Financing, Home, Home Buying, Home Loan, Real Estate, Uncategorized

Topic Tuesday: Credit Score and Home Buying

 

What is a Credit Score? 

Your credit score is a three-digit number that relates to how likely you are to repay debt. Banks and lenders use it to decide whether they’ll approve you for a credit card or loan. There are three main credit bureaus – Equifax, Experian and TransUnion. Your score is based on factors such as:

  • Your payment history
  • How long you’ve had credit
  • The types of credit you have (credit cards, auto loans, student loans, mortgages, etc.)
  • Your credit limits and how much of those limits you’re using
  • How much debt you have
  • Hard inquiries on your credit report

Does Your Credit Score Affect Your Home Buying Ability?

Yes. According to Mortgage Banker, Ross Bennett, of Paramount Residential Mortgage Group, Inc. “Mortgage lenders more closely scrutinize loans with credit scores below 620 since it is known that these loans have a greater likelihood of default. Lenders will then look at other factors, such as accumulated assets, down payment, loan type, and percentage increase in housing expense or debt ratios when evaluating loans with lower FICO scores.”  To learn more from Ross visit his blog here.

Some Lenders may consider a score as low as 580, however, it depends on other compensating factors. Those factors may include outstanding court judgments, delinquent child support, defaulted student loans and tax liens. These things can negatively impact a borrower’s ability to borrow for a home regardless of an acceptable credit score. Additional information considered may be the amount of debt you already have, how much you have in savings, total assets and current income.

If your score is not quite where it needs to be, fear not! There are things you can do to get it there!

  • Pay all of your obligations on time
  • Keep your revolving balances to less than 20% of the maximum credit line.
  • Pay off outstanding collections, judgments and tax liens. Keep proof of payment.
  • Do not dispute credit accounts on your report. Disputing accounts can actually affect your loan approval.
  • and more…

Under federal law, you have the right to obtain a free copy of your credit report from each of the nationwide consumer reporting agencies once a year. You can do so here

 

Shout out to Ross Bennett for assisting with this blog post!

Until Next time…

 

Local Events, Uncategorized

Local Events This Holiday Season

 

I am BACK! I was never far, however, I failed to get a post up for 2 weeks. Let’s blame it on being 9 months pregnant and move on, shall we? Great! I would normally be posting a #FreshListingFriday today, but I am switching it up this week to bring you a list of all the Local Events going on for the Holiday Season! (Events in no particular order.)

 

Cookies with Santa

Sat, Dec 9, 2017 10:00am – 12:00pm Come get pictures with Santa and enjoy cookies. This free event is hosted by Eustis Historical Museum Location: The Clifford House 536 N. Bay Street Eustis,  FL 32726.

‘Night of Lights’ at Waterman Village

Thu, Dec 14, 2017 6:00pm – 8:00pm Waterman Village Retirement Community is holding its first annual ‘Night of Lights’, where the general public can drive through the community to see their Christmas lights. Location: Waterman Village 445 Waterman Avenue, Mount Dora, FL 32757

Holiday Concert

Thu, Dec 14, 2017 7:00pm – 9:00pm This is an annual city-sponsored concert to benefit Lake Cares Food Pantry. This is a free event. Location: Mount Dora Community Building 520 North Baker Street, Mount Dora, FL 32757

The Great Songs of Christmas

Sat, Dec 16, 2017 7:00pm – 9:00pm Tenor Edward Bryant will sing wonderful songs of Christmas in this historic Eustis setting. Limited seating  so early ticket purchase is recommended (only a $10.00 donation to Eustis Historical Museum). Location:The Clifford House 536 N. Bay Street, Eustis FL 32726

Dec. 9:CHILDREN’S CHRISTMAS IN  THE PARK WITH SNOW

Children can enjoy free sledding and ice skating in downtown Mount Dora’s Donnelly Park.  There will be a ‘fast pass’ line for the snow slopes available to children with the donation of a canned good or a new unwrapped toy.  The event is free and the fun starts at 5 p.m. and goes until 9 p.m.

Now until Dec. 30:  POLAR EXPRESS TRAIN RIDES

Holiday themed trains rides depart from Tavares and go on an hour-long train ride to the North Pole. Tickets can be purchased at the Tavares train station located at 305 Ruby Street in downtown or by calling 352-742-7200. Tickets range from $48 to $182 depending on the class of ticket.

Historical Sydonie Mansion Evening of Lights

Sat,  December 9th 5:00 PM – 7:00 PM 5538 Sydonie Drive, Mount Dora, FL 32757 $30.00 Per Person 90 minute Special Guided Tour with Holiday Music and Treats. RESERVATIONS REQUIRED! Call guest services at 321-236-1534 for more information.

Florida Lakes Symphony Orchestra – O’ Holy Night 

Date: Dec 14, 2017 7:30 pm-09:30 pm Duration:2 Hours Epiphany Celebration Anglican Church 1724 South Bay St. (rte 19 N.) Eustis, FL 32726 For tickets and more information: http://www.floridalakessymphonyorchestra.com/

22nd Annual Leesburg Christmas House 

Start: November 24 @ 8:00 am End:December 9 @ 5:00 pm ViaPort Florida 10401 US Hwy 441 Leesburg, FL 34788 United States Phone:352-365-0053 Website: http://ww.leesburgpartnership.com/christmashouse

A Christmas Carol

December 8th-17th, 2017 Melon Patch Theater 311 N. 13th Street, Leesburg, FL 34788. Visit Leesburg Partnership for Event Times.

Nutcracker Christmas Show Spectacular 

December 9 @ 6:30 pm – 11:00 pm Anastassia Ballroom & Dance 32624 Blossom Lane, Leesburg, FL 34788.

2017 Festival of the Trees Presented by Apopka Historical Society

Enjoy the beauty of the season with trees, wreaths and lanterns decorated by local businesses on display in the City Hall Lobby for two weeks from Sunday, December 3 to Sunday, December 17. The trees and wreaths are up for silent auction. City Hall Lobby hours are 8:00 am to 5:00 pm Monday through Friday with extended viewing hours as follows: Thursday, December 7 – 8:00 am to 8:00 pm Saturday, December 9 – 10:00 am to 3:00 pm Sunday, December 10 – 2:00 pm to 5:00 pm Thursday, December 14 – 8:00 am to 8:00 pm Saturday, December 16 – 10:00 am to 3:00 pm Top Tree bidders will be announced at the closing ceremony starting at 5:30 pm on December 17 at City Hall.

41st Annual Foliage Sertoma Club of Apopka Christmas Parade 

Date: December 9, 2017 10:00 AM - 12:00 PM Location: Parade Route runs northbound on Park Avenue from First United Methodist Church of Apopka to Votaw Road, Apopka, FL 32703.

Holiday Movies in the Park

December 8, 2017 6:00 PM - 9:00 PM Location: Kit Land Nelson Park 10 S Forest Avenue, Apopka, FL 32703. Free event. Parking at Edwards Field.

Dec. 31:  MOUNT DORA NEW YEAR’S EVE
Downtown Mount Dora becomes a free street party at Sunset Park.  Food, music and fireworks.

I hope you find this list of Local Events helpful as you enjoy this Holiday Season!

See you next time…