give you information about noise levels, schools, traffic, and so on.
  5. What is the cost of utilities?† Everyone uses different amounts of electricity and water. That being said, each home also has its own level of†efficiency. If the home has outdated lighting and appliances or if the faucets let out a high volume of water, you might be surprised at how much your future utility bills will be.